India’s gaming industry to hit $ 2.8 billion by 2022
India’s online gambling space currently stands at $ 290 million, but a report from Deloitte suggests the Indian market is expected to reach $ 2.8 billion by 2023.
The rapid growth in the number of players is expected to strengthen the gaming industry by 4 to 5%.
Some of the factors responsible for this surge are:
- Local businesses are expanding to develop India-centric games.
- The “Freemium” model is expected to improve monetization for online game developers.
- Overall increase in digital payment user base.
- Focus on developing content with local themes.
According to Google-KPMG, India is now the fastest growing mobile gaming market in the world, growing at 22% per year.
“COVID pandemic has boosted online gaming”
The Deloitte study further pointed out that “COVID-19 has pushed growth further, users have clung to online gaming platforms in the absence of entertainment options during the lockdown.”
Sharing his thoughts on this, Manav Sethi, Chief Marketing Officer, Octro, India’s fastest growing mobile game company with games like Teen Patti and Indian Rummy said The Quintet, “The online gambling industry is one of the few sectors that not only survived but also prospered during the pandemic. Recent reports have suggested that the pandemic has caused 45% of Indians to play games on their smartphones, with the lockdown resulting in higher mobile use and data consumption (InMobi report, 2021) ”.
“COVID-19 has introduced new players, who have spare time and a lack of offline recreation options while staying at home. The industry expects to make these newbie players into loyal players, which has already been the case internationally as seen in games like AmongUS, Fortnite, Roblox and Discord etc.