MUMBAI: The online gaming market in India, pegged at $ 5 million in 2006, is estimated to touch $ 446 million by 2010.

The industry is growing at a CAGR of 220 per cent, according to Research and Markets. This growth, says the research, is expected to be made possible by the enabling factors like increasing internet penetration, and entry of corporates into online gaming business.

Game developers and publishers are facing an unabated demand from gamers to produce games with ever more interesting content at low costs. India is turning out to be a land of opportunities for different players in the value chain of online gaming in terms of market and outsourcing opportunities, says the report.

Players in the space include Reliance Anil Dhirubhai Ambani Group’s gaming portal Zapak.com and also the recent entrant Ronnie Screwvala’s UTV Software Communications. The latter has acquired a controlling stake in mobile and online gaming company Indiagames for Rs 680 million (Rs 68 crores) and also UK based gaming company Ignition for Rs 600 million (Rs 60 crores).