By Mohak Arora
Gaming in India has emerged as a powerhouse within the entertainment industry and has been experiencing an unprecedented growth of about 28-30% Compound Annual Growth Rate (CAGR) in 2022 alone. It has managed to surpass the gaming industry of several countries with a ‘developed’ economy. At present, the industry’s journey reflects a paradigm shift in both how individuals consume entertainment and how the entertainment landscape is getting reshaped. Statistics suggest that by 2027, the sector will surpass the $8.6 billion mark, which shows the immense potential and lucrative nature that the gaming market possesses. This growth is attributed to advanced, immersive and interactive gaming experiences with technologies like Artificial Intelligence, Augmented Reality, Web 3.0, 3D gaming, Blockchain, and many more.
Other factors such as the affordability of high-speed internet, cashless transactions, and the pandemic-induced acceleration have further propelled the iGaming industry into a new era. In looking at the future of igaming, one has to take into account the growth of gaming as a career path as well as the integration of cryptocurrency as part of the boom.
Gaming Gets Immersive
Several kinds of technological innovation have been driving the gaming experience to become more immersive and innovative by the day. Virtual Reality (VR) that offers higher resolutions, wider fields of view, improved tracking and Augmented Reality (AR) with features like adaptive triggers, touch-sensitive surfaces, and improved motion tracking contribute to a nuanced gaming experience. Further, improvements in the quality of graphics also give hyper-realistic visuals to the gamer. Moreover, advanced audio technologies heightens the sense of being present and the situational awareness within the gaming world. The possibilities of gaming have significantly widened with cloud technology. Together with high-speed 5G networks, gamers across geographies can now be loaded beyond the constraints of just one device or hardware. This has increased the affinity towards gaming in a major way.
Increased affordability and accessibility
With smartphones and mobile devices becoming more affordable and data plans more accessible, a larger segment of the population can now engage in online gaming. Along with boosting the number of gamers, this increased affordability has also paved the way for higher spending within gaming ecosystems, contributing significantly to overall revenue growth. Monetized strategies are now adopted by the stakeholders, such as in-game advertisements, sponsorships, and viewer donations, potential of purchasing game-avatar enhancements, virtual cosmetic alterations and much more.
iGaming the next lucrative career
As the gaming sector in India continues to transcend boundaries of regions, gender and age, more and more people are now becoming aware of professional possibilities within this sector, further contributing to growth of revenue in the future. For one, the rise of competitive mobile gaming and esports with organized e-tournaments, ticket-sales, live-streaming, sponsorships, is a lucrative revenue generator. Additionally, there are freelancers providing training through game testing and gaming coaching to fans and gamers. This is a trend that has blended itself well with the growth in cryptocurrency, as trainers and services accept safe and secured crypto payments. Individuals now spend a lot of time with their virtual gaming communities, making gaming a lifestyle choice. With this socialization aspect, the gaming experience has gained more value and will continue to pave the road to new revenue streams through virtual goods, social events, partnerships and other collaborative ventures.
(The author is Mohak Arora Parimatch Brand expert, and the views expressed in this article are his own)
