New Delhi, Aug 17 (PTI): Homegrown technology firm Amkette is planning to launch a gaming product, priced below Rs 10,000, by the end of the year to tap the burgeoning multi- crore gaming industry in the country.

Amkette expects to sell over 20,000 units of the Android- based device, which will compete with the likes of Microsoft's XBox and Sony Playstation, in this financial year alone.

"We are exploring newer variations (to Evo TV), particularly in the gaming segment. The new product will be employing high-end processors with 3D graphics capability to provide a powerful gaming platform on TV," Amkette Director Rajiv K Bapna told PTI.

Once known for its floppy disks, Amkette currently focuses on entertainment and audio products for mobile phone, televisions and computers.

Its flagship product 'Evo TV' allow users to surf Internet on their television sets in the same way they do on their computers. There are four products in Evo TV range in the Rs 5,500- Rs 12,500 range.

"The new product is expected to be priced sub-10,000 and will be introduced in Indian market before the year end, maybe around the festive season. As per initial planning, we plan to sell over 20,000 of these devices in this financial year alone," Bapna said.

Asked about the target audience, he said the company would focus on youth and young professionals.

"We are also aiming for both male and female gaming enthusiasts. More and more games are getting added which appeal to the female audience as well," he said.

Bapna added the company would not focus on developing games at this point in time as there are large number of games available on the Android operating system, which can be downloaded and played on television using the device.

The gaming market in the country is in a nascent stage. According to a KPMG-FICCI study, the gaming industry in India was estimated at about Rs 1,920 crore in 2013 and is expected to grow at a CAGR of 16 per cent and touch Rs 4,060 crore by the end of 2018.

The console gaming market in India is currently estimated at Rs 840 billion. The study estimates serious gamers to comprise 15-20 per cent of the total gaming universe in the country.

The PC and digital TV gaming segment, on the other hand, is estimated at Rs 260 crore in 2013 and is expected to grow at a CAGR of 22 per