At the Game Developers Conference (GDC) in San Francisco, WinZO Games, in partnership with the Interactive Entertainment and Innovation Council (IEIC), unveiled the ‘India Gaming Market Report 2025’. The report projects a dynamic growth trajectory for India’s online gaming industry, predicting a market size increase from USD 3.7 billion in 2024 to USD 9.1 billion by 2029, growing at a compound annual growth rate (CAGR) of 19.6%.
Launched at the India Pavilion at GDC, the report was presented by Dr. Srikar Reddy, Consul General of India at San Francisco, alongside WinZO’s Co-founders, Saumya Singh Rathore and Paavan Nanda. It highlights that India’s online gaming market, while currently representing just 1.1% of the global market, holds nearly 20% of the global gaming user base, with over 591 million gamers.
Massive Investor Potential The report forecasts that India’s sole publicly listed gaming company, Nazara, sets a premium valuation benchmark. Applying similar valuation multiples to the entire sector’s USD 3.7 billion market size suggests an estimated USD 26 billion in investor value poised to be unlocked through public market listings. By 2029, when the market reaches its expected USD 9.1 billion valuation, investor value could exceed USD 63 billion.
Paavan Nanda, Co-founder of WinZO, remarked, “India’s gaming sector is redefining its global presence. With a projected market size of USD 9.1 billion by 2029, the potential to unlock USD 63 billion in investor value underscores the industry’s robust growth.”
Key Growth Drivers and Challenges India’s gaming industry benefits from the increasing number of smartphone and internet users, reaching 883 million and 936 million, respectively, in 2024. Affordable data, costing just USD 0.12 per GB, further fuels accessibility. The sector has also attracted USD 3 billion in Foreign Direct Investment (FDI), predominantly in the Pay-to-Play segment, driving monetization success.
However, the industry faces challenges, including the need for more robust intellectual property (IP) protection and navigating increasing tax policies. The report advocates for a more defined regulatory framework to safeguard the burgeoning gaming ecosystem.
A Cultural and Economic Powerhouse India’s gaming market has also become a hub for content creation, with over 4 million content creators, many producing games tailored for local audiences. The industry’s influence extends beyond entertainment, impacting healthcare, education, and sustainability through gamification.
Dr. Reddy highlighted, “India stands at a pivotal moment in the global gaming and technology landscape. Our gaming industry not only entertains but drives innovation, job creation, and investment.”
With the ongoing development of the AVGC-XR (Animation, Visual Effects, Gaming, Comics, Extended Reality) ecosystem and the support of initiatives like the National AVGC Policy, India’s gaming sector is poised to make a substantial mark on the global stage.
The Road Ahead As the industry eyes a market size of USD 60 billion by 2034, with the potential to create 2 million jobs, the export of ‘Made in India’ IPs and the global expansion of Indian gaming companies will play a crucial role in solidifying India’s position as a global gaming powerhouse.
