Manish Agarwal, CEO of Nazara Technologies, discusses the development of the gaming industry, the skills that developers need to hone, hiring patterns, and how cutting-edge technologies like blockchain, metaverse, AI, AR/VR, and AR/VR are changing the game industry.
The demand for qualified developers may rise as the gaming sector develops and offers many chances for tech workers. We contacted Manish Agarwal, CEO of Nazara Technologies, a domestically produced gaming and sports media platform, after noticing these trends. Nazara Technologies has a presence in India as well as in emerging and developed international markets like Africa and North America, and its offerings span interactive gaming, eSports, and gamified early learning ecosystems.
Read on to learn more about how the gaming development industry has changed, the skills developers need to develop, the hiring process, how cutting-edge technologies like blockchain, metaverse, AI, AR/VR, and more are changing the gaming industry, and much more.
What is ahead for the gambling sector? How has it been done over the previous five years? How does the future route appear?
The Indian gaming market currently generates $1.5 billion in revenue, and thanks to the “mobile first” phenomena, it is predicted to triple that amount to almost $5 billion by 2025. This information comes from a 2021 report by Sequoia and BCG. In 2019–20, the industry expanded by approximately 40%, outpacing OTT, broadcast, and social media platforms. The overall FDI was $575 million from 2014 to 2020, but it increased to $1.7 billion from 2021 to the present. With a considerable increase in the number of online gamers from 360 million in 2020 to 510 million in 2022, the Indian market is also anticipated to scale faster and contribute significantly to the global economy.
The metaverse begins to permeate our daily lives by 2025, and as a result, digital interactions will have increased by 15 times. As a result, Web3 and blockchain technology will be key to the game industry’s future. In India, Play-and-Earn formats and blockchain games are already very popular.
What qualifications do developers in the field of game development need?
To establish the architecture that enables players to explore the gaming universe, it is essential to have coding expertise in order to create immersive environments and game mechanics. Strong problem-solving abilities are also necessary for developers to address code errors and ensure lag-free gameplay.
How large is the gaming business in terms of hiring? What brand-new job positions are entering the market?
Clearly, expanding consumer markets provide professional opportunities for our nation’s young population. Different positions similar to those of game developers, testers, game casters, and designers have emerged. The media and entertainment (films and OTT) industry have the potential to grow to be at least ten times larger than the gaming industry.
The gaming ecosystem has generated 10 lakh jobs in total, including direct, indirect, and induced jobs. Over 5 lakh people have joined YouTube and other streaming platforms as content creators in addition to developers and designers. Esport competition organisers have produced more than a thousand jobs. By FY2026, it is anticipated that the domestic gaming industry will have added 2 lakh new jobs.
How is the game industry changing as a result of cutting-edge technology like blockchain, augmented reality, and AI?
Blockchain and metaverse technology are going to completely upend the game business. The metaverse will develop a highly scalable virtual environment and an independent economy, elevating the idea of “social gaming.” Players will be able to purchase, sell, and even lease virtual goods through the Metaverse. Blockchain technology will guarantee the security, transparency, and safety of all transactions done in the metaverse.
Together, these two will inspire new modes of interaction and play, as well as new business and income models, while also enabling businesses to interact with users more effectively. Play-and-Earn games are becoming more and more popular, and their acceptance is accelerating. It will actually be the beginning of creating secure, individualised, and engrossing gaming experiences where the players feel ownership and transparency.
What difficulties does a game development company face?
There is a severe lack of senior gaming talent and a paucity of competent labour for the business. Additionally, the current curricula in our schools and institutions do not foster gaming skills.
The cost of hiring developers from other nations or covering the additional training expenses for those entering from other industries drives up costs for game development organisations.
Nazara was in the news because of its robust growth matrix. What is your plan for the foreseeable future?
With the launch of offline events, the expansion of the D2C business, and the M&A of Wings and Planet SuperHero, we anticipate that esports will continue to build on the momentum from Nodwin’s recent cooperation with Star Sports over the next quarters. In the meanwhile, SportsKeeda’s expansion will largely be fueled by the introduction of new sports in the US.
We anticipate that skill-based real money gaming will independently become a growth driver. M&A will increase the popularity of both freemium and skill-based real money gaming. We also see a chance to merge development studios, especially those specialising in virtual reality, the next industry to experience significant growth.
