Indian Online Gaming Sector Employees Grow at 97.56% CAGR 2018-2023: Report

The Indian online gaming sector saw a 20-fold increase in job openings between 2018 and 2023, according to a joint study by EGROW Foundation and Primus Partners. Interestingly, the workforce grew at a compound annual growth rate (CAGR) of 97.56 percent.

It is worth noting that during the same period, the number of women employed in this sector increased at a CAGR of 103.15%.

“The Indian online gaming industry is a significant contributor to our economy and a major source of employment and innovation. With 455 million gamers by 2023, India boasts of the second largest gaming community in the world after China. This burgeoning industry offers significant opportunities to attract foreign direct investment, create jobs across sectors and drive investment. It is also expected to boost related industries such as fintech, cloud services, data analytics and cybersecurity,” said Dr. Charan Singh, CEO and Founder, EGROW Foundation.

According to an EY-FICCI report, 1 lakh workers were expected to be employed in 2023 and this number is expected to increase to 250,000 by 2025. Skills like fintech, game mathematics, product design, artificial intelligence, data science and cloud computing are in increasing demand among online gaming professionals.

Other notable findings from the report reveal that the sector’s share in the media and entertainment industry is expected to grow from 3.4% in 2019 to 12.6% in 2026, while the share in the animation, visual effects, games and comics industry is expected to grow from 41% in 2019 to 68% in 2026.

Even though the Indian gaming industry’s growth at a CAGR of 30 percent from 2017 to 2023 is the highest among other major gaming nations, the sector has its own concerns. These include regulatory uncertainty; allowing offshore operators to gain market share; and tax 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 and CEO, Primus Partners.

With over 1,400 gaming companies in the country, the sector has registered a staggering 168.06 percent CAGR from 2018 to 2023 in terms of annual turnover. The sector is expected to grow at a CAGR of 19.50 percent from 2019 to 2025.