Online Gaming in India Expected to Reach CAGR of 47% by End of Fiscal Year 2022

A report fr🅠om investment bank has stated the Indian online gaming market is growing at a compound annual growth rate (CAGR) of 22% with a growth of 41% annually predicted.

The rise in digital infrastructure, smartph♔one 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 web🌃sites and apps rise by 24% and engagement (playing time) rose by 21% between the weeks of February 10-16, 2020 and March 16-22, 2020, according to Maple Capital analysis.

Platforms such as Games2Win, WinZo Games, Hitwicket, 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 a🉐nd engagement due to the lack of live sport.