India’s online gaming industry is poised for substantial growth, with forecasts suggesting an increase from $3.7 billion in 2024 to $9.1 billion by 2029, according to a report by WinZO Games and the Interactive Entertainment and Innovation Council. The findings highlight that Real Money Gaming (RMG) is the dominant force in this sector, generating 85.7% of total revenue, equating to $3.2 billion in 2024. However, by 2029, RMG’s market share is expected to slightly decline to 80% as non-RMG games gain traction.
Foreign direct investment (FDI) continues to play a crucial role in the sector’s growth, with $3 billion invested so far. The report indicates that 85% of these funds have been funneled into the Pay-to-Play segment, showcasing investors’ confidence in this model.
India’s gaming ecosystem is thriving, with a staggering 591 million players, representing 20% of the global gaming community. The country sees an impressive 11.2 billion mobile game downloads annually. Supporting this growth, India boasts 1,900 gaming companies employing approximately 130,000 professionals.
The sector’s future looks promising, with estimates suggesting it could unlock $63 billion in investor value by 2029. Further growth is expected beyond that, with the market potentially reaching $60 billion by 2034. This rapid expansion is projected to generate over two million jobs, attract additional FDI, and boost the global recognition of Indian gaming intellectual property (IP).
