What The Future of Boom in the Online Gaming Industry Means
The pandemic locked people indoors and increased their dependency on technology — whether it was to shop, work or play. Thanks to the pandemic, the already booming online gaming industry has got a further boost in the years 2020-2021 and beyond. According to a report by KPMG, the gaming industry is projected to grow from Rs 60 billion in 2021 to a mind-boggling Rs 169 billion by 2025.
The upswing in online rummy games is a significant contributor to the overall growth in the gaming industry. If online predictions are to be believed, the Indian rummy market is expected to grow from $335 million in 2019 to reach $1.4 billion by 2024. This growth in downloads of online rummy games can be attributed to the following factors:
The growth story of online gaming in India has become successful largely due to mobile penetration in urban and rural India. Thanks to high-speed internet, people have been able to download online rummy games and play rummy for cash and other skill-based games in the remotest parts of the country.
As of 2020, mobile phones have reached more than half of India at 54% with this penetration rate is expected to reach 96% by 2040. As phones reach every Indian, more people will start looking for entertainment and making transactions at their fingertips.
. Growth in Technology
The main contributing factor for boom in the online gaming industry is the availability, accessibility, and affordability of technology. The evolution of the IT sector has fueled the online gaming industry, especially skill-based games, like online rummy games. Online gaming companies are now able to build better platforms and offer online players a more immersive experience than ever before.
Online real-money gaming platforms are now turning to advanced technology like Data Science, Machine Learning, and Artificial Intelligence (AI) to ensure cash players are having a better experience and are playing responsibly. Online rummy games have features such as “daily cash limits” which enable players to spend more time playing while not going overboard with their daily online expenditure on games. Other features like zero waiting time and random card distribution have enabled players to have an enhanced online playing experience.
Funding in Online Games
With the rise in the number and profitability of online gaming firms, the interest of investors in such companies is also at an all-time high. According to data by research firm Tracxn, the online gaming industry raised $174 million in 2020 versus $97.2 million a year earlier, and this funding is expected to grow even further in the coming years.
With more funds at their disposal, online gaming companies can offer a better gaming experience and attract even more players with increased advertising. The 300 million-strong gamers market is set to grow to 440 million by 2022, according to Abhishek Madhavan, SVP, Growth and Marketing at Mobile Premier League, a mobile e-sports platform.
The penetration and ease of use of digital payments is another main factor contributing to the boom of the online gaming industry, especially games played for cash. India was moving towards the acceptance of digital payments which got a boost with demonetization and even further accelerated with the pandemic. People were forced to adopt modes of digital payment which gave online gaming companies the opportunity to further monetize on games for cash.
Games like rummy are traditionally played in India, hence their acceptance was not a hurdle. With digital payments becoming widespread, online rummy for cash grew at an unprecedented rate enabling players to win cash prizes while interacting and enjoying. If you want to like casino game then you will need to know about no deposit casino.
The Global Pandemic
In the wake of the pandemic, multiplayer games like online rummy are gaining prominence. Since people have been driven indoors, online multiplayer games provide people an opportunity to socialize. Online Players are also accepting the idea of meeting new people through online games and building virtual social networks.
Online rummy can be played with select friends and family giving players the much-needed break from the monotony of being indoors. Cash rummy games also give players the high of winning. More and more online rummy gaming companies are adding enhanced player interaction features to increase the social aspect of rummy games.
With skill-based games becoming legal, the growth of the online gaming industry, especially for online rummy seems positive. Increased investor interest and further clarity on regulations will drive larger mergers and consolidations in the online gaming sector.
Adding to that the enhanced features being offered by online gaming companies — additional security, VIP Clubs and service, bonuses, 24×7 support, and online rummy, especially cash rummy games are set to become the next big thing with more players in India spending an increasing amount of time on online gaming.