Business News/ Brand Stories / The gaming industry is surging to new heights in 2023

New Delhi (India), February 28: Factors that drive gaming industries to reach new heights in 2023, Sachin Dev Duggal claims that it is erroneous that gaming is typically depicted as being socially awkward and lonely but at the time of social distancing, gaming plays a major role to connect people and entertained at the same time.

“Individuals were seeking activities that would keep them entertained and socially connected and gaming filled up that boredom gap in the middle of nationwide lockdown," says Sachin Dev Duggal. Gaming has frequently been portrayed as being socially awkward and lonely, which is a mistake. Yet, the epidemic has demonstrated how false this is.The gaming industry will experience enormous growth in the upcoming years since it is constantly changing and hospitably welcoming millions of new players every day.

The Global Entertainment and Media Outlook 2022–26 from PwC projects that the expansion will increase the value of the global gaming sector to $321 billion by 2026.

The fiscal year 2023 bring good news for all gamers around the country claims Sachin Dev Duggal after the budget 2023-24 revealed. The video game industry is expected to reach new heights of growth in upcoming years, thanks to the release of more expensive, high-profile games and next-generation platforms, after a slow and sluggish 2022. In fact, 2023 is probably going to be a turning point in the industry as long as publishers keep releasing new "triple-A games," which are the finest games of their kind. When fresh releases are made in preparation of the Christmas season, investors may have an early window of opportunity for the recovery to begin as early as the end of this year.

There are other reasons that support the surging point of gaming industry in India and it will definitely amaze you.

If supply chain issues improve, more families will have access to updated game consoles in 2019. By March 2023, for instance, it is anticipated that one significant console maker would have sold around 18 million units, increasing the installed base of game consoles to a total of roughly 37 million units sold since 2020. The growth of next-generation gaming consoles in turn fuels the creation of triple-A games.

Sachin Dev Duggal also mentioned the elephant in the room, “the 5G connectivity". The adoption of mobile and cloud-based game distribution will be considerably accelerated by the implementation of 5G communication networks. Because they are not constrained by the constraints of hardware platforms, game creators have greater freedom to create games because to faster network speeds and lower latency. For gamers, this opens up a number of fresh and intriguing options for games that won't bind them to their current gadgets.

In 2021, the Chinese government banned gamers under the age of 18 from playing on school evenings and limited their gaming time on weekends and vacations to one hour. According to Sachin Dev Duggal, “we see the effects of China's regulatory measures weakening and gradually returning as limitations on minors, and it's important to note that China issued numerous new gaming licenses in September, so this is likely to alter". These are the first indications that the regulatory climate has changed, added Sachin Duggal.

Even with the initial investment in games and systems, staying at home and fighting zombies is typically less expensive than going out with friends. Omar Sheikh, a member of the European Media team and an analyst, claims that game sales have demonstrated resilience to economic downturns. This gives investors the chance to build up their holdings early in a sector with favorable values.

Even while gaming expands quickly, its fundamental drivers remain the same: faster CPUs enhance visuals and the gaming experience as a whole. Moreover, console manufacturers are releasing new hardware with enhanced capabilities and expanding their selection of exclusive games. Also, as internet access spreads worldwide, more individuals will be able to play online games. It is anticipated that the number of casual players, mobile games, and multiplayer games would all rise.

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Updated: 02 Mar 2023, 11:28 AM IST
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