Games have always been an escape from reality for the human population, where one can just focus on fun for the stipulated period. The Gaming industry in India is shifting dramatically. The industry is extending the limitations from a gathering activity to emerging businesses and online interface.
The changing needs, rising youth population, socializing in the virtual world, and advancing connectivity in India marks the growth of the online gaming industry. The shift from traditional to online gambling sites is the answer to emerging skilled players especially in the situation of the current global pandemic. The focus on offshore gambling sites in the gaming industry of India presents opportunities for engagement, monetization, and a platform for brand promotion.
Evolution of Gaming Industry
The Gaming Industry of India has always held a universal appeal for all socio-economic groups and age brackets. With the changing media, television, and with the evident dependence on digital devices, the industry has evolved itself to meet the needs and expectations of the population. The growing market in India has not only encouraged domestic entrepreneurs for start-ups but has also invited international businesses to introduce rupee casinos in our country.
Welcoming international online gambling sites is a strategic step towards meeting market demand without being restricted by state-wise legislations in India. The most popular gambling games in the Indian market are Teen Patti, Poker, Andar Bahar, and Roulette. The gaming industry in India has witnessed exponential growth in the last five years. In the period of 206-2017, the industry experienced a total revenue of around 730 crores in the card-based games category and 67 crores (approximately) in the Fantasy Sports category.
The emerging advancement in the telecom industry in India with the introduction of 3G/4G and now the upcoming 5G has coupled the growth and production of online gambling games in the industry.
From a global perspective, the gaming market has been valued at around 162.32 billion USD in the year 2020 and the forecast reflects its value to reach 295.63 billion USD by the year 2026. The forecasted result indicated the revenue, career, and entrepreneurial opportunities in the world. In India, the young demographic is not hesitating in experimenting with innovative or unique career options. The demand for professionals such as developers, designers, developers, and concept artists. In India, the rate of streamers and e-sports athletes are also rising marking a complete transformation of how the game was perceived earlier.
The future of the gaming industry beholds the development of a complete gaming ecosystem, with the contribution of cloud computing professionals and software engineers. India is also experiencing various professional gaming tournaments from the last few years, which has contributed to generating revenue through sponsorships and participation, loyal audience, online traffic, and international attention.
EY-FICCI report of 2020 indicated the rise of gamers in India in the year 2019 by 31 percent i.e. 365 million and by 2022 it is anticipated to reach around 440 million. In India, the online gaming sector is rising at a rate (CAGR) of 22 percent. Most operators in India’s skill gaming sector encircle corporate entities, registered as Private Limited Company. With the increasing revenue, the industry is also experiencing rising newer entrants and skilled operators.
With the growing start-ups and entry of international players in the online gaming business, the competitive market is focussing on innovating the offerings for the players by assisting them with skills and competencies. The growing competitive market with domestically grown and international enterprises is also ensuring attractive promotional gambling offers for the avid and amateur players, thereby building awareness and reach of the industry. In India, skilled gaming or real money games involve eSports, fantasy sports, and online card gaming.
Future of the Gaming Industry in India
The rising market base of the industry presents a bright future with skill-gaming as the base of the development. The online gaming sites are setting higher standards, licensed approach, self-regulatory activities, and required governance for ensuring legal and responsible gaming habits. The popularity and growth of the industry in our country have been rising immensely with easier accessibility, flexibility, and numerous varieties for the players. Utmost transparency, innovation, consideration of customer preferences, and information security of the players needs to be the focus area for the evolving industry.
Press release by: Indian Clicks, LLC