The online gaming industry in India is snowballing. Roughly at an annual growth rate of 21%. The industry can achieve a valuation of over $3700 million by 2024. It has a considerable significance for businesses as well as consumers (especially, consumer-creators publishing on Twitch, Youtube, etc.). More online gaming and casino start-ups will open up; demand for live game streaming media will multiply, and developers will need to come up with innovative gaming titles and Indianized gaming experience.
All of these will happen if the industry’s foundation is stable; if growth is emerging from a sustainable basis. So, we need to identify forces behind the recent boom in the online casino industry in India.
India is the second-largest market for app downloads. During 2019, Indian consumers downloaded nearly 19 billion mobile applications in their smartphones and tablets. And they spend roughly 3 hours on mobile devices every day. It implies the considerable width and depth of the market.
Innovations in technology
Even a decade back, internet connectivity in India was unreliable. Bandwidth was pre-historic in terms of global standards. The scene is changing faster than many of us expected. 4G mobile connectivity is not only accessible by millions but affordable too. Data consumption is increasing. It will grow further once we have 5G technology rollouts.
A broad base of the earning-age population
Compared to other growing economies, India enjoys a unique demographic advantage. The percentage of the earning-age population is considerably high and will grow through the coming two decades. It means higher disposable income, more need for entertainment, and lesser risk aversion—all of these factors are conducive to online gaming and casino gaming businesses.
Robust online payment system
The Indian banking system is witnessing revolutionary changes in terms of payment process and ease of making transactions. It has helped domestic eCommerce. The benefits are equally visible in the online gaming industry. Indian consumers are slowly, but steadily, warming up to the excitement of online casino games. The trend is here to stay.
Indianization of casino games
There exists a wide variety of popular indigenous games in India; card games are in particular. The concept of the modern-day casino might seem western, but culturally Indians are not aloof to the idea. We have a strong gaming culture, and wagering activities are parts of different festivities across the country. So, online casinos and allied gaming sites offer Indian games. Casino developers are also coming up with Indianized casino gaming titles. Those are becoming popular with Indian consumers.
Evident it is that the growth of the online casino industry in India is on auto-drive. No major chink in the armor is visible at this point. Top Indian casino sites are taking all the necessary steps to firm up the consumer base. We will keep on bringing out new updates on the industry and allied activities. Stay tuned; Be Aware.