Thriving World of Gaming Industry: Challenges and Opportunities
Published Date : 29 May 2024
In the r̥ampant of growing technologies and new creations, many businesses around the world have gained momentum for their timeless ideas, one among them being the evergreen and ever-so-popular Gaming Industries.
With the best of gamers and the gaming industry, China, the USA, and Asia are always heading on in this terrain. At around a global revenue of $184 billion, the games are one of the most prominent revenue-generating bodies worldwide. Almost 40% of the households contribute a hand to this figure, making them one of the people’s closely working industries. Gaming companies alongside successfully linking people with various modes of entertainment have also carried a bundle of challenges in their journey.
Gaming Industry Challenges
In the era of the Industrial Revolution, the gaming industry is one of the most talked-about topics and a cult favourite. It brings in a facade of innovative games while swiftly drifting its way into people’s hearts.
However, with impeccable creations come incredible challenges that they face as an industry, some of them being,
1. Competition
PCs, console gaming, mobile gaming and much more like this are millions of games and gaming companies being established everywhere. It is a constant survival game, a rat race indeed, that keeps even the topmost companies on their toes because one wrong move and the competitors might take over them. Such tight competition lets the companies take no shade but rather, work their way towards consistent growth and excellence.
2. Advancements
Recent statistics indicate that the gaming market is to grow by 13.4% in the next few years with an increasing number of gaming enthusiasts. Keeping this in mind, the companies have toiled their innovations into the game with the help of high-end technologies and new gaming avatars. But the greater challenge comes forth when they have to keep up with the growing trend while bringing something creative to the table.
The selling point of each game lies in its uniqueness, a trademark of its own, that can take over people’s headspace. This leads them to bring about new upgraded features in the game, one better than the other looking to fill that constant room for improvement.
3. Accessibility
Even the best of the games have no say unless they are brought into action! The actual potential of a game is known when they are brought into a real-time scenario for real players to play and experience the blends of creativity. This is a challenge taken up by the marketing minds who scale the game at the highest level making sure to reach every nook and corner of the country. With the emergence of the industry, every company takes it upon itself to make the game available to as many players as possible and surpass the competition successfully.
4. Funding
In this monetary world, money is the fuel to your ideas and that is why funding forms play a major role in building a company. Right from the idea generation to research, and final execution, everything takes expenditure and so it appears as one of the greatest challenges a game-maker can face. But, what makes it even tricky is the possible risks of bankruptcy. Therefore, to hold a nerve, trust in the creation, and invest is a big move to make.
5. Legalities
While a company is looking to scale their games to wider proportions with cross-country relationships, then it ought to follow the rules and regulations particular to them. While some of them are lenient, some can be stringent. Therefore, establishing policies that fit their legal constraints rightfully is one of the most tricky gaming industry challenges a company can face. Apart from this, there are a few states in India like Assam, Odisha, Tamil Nadu, Nagaland, Sikkim, Andra Pradesh, and Telangana that strictly prohibit certain games which also poses a disadvantage.
6. Geographical
In this world of online games that run on the internet, a network issue depending on the geographical area could be one of the major setbacks. Therefore, building games that work smoothly with utmost efficiency is a crucial challenge for developers and one such app that has successfully overcome this issue and emerged well with people is the Ludo Empire, a skill-based multi-gaming platform.
7. Security Limitations
In times of increasing technology, the safety and security policies of a gaming app are also a major concern for most users. This led the companies to take various initiatives in terms of barring cyber crimes, hacking, data insecurity, and much more to gain the trust of their users.
Gaming Industry Opportunities
While challenges in the mobile gaming industry and policy implications are a tight fit, there are also equal opportunities to ease out. The endless possibilities that this sector brings are something to vouch for and some of them are,
1. Revenue Generation
While the economy forms the backbone of a country, the industrial sector is its spine. Especially the gaming industry in India, leading from the front is known to contribute approximately 1.5 - 2% of the net GDP—such atomic contributions add mass to the whole idea of generating revenue through games.
2. Entertainment
Games are the host of a million smiles and endless entertainment. With about lakhs of people online every day looking for various sources of entertainment, gaming forms a major part of their search volume. Therefore, creating one-in-a-generation games with stellar features and an outstanding gaming experience can open doors to entertainment around the world.
3. Employment
One of the biggest and most needed opportunities that the gaming industry in India has given rise to is employment. Creating a game however big or small requires a large dedicated team of developers, marketers, designers, and other working units that correlate to reality and move towards a common goal. Thus, the emergence of gaming companies has thrown light on the lives of several people by staging opportunities to display their talents and grow in life.
4. Collaboration
The noise of the rising popularity of games has led to the conjoint collaboration of people with industries. They gather some of the most adept minds from across the country and bring an association with high-end technologies, innovations, and lively gaming experiences. This also leads to a cross-linking culture between various working communities giving birth to mind-boggling creations and skillful games.
5. Learning
The gaming industries have paid close attention to building games that are relatable to a player’s everyday life. This led to skill-based games, creating endless opportunities for players to improve their intellectual thinking and mindfulness. Its outlook for creativity has been a major traction for years, bringing new opportunities for learning and education.
6. Innovation
The zeal to establish unique games has created an edge for innovation among the gaming industries in India. They are giving birth to several ideas that can be used to better the game from version to version. This aspect of it is what drives people to come up with bold creations backed by talent, creating a veil of opportunities in the gaming industry.
7. Profession
Over the years, along with games, the number of skilful gamers has also increased enormously, so much so that they are now a profession. Many players have been reliant on gaming as their full-time job and a constant source of income. This has created endless opportunities for earning and livelihood in society.
Conclusion
From bringing a turnover in the national GDP to becoming a standard profession for a whole community of adept gamers, the gaming industry is indeed a source of light for many. Breaking through all the barriers and societal taboos, thick or thin, they have seen it all. With the best of challenges and even better opportunities, games have cultivated a blaze of thrill and curiosity in people engraving new realms of the gaming industry. You can find more information regarding the advancements in the gaming industry on our Fabzen blogs.