Online Gaming in India Expected to Reach CAGR of 47% by End of Fiscal Year 2022
A report from investment bank has stated the Indian online gaming market is growing at a cꦗompound annual growth rate (CAGR) of 22% with a growth of 41% annually predicted.
The rise in digital infrasꦉtructu🥂re, smartphone use, and growth in quality and variety of engaging gaming content are put forward as three reasons behind this rapid expansion.
Other major findings in the report include:
- By 2024, the gaming industry in India is set to be worth US$3.75 billion.
- India's online gaming industry has attracted $350 million in investments from venture capital firms between 2014-2020.
- India is the second-largest market worldwide for app downloads.
- Fantasy sports operators have increased by seven-fold from 2016-2018, whereas the number of users has grown by over 25 times from June 2016 to February 2019.
- Mobile gaming has an 85% share of online gaming in India.
- As of December 2019, there were over 400 gaming start-ups in India and more than half a billion smartphone users.
As we have previously reported, the coronavirus lockdown saw visits to online gaming websites and apps rise by🗹 24% and engagement (playing time) rose by 21% between the we𓆉eks of February 10-16, 2020 and March 16-22, 2020, according to Maple Capital analysis.
Platforms such as Ga𓂃mes2Win, WinZo Games, Hitwic🤪ket, Gamerji and Rummy recorded a tremendous increase in daily users base as well as time spent. But fantasy sports apps suffered a dip in revenue and engagement due to the lack of live sport.
