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India’s online gaming market to reach $2.2 bn by 2022: PraxInsights
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On the back of increased penetration of smartphones and digital payments, the online gaming industry in India is set to touch $2.2 billion by 2022.
The sector is expected to see a compound annual growth rate (CAGR) of 34%, reaching as much as $2,178 million next year, according to a report by PraxInsights -- the knowledge portal of Praxis Global Alliance (PGA).
In 2020, the market was valued at a little more than $1.2 billion, while a year earlier, it was at $899 million, the report said.
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‘Real money gaming’ driving growth
The significant growth across the sector is being driven by real money games such as Teen Patti and Rummy. The segment is expected to make $1.62 billion (75%) of the $2.2 bn worth market by 2022.
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On the other side, casual gaming, which includes trivia games and puzzle games, and esports are expected to make $383 million and $166 million, respectively.
The number of gamers across all three categories combined is expected to reach $582 million by 2022, growing at a CAGR of 26%, the report added. In 2016, the number of online gamers was just 145 million.
Mobile gaming preferred
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Citing a survey of 900 people, the PGA report also notes that most gamers, over 70%, prefer to play on smartphones instead of large-screen devices such as laptops or consoles.
About 40% of the survey respondents said that their gaming session lasts for about one to two hours, while 38% said they wrap it up in under one hour. A majority of respondents also said that they play games either post-dinner or while travelling.
Globally, the gaming market stood at a value of $151.55 billion in 2019 and is projected to reach close to $256.97 billion by 2025, recording a CAGR of 9.17% over the prediction period (2020-2025).
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