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How the billion-dollar gaming industry is helping India in 2022
According to a report published by Statista, Indian gaming industry's market value was around 90 billion INR in the financial year 2020.
The gaming industry has been doing wonders all around the world thanks to the rapid penetration and affordability of smartphones that has given a boost to the industry.
According to a report published by Statista, Indian gaming industry's market value was around 90 billion INR in the financial year 2020. The same report predicted that the market value is expected to outreach 143 billion INR by 2022.
Furthermore, the findings of the study by Livemint shows that Covid-19 was another reason why gaming enthusiasts were latched to online gaming platforms. With no or less entertainment options available during lockdown, people of a specific age group (21-35) were inclined to look for entertainment and moneymaking option.
How Union Budget Will Help Stakeholders to Edge Forward?
The union budget that was presented to Indians, early in February brought cheers for the gaming industry, as stakeholders welcomed the move by finance Minister, Nirmala Sitharam who announced the plans to set up Visual Effects, Animation, Gaming, and Comics promotion task force. With the news coming in, stakeholders have set their eyes on the government's contribution in evolving the AVGC sector in the country.
Mr. Rajiv Kumar, the country head of HappyLuke said in an interview - 'With union budget stepping in for gamers along with the evolution of 5G network, high-speed internet connection, better graphics and excellent interface will take the gaming sector to the next level. We came in the industry lately, but quickly understood how furious and passionate people are towards online gaming, as they were at times when video games like Mario, Contra, etc., launched in the market.'
Key Factors that Will Boost the Indian Gaming Industry in 2022
Believe it or not, the gaming industry in India is in a higher gear. To know more, let's steer a glance at some of the factors that will boost the Indian gaming industry this year.
- Entertainment - With the advent of real money gaming in India, people have started taking gaming seriously. Games are no longer just an entertainment factor, but has also become a source of earning money for them.
- Jobs - Lately, the union budget shared by finance minister will not only build domestic capacity, but is set to boost bring more employment with more job creations in the country for people.
- Earnings - With more people inclined towards online gaming, especially real money gaming, the gaming sector has opened doors for gaming freaks to monetize their passion and skills. Players can play and win highly competitive cash rewards using their skills.
- Relaxation - Gone are the days when people used web series, music, television, etc., as their source of entertainment and relaxation. With feasible mobile gaming options and increased data connectivity, people find themselves more relaxed and stress free.
What Trends Will Draw More Attention Towards Online Gaming Industry?
- Building Trust Through Technology & Transparency - There's no denying that technology has played a crucial role in taking online gaming industry fast and forward. The industry had always been proactive in adopting new technologies for players' satisfaction. For companies that keep up with technological advancement, regulations, security, transparency and players' requirements are set to experience a massive boost in players' list.
- Money-Making Opportunity Attract More Players - Mobile games, affordable internet options, and digital payments have drawn attention of large Indian demographics. As responsible gaming steps in, players have realized that online games are safe playing options, and involves low risk, and are highly rewarding. All these factors clearly indicate that the industry will experience a resounding spike this year and way forward.
- Availability of Variety of Games - The exploding growth of more online games has built a competition amongst stakeholders to bring better and more gaming options. With sites like HappyLuke bringing a variety of games for players, exciting promotions, and high rewards, other sites are feeling pressurized to follow the race.
To Wrap Up
The Indian online gaming industry, and the world at large, is experiencing swift expansion and extensive evolution. Especially, In the wake of social platforms and multi-player games, the socializing factor amongst players is gaining more prominence. With the industry gaining swift momentum and seems nowhere to settle for less, industry stakeholders must be mindful of all industry trends to bring the best for players and for their growth.
