In recent years especially after COVID, the online gaming industry has seen unprecedented growth. With the penetration of high-speed 5G Internet and mobile handsets reaching a wider audience base, more and more people across age groups are embracing online gaming like never before. According to an EY study, multiplayer games, mobile games, and the population of casual gamers, all are expected to continue to expand across the globe. As per a Lumikai report done in collaboration with Google, the Indian gaming industry alone clocked $3.1 billion in revenue in FY23, registering a 19 percent growth from $2.6 billion in FY22. These are all indicators that the online gaming industry is becoming more powerful than ever before.
Gaming is a serious business
What is transforming the gaming industry and making it stronger with each passing year is the coming in of actual money into gaming. Today, many are earning their livelihood by gaming. With secure payment systems in place and the emergence of crypto and UPI payments in online gaming, people across the globe are playing their games more seriously and earning big at the same time. The evolution of the free-to-play model has been the game-changer with the emergence of Play & Own (P&O) gaining traction. Players now can access games for free while making in-game purchases for assets. All this has helped in building a loyal community of gamers with enhanced engagement. This has also led to gamers spending much more time playing online games, and this community is only growing faster. People across all age groups and genders are moving beyond being casual gamers.
Simultaneously, developing games is another sector that is going to see tremendous growth in the coming years. Game development, as a career option is going to come up and gain popularity among the next-gen students. Engineering colleges across the globe are curating curricula keeping in mind the rising potential in the online gaming industry. Thus we see the spiral effect of gaming gaining popularity across sectors.
Tech enhancement driving growth
The online games today have transformed much more than anyone could have imagined. With Artificial Intelligence (AI), Machine Learning, Virtual Reality, Metaverse and many more technological enhancements, online games today have become more immersive and captivating. With the super success of online games such as Pokemon, Warcraft, and the likes of Call of Duty, online gaming has only gotten bigger and the industry more powerful. With enhancements such as Augmented Reality backed by Artificial Intelligence, online video games are becoming more real than physical games.
Their immersive nature as well as the capabilities to personalize games for every gamer based on their previous choices and preferences play a major role in making these games popular. As more and more people are turning to online games as a source of recreation as well as a means to earn a living, game developers too have upped their ante. Game developers are making serious efforts to bring innovations and enhance the gaming experience.
It is now obvious that the online gaming industry is becoming more powerful and is among the forerunners to drive change in the entertainment world. Gaming is no longer just a casual entertaining activity. Fueled by immense technological advancements, shifting consumer preferences, and the increasing accessibility of mobile phones, the online gaming industry is on an upward growth trajectory. The years ahead are only going to get better for the industry with the simultaneous growth for all stakeholders.
Contributed by – Mohak Arora Parimatch Brand expert