Financial Growth and Investment
The online gaming industry in India is growing at an annual rate of 30-35%. The gross revenue from skill-based games like rummy and poker is projected to soar from USD 290 million in 2017 to USD 1 billion by 2021 (KPMG). This growth has attracted significant investments, further fueling the industry’s expansion.
The Role of Smartphones and Digital Payments
Increased Accessibility
The affordability of smartphones and the availability of high-speed internet, particularly with the advent of JIO, have made online gaming more accessible to the Indian population. As of 2021, India had over 500 million smartphone users, a number expected to grow to 820 million by 2022 (Statista).
Digital Payment Revolution
The demonetization in 2016 and the COVID-19 pandemic have a https://23wint1.lol/ accelerated the adoption of digital payments in India. The volume of digital transactions increased from 1.2 billion in 2016 to 34.5 billion in 2021 (RBI). This shift has made it easier for gamers to participate in online games and make secure transactions.
The Impact of the Pandemic
Shift in Entertainment Preferences
The pandemic has significantly altered entertainment preferences, with many turning to online gaming as a source of amusement and social interaction. The online gaming industry saw a 30% increase in user engagement during the lockdown periods (EY).