New Delhi, Jul 12 (IANS): The gaming market in India, valued at $2.6 billion in FY2022, is projected to rise by 27 per cent annually to reach $8.6 billion by 2027, a new report said on Wednesday.

The next phase of growth for gaming in the country is fuelled by the rapid adoption of 5G, Cloud gaming, gamification, popularity of esports tournaments and mobile gaming devices, among others, according to the State of India Gaming report shared during the third edition of the 'India Gaming Conclave 2023'.

India's emerging gaming industry has witnessed remarkable growth in recent years, turning the country into one of the biggest global markets for gaming.

"It's a unique market, which needs solutions of its own. I am sure smarter players will be able to make a distinct mark and show to the world, what makes a right play for this market," said Nitin Goel, Country Manager-India subcontinent, Gameloft.

Gaurav Agarwal, Co-Founder, Gamezop, said that several game developers have been actively seeking alternative methods of monetisation beyond ads and in-game purchases.

"Interestingly, game developers who integrate our products (Gamezop, Quizzop, Newszop, and Astrozop) report up to 40 per cent longer session lengths and twice as much lifetime value," he added.

According to Ninad Chhaya, Senior Vice President, Reliance Games, with advancements in technology and an ever-expanding global audience, the future promises a thrilling journey for gaming companies as well as gamers worldwide.

"From immersive experiences to ground-breaking innovations, the gaming landscape is set to redefine entertainment, providing endless excitement and unlocking new realms of imagination. I am glad to be a part of the India Gaming Conclave," Chhaya added.