Online gaming

Why is the online gambling industry booming in India?

Online games have seen unprecedented growth in user numbers and time spent after covid. Gone are the days when games were limited to consoles, video game centers or desktop computers in the nation’s premier cities. Today, the rapid democratization of video games is driven by the adoption of gaming on affordable mobile phones and the Internet. Mobile engagement in India is way ahead, not only for the gaming industry but also in other sectors.

According to a recent BCG report, the gaming industry in India is growing at a CAGR of 38% and is expected to triple to reach $5 billion in mobile gaming revenue by 2025. ecosystem of devices in favor of the industry and tap into new customer segments that are ready to explore and embrace gaming as a form of entertainment. But what led to this boom in the industry? Here are the 6 reasons which are mainly responsible for this prodigious growth-

Demographic evolution of the customer profile

The exponential increase in the proportion of tech-aware citizens leading to early adoption, the need to socialize (FOMO) during lockdown, spending time off or pursuing a gaming-related career are all elemental change among users and their behavior towards online games. . As the lockdown accelerated gaming adoption, users continued to spend more time on gaming apps and now viewed them as a new avenue for entertainment and socializing.

Seismic shift in the tech ecosystem

Access to affordable, high-performance smartphones and high-speed internet on the go has been a blessing for everyone, be they users or businesses. The evolution of technologies has enhanced the viewing and gaming experience on mobile devices. Smartphones not only come with larger screens and resolutions, but also enhanced computing capability to provide users with the best gaming experience. India is expected to reach over 70% smartphone penetration by 2023. Hence, the gaming industry is on everyone’s radar for the huge potential and business growth that has to offer in the recent future.

Secure digital payment facility

With the advent and increased adoption of UPI and other fintech innovations in the country, it is not only easier for customers to transact easily but also more secure. Features like two and three factor authentication, biometric security and parental controls have made real money gambling safer than ever. The creation of blockchain technology is also raising the bar for integrated payments across industries. This has broadened the game’s reach within the country by building trust through secure payments among a more reserved user base. Monetizing games and content just got easier with simpler payment options and pricing innovations.

A plethora of options; Win-win for users

Increased competition in the industry with larger exchanges and diverse offerings has led to a much faster adoption rate of standalone and platform games in the country. This is achieved organically and through engaging advertising that attracts new customers to high value offers. While the strategy genre continues to top the charts, sports and board games are on the rise, helping the industry tap into new user segments. In any case, a competitive market is always lucrative for the user because it offers a variety of functions at generous prices.

These are exciting times for the industry as well as gamers where we are witnessing groundbreaking innovations in the already dynamic sector. User participation is encouraging and progressing at a high rate. With the metaverse, VR and AR technology becoming more and more affordable, it will be exciting to watch the rise of the gaming industry in the future to come.



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Disclaimer

The opinions expressed above are those of the author.



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