Indian Online Gaming Sector's Workforce Grew at a 97.56% CAGR for 2018-23: Report With over 1400 gaming companies in the country, the sector recorded an astounding 168.06% CAGR from 2018 to 2023 in terms of annual turnover
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The Indian online gaming sector saw jobs increase 20-fold between 2018 and 2023, revealed a joint study by EGROW Foundation and Primus Partners. Notably, the workforce grew at a compound annual growth rate (CAGR) of 97.56 per cent.
Notably, the female workforce of the sector surged at a CAGR of 103.15 per cent during the same period.
"The Indian online gaming industry is a significant contributor to our economy and a vital source of employment and innovation. With 455 million gamers in 2023, India boasts the second-largest gaming community globally after China. This thriving industry offers significant opportunities to attract FDI, create employment across various sectors and enhance investment. Additionally, it is expected to stimulate allied industries such as fintech, cloud services, data analytics, and cybersecurity," said Dr. Charan Singh, CEO & Founder Director, EGROW Foundation.
According to the EY-FICCI report, there were one lakh employees in 2023, and this number is expected to go up to 250,000 by 2025. Skills such as fintech, game mathematicians, product design, artificial intelligence, data science, and cloud computing have grown in demand for online gaming professionals.
Other major findings of the report reveal that the sector's contribution to the Media & Entertainment industry is expected to rise from 3.4 per cent in 2019 to 12.6 per cent by 2026, while contribution to the Animation, Visual Effects, Gaming, and Comic industry is projected to rise from 41 per cent in 2019 to 68 per cent by 2026.
Despite India's gaming industry's growth of CAGR of 30 per cent from 2017 to 2023 being the highest among other major gaming nations, the sector has its own share of concerns. This includes regulatory uncertainty; allowing offshore operators to gain market share; and taxation practices.
"Overall, the Indian online gaming industry offers a vibrant and promising landscape, full of potential for economic growth and job creation. However, navigating the recent changes in the GST framework will be crucial for online gaming platforms to maintain their growth trajectory," said Nilaya Varma, Co-Founder & CEO, Primus Partners.
With over 1400 gaming companies in the country, the sector recorded an astounding 168.06 per cent CAGR from 2018 to 2023 in terms of annual turnover. The sector is expected to grow at a CAGR of 19.50 per cent from 2019 to 2025.
