Written by: Ankur Singh, Witzeal Technologies
The Indian online gaming sector has seen wave of recognition and popularity in last decade. India has one of the largest youth populations around the world and is soon on its path to becoming the world’s leading gaming destination. The gaming industry is currently estimated at 930 million USD with an annual CAGR of 22 percent making the industry the second largest online market having more than 560 million internet users.
With the entertainment sector booming, online gaming has secured its niche’ and proved that it is here to stay. As we observe these trends and comprehend the consumer behaviours, we learn that they seek out unique experiences and ubiquitous access to entertainment content and will continue to do so for years to come. And companies that address these needs and aggregate content in a more intuitive and accessible way will rise to the top.
According to an EY FICCI report on Media and Entertainment sector 2022, it was found that businesses in this sector will experience a familiar landscape influenced by consumer behaviour dynamism, technological innovation, competitive intensity, and industry reshaping. Online gaming sector is right on the path as the operators, players and other stakeholders all aim to create a holistic and innovative universe that subsumes these behaviours. Here are five trends to watch in the year ahead as the industry works to reframe its future.
Technological Prowess:
The enhancement of technology has seen a big influence on the online gaming industry. The industry is witnessing various trends including, Artificial Intelligence (AI), Machine Learning (ML), Virtual Reality (VR), Augmented Reality (AR) and Blockchain among others that are credited to the technological advancement. The power of technology is extremely rewarding as it allows players to experience 4K and HD quality particularly with introduction of 5G services and penetration, providing an immersive experience on their smartphones.
Another trend witnessed, gamers today want their digital identity/ avatars to be secured and portable across multiple gaming platforms. They want to have control over their in-game assets which also can be easily ported and used in other games provided by some other game studio. Metaverse is another concept which is steadily gaining traction which enables online gamers to live their second life in the parallel virtual world.
Socializing while gaming:
Humans are social beings and constantly looking for different avenues to communicate and stay in touch. Capitalising this behaviour, the social aspect of gaming will see a rise. Gamers are using gaming platforms as an avenue for building social connections apart from social media platforms. While the primary motivation for most gamers is entertainment, many of them feel that gaming platforms are a great medium to connect, socialise, and build meaningful relations.
Cloud Gaming
Widespread cloud adoption and access have changed the way online games are created, delivered and played. The time-to-market acceleration is dramatic. Players are now able to access new games regardless of location if they have an internet connection, reducing the amount of time needed to acquire games, expansion packs and add-ons.
Blockchain technology:
Blockchain technology has disrupted many sectors including gaming. This technology is changing the rules of the game as decentralized games on blockchain helps gamers to have complete control over their digital identity and digital assets. Game entrepreneurs and developers need a safe and secure environment to develop and launch games and subsequently, monetize them. And security issues like identity theft, payment frauds and online scams poses a major threat in the online gaming world. Blockchain, Crypto currencies, NFTs are the solution to such security challenges.
Next Gen Gaming:
Envisioning to make gaming more and more immersive, gaming developers are using new age techniques and emerging technologies, bringing the games closer to reality and more challenging than ever. Gaming in metaverse is another trend that we are witnessing and has the power to harness the growth of the online gaming industry to the next level. By immersing the tools of AI, VR and Blockchain, we will be soon able to enable the next era of computing for online gaming.
Given the rise in technological advancements and adopting of new age techniques in gaming, its suffice to say, there is a whole lot of disruption and change the online industry is going to witness. This well could be assessed from the fact that India now has 275 online gaming development companies up from just 25 in 2010. Having said that, we are looking forward to witness and adapt this sea of changes with each passing year.
