New trends that will shape the Indian online gaming industry
some key trends that will make the online gaming business even more fun in the coming years:
1.Cloud Gaming: Eliminating the need for a dedicated gaming console/PC, cloud gaming is the new-age technology that allows users to stream high-end games with fast network connectivity across various devices, such as laptops, tablets, and mobiles. To construct the next generation of social entertainment platforms, cloud gaming services are focusing on leveraging hyper-scale cloud capabilities and this will have a beneficial impact on market growth.
1.Evolution of new gaming genres: Artificial Intelligence (AI) generates behaviour, whether it is for NPCs (non-playable characters) or agents in a game. The characters also learn from the player's activities and adjust their behaviour accordingly. This trend has prompted gamers to demand a more realistic gaming experience rather than just great graphics. As a result, in 2022, we will see game developers create games that are not only visually appealing but also more interactive.
1.Growth of e-sports: The trends in online gaming reflect what audiences want. In addition to an increased usage of mobile phones for gaming, the rise of e-sports will also influence the kinds of games that developers will create in 2022 and further. E-sports tournaments are becoming increasingly popular among sports enthusiasts.
1.Crypto and NFT in gaming: Crypto gaming has become increasingly popular due to its ability to allow players to gather and trade virtual assets that can be transferred and traded anywhere in the world. It has also proven to be a safe and easy way for the gaming business to generate revenue. According to a report by Worldwide Asset exchange stated, over 75% of online gamers wanted to trade their virtual assets for a currency that can be used across multiple platforms. Similarly, Non-fungible tokens (NFT) have changed the definition of purchasing and owning digital assets by converting them into non-interchangeable units of data stored on Blockchain.
2.Metaverse: Facebook’s metaverse is already moving full steam in the games industry, with Epic Games and Roblox blazing the trail. Both in terms of content and audience, the two video gaming titans are showcasing the visions of what metaverse may be.
3.More attention to 'responsible gaming': To promote greater awareness and enable responsible and balanced play, operators have already started taking measures with the concept of ‘Responsible Gaming’. Features monitoring/limiting or flagging excessive time/money on online games are increasingly becoming the rule.
4.Roll out of 5G technology: 5G can enable innovative mobile gaming products with real-time online capabilities that, when combined with augmented reality (AR) and virtual reality (VR), will transform gaming experiences. Cloud gaming is already predicted to become the new normal and the advent of 5G will enable a high-end console-like gaming experience for the users. India’s youth population, growing smartphone penetration with 5G will further help mobile gaming evolve into a $2.4 billion market.
While these factors help the online gaming industry flourish, the sector's success lies in a strong legislative framework. A regulatory norm that will not only ensure a sustainable operating environment for online gaming, but it will also allow the government to impose mandatory KYC, daily and monthly limits, self-exclusion, SSL level encryption, RNG certification, risk-flagging techniques, and other measures to protect consumers from the unpleasant effects of online gaming.
In the absence of government regulation, the industry follows self-regulation that gives a focal charter for the smooth functioning of the entire ecosystem. As a self-regulatory organization, E-Gaming Federation has developed a standard structure for its members in the form of a code of conduct that prescribes and enforces a set of rules for members to operate responsibly while ensuring customer security.