Global services firm Ernst and Young believes the Indian gaming market is turning its back on grey and black market trading, and now has all the elements in place for huge future growth.
The expansion of the Indian economy, increasing disposable incomes and a greater acceptance of gaming as a legitimate form of entertainment are just some of the reasons why the country’s video gaming scene is ready to explode, said the international firm.
"Indian consumers are warming up to gaming as an entertainment alternative with proliferation of gaming devices moving northwards," explained Farokh Balsara, industry leader M & E and TCE Advisory leader for Ernst and Young.
"Disposable incomes of the upper middle class are growing with the economy, favourably influencing gaming growth.
The action, though, is still restricted to the top eight cities but with the right investments the potential for box business in India is immense."
As in many burgeoning markets, growth in India has suffered from video game piracy, but the global services firm revealed that the country is moving away from the illegal practice and is shedding the shackles of its reputation for piracy.
Ashok Rajgopal, partner M & E for business advisory services at Ernst and Young added: "India-specific pricing strategies for gaming software at $5-$15, marketing spends by console players, increasing awareness and piracy control measures are beginning to show results. Our India-wide gaming market study has revealed a gradual shift of business from the illegitimate to the legitimate market." More PlayStation 3 News...