Witzeal Technologies CEO Ankur Singh: Online gaming is attracting employment opportunities, fostering technological innovation

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Witzeal Technologies is a new-age gaming technology company that specializes in creating futuristic games and features in the real money gaming (RMG) segment. With the advent of the new year, leaders and lynchpins have expressed optimism about the growth trajectory of the online gaming sector and their future plans. As per the report by KPMG, the online casual gaming industry in FY 2021 is valued at INR 60 billion and the market is anticipated to grow more as casual gaming is penetrating the real money gaming market as well.

Ankur Singh, CEO and founder of Witzeal Technologies Pvt Ltd 

Ankur Singh, CEO and founder of Witzeal Technologies Pvt Ltd informs that the unprecedented time of pandemic has had a poignant effect on various sectors globally.

He shares, “The online gaming industry however has sky-rocked especially during the lockdown. There was an exodus of players joining the online gaming bandwagon and pushing the sector on a higher growth trajectory.

Highlighting the main trigger for the meteoric rise in online gaming in the recent past, he shares One of the key reasons for this growth is the emergence of technology leading to an immersive and interactive gaming experience giving the players a holistic experience. Advancements in gaming tech have proven to be a major breakthrough in the industry. Moreover, the penetration of smartphones and sophistication of digital payment infrastructure has leveled up the industry.”

According to him, the industry is currently lacking a regulatory apparatus for regulating the sector as a whole. Despite the legal hurdles, he is positive that the state governments will regulate rather than ban the game of skills further encouraging ethical gaming.

He shares, “We need mindful conversations to be sparked around apex regulations and uniform tax slabs which will lead the industry to grow further and benefit the government and the nation as a whole.” As per the BCG-Sequoia report released last month, mobile gaming is expected to triple to a $5Bn+ market opportunity by 2025. Gaming is currently a $1.8Bn sunrise sector in India. Between 2017-20, the Indian gaming market grew at 38% CAGR compared to 10% and 8% in USA and China respectively. 

“Overall, this sunrise sector is poised to grow and flourish. The sector is already attracting interesting employment opportunities, fostering technological innovations further pushing the sector upward,” he concludes on a bullish note.