According to a survey on the ‘next sunrise sector’, gaming industry in India is predicted to grow by 20–30% and generate 100,000 opportunities in FY23. A News24 article estimates that 50,000 people work in the industry, with 30% being programmers and developers. Its value has grown from Rs 7,037 crore during FY 2019 to Rs 14,300 crore in FY 2022.

The gaming sector is predicted to grow five times during the next seven years, reaching a value of Rs 38,097 crore in FY26, according to TeamLease Digital’s “Gaming- Tomorrow’s Blockbuster” report.

Gaming is the ‘Next Sunrise Sector’

Due to its spreading user base and the prospects it is expected to present, the gaming industry will be a significant employment generator. According to Sunil Chemmankotil, CEO of Teamlease Digital, human resources & advising organization, the gaming sector is anticipated to generate 100,000 employees by FY23, despite challenges brought on by frequent regulatory changes.

The sector is expected to get FDI worth Rs 780 crore in FY 2023. Munira Loliwala, the business leader of specialist employment at TeamLease Digital, forecasts that the market will grow 20-30% in FY 2023 and attain a worth of Rs 38,097cr until FY 2026.

What is causing these big numbers?

Covid-19 and Lockdown

Online learning and work-from-home opportunities arose due to Covid 19’s limitations and lockout, and the rising acceptance of digital payments also helped fuel the desire for online gaming. Growth in the gaming business led to increased investments to keep up with demand. Due to the potential for profitability, IT corporations also began showing an interest in it.

The World Economic Forum (WEF) claims that mobile devices are the main force behind the growth of gaming in India. The business has also been fueled by accessible internet and the advent of smartphones with faster processors and better gaming capabilities.

Console Gaming

Gaming on consoles is growing in India, and this trend is only expected to continue. However, several developments in the network infrastructure are expected to impact the growth of console gaming. In addition, the emergence of cloud gaming systems has altered the perception of gaming and is supposed to affect the whole sector substantially.

Career Opportunities

As more and more people choose to make video games their careers, the Indian game industry is flourishing and bursting with talent. In addition, how people see new gaming genres, including esports, cloud gaming, & mobile gaming, has dramatically altered gaming. Future growth in the Indian gaming industry is anticipated as an outcome of rapid digitalization and change, increased internet usage, and increasing smartphone penetration.

eSports

Over this decade, it is anticipated that Indian eSports, which is currently considered in its initial days, will expand significantly as Indian competence in games and eSports rapidly catches up with those of the rest of the world.

Social media platforms give them a forum to interact with their target audience and people who enjoy watching these games competitively. Some of the elements that have benefited thus far and will keep contributing in the future include:

• An expanding young population.
• Ubiquitous smartphone use.
• Rising economic expenditure.
• An efficient distribution system.

Rise of Virtual Reality

We’ll witness the emergence of a new market in 2023 that depends on innovation and cooperation. Games will be at the center of the globe, becoming more linked than ever. With the introduction of augmented and virtual reality (AR/VR), games take on the characteristics of a social network without limitations. It is erroneously believed that open-world games are the only ones that may be a presence of the metaverse. Another perspective is the potential for holding eSports competitions in the metaverse, where users could experience watching professional athletes compete while surrounded by other spectators.

Influence of Metaverse and Web3

With the fusion of Web3 with Metaverse, gamification has expanded beyond traditional gaming to other developing digital fields, including e-commerce, fintech, and education. According to Loliwala, the sector’s strong development would help to propel employment growth over the next years.

What is the Metaverse?

The metaverse is a virtual reality environment that could be utilized for everything from social networking and entertainment to business and education. It’s a 3D virtual environment that people have built and are maintaining. It can be explored and interacted with exactly like the real world. It is a fictitious version of the internet, a global, all-encompassing virtual setting emphasizing social interaction.

What is Web3?

Web 3.0 refers to the third generation of web technology. The World Wide Web, sometimes known as the web, acts as the fundamental element of the internet by providing website and application services.

Web 3.0 is always evolving and being defined; therefore, there isn’t a fixed, accepted definition. However, web 3.0 will significantly emphasize decentralized applications and blockchain-based technologies. In addition, web 3.0 will use machine learning and artificial intelligence (AI) to create better, more flexible apps.

Jobs in the Gaming Sector

According to the latest report, the industry will create new employment over the next year across areas including programming (game developers and unity developers), testing (QA lead, games test engineering), animation, and design, aside from a variety of occupations like content writers, gaming journalists, and web analysts.

The highest-paid positions in the sector include:

• Game producers (10 lakh rupees per year).
• Game designers (6.5 lakh rupees per year).
• Software engineers (5.5 lakh rupees per year).

The sector is on the verge of exponential expansion. India has the largest gaming population in the world, overtaking China, with over 500 million players. Employment in the industry will rise dramatically as a result of this expansion. Millennials and Gen-Z comprise most of the workforce today, accounting for 90% of all professionals.

Conclusion

2023 will be a significant year for games, and mobile gaming will see some significant changes. The latest worldwide gaming trends will be introduced to India in the upcoming year, but the most significant might be blending the real and virtual realities.