The gaming industry is booming. We’ve seen the growth of mobile gaming, live streaming, and the explosion of esports. But what will the future hold for the industry? We look at some of the key trends that will shape the gaming industry in the coming years. Here are five predictions for the gaming industry in the coming years.
The gaming industry is booming.
The gaming industry is experiencing unprecedented growth, fueled by digitalization and online gambling. The Gaming Equipment Association (GEA) estimates that industry revenues will reach EUR50 billion by 2021. This figure represents an increase of about 30 percent from last year. However, the gaming industry is not immune to challenges.
One of the reasons the gaming industry thrives is that it can promote social interaction, especially in times of crisis. For example, multiplayer role-playing games are a popular way to connect with others in a virtual environment. Furthermore, the industry relies heavily on digital marketing, and the current crisis has only helped the industry.
The gaming industry is also growing thanks to the rising number of smartphone users. Today, there are more than 2.5 billion gamers worldwide. The global video game industry is expected to reach $159 billion by 2020. Video games on smartphones account for about 60% of the industry’s revenues. Moreover, mobile gaming is a revenue source for many large tech companies. As more people play video games, the demand for immersive entertainment is growing. Technology companies are now focusing on this industry to make their products more accessible.
The gaming industry has grown tremendously over the past few years. There have been many technological advancements, and today’s games are highly accessible and provide a visually stunning experience. Today’s games also have added features, including facial recognition and 3D scanning.
The rise of mobile gaming
In many parts of the world, the number of mobile game users is increasing with the proliferation of smartphones and a range of gaming options. For example, a recent White Designers Game Studios report found that 30 million Iranians are currently active in mobile gaming. In-game purchases also generate significant revenue for the industry. And with the ease and convenience of in-game payment methods, mobile gaming revenue is expected to grow worldwide.
Compared to other forms of gaming, the mobile gaming scene is primarily aimed at younger people. The average age of first-time phone owners in America is now fewer than 40 years old. And in Asia, that trend is even more pronounced. The rapid growth of mobile gaming has even alarmed the Chinese government, which has recently instituted a three-hour weekly gaming limit for under-18s.
Mobile gaming is becoming an essential platform for advertisers, as it offers a large user base with a diverse demographic. Fifty percent of mobile gamers are women, and 43 percent are older. This diversity creates an excellent opportunity for advertisers, as more people spend hours playing mobile games weekly.
As the growth of mobile gaming continues, the industry is set to surpass $100 billion in revenue this year. According to a report by Newzoo, mobile gaming now accounts for more than half of all gaming spending worldwide. The company’s latest news shows that mobile gaming is poised to grow 5% this year.
The popularity of live streaming
Live streaming has become increasingly popular in gaming. It has also become a popular method of social interaction. Social media websites have started streaming live events, and online fitness platforms have begun offering classes through live streaming. Even the popular music streaming service Spotify is now streaming virtual concerts. During the recent Covid-19 pandemic, more people watched memorial services through live streaming. Since many people could not attend the memorials in person, live streaming allowed those living in other countries to watch.
The growing popularity of live streaming in gaming has also spawned a new business model. Social media platforms combine live streaming with e-commerce to create a new form of commercial sales. The goal is to create a more personalized experience for viewers. By 2027, the market for live streaming will be worth $247 billion.
Streaming has been a powerful way for indie and AAA developers to circumvent increasing development costs. It has also increased the player base of independent games. Live streaming has also been used to promote social causes and charities. For gaming, live streaming is a powerful way to engage with fans and promote games.
Live streaming has been a popular way for video game developers to market their new titles. It allows potential consumers to experience a newly released video game before they buy it. This is especially beneficial for major multiplayer titles. However, for linear point-and-click titles, this can harm their sales.
The growth of esports
Esports is a rapidly growing industry that has grown beyond the games themselves. Today, some live tournaments can draw tens of millions of viewers. Esports has become a colossal business model and is expected to continue growing. According to Newzoo, the audience for esports is currently 385 million people, with 191 million avid esports fans and 194 million casual viewers. By 2020, that number is expected to increase by 50%. While most esports fans are located in Asia, North America has become a significant player in the ecosystem.
Despite esports’ rapid growth, esports is not without controversy. The recent rise of professional esports has led to widespread accusations of cheating and the discovery of secret software glitches in games. As a result, the “traditional” video games industry is worried about the potential threat esports pose to its business model. Nintendo and Sony are concerned that the business model for esports is too uncertain to warrant the heavy investment needed to keep it afloat.
The growth of esports in gaming is expected to continue to rise, with the number of casual viewers and enthusiasts reaching nearly half a billion by 2022. By 2025, that number will grow to 318 million – an 8.1% compound annual growth rate.
The impact of VR/AR
The gaming industry has undergone significant changes due to the growth of AR and VR technologies. As these technologies continue to evolve, more players will want to experience them affordably. Until now, players were restricted to gaming consoles, but VR/AR arcades will allow them to experience the new technology without purchasing a headset. The market for VR/AR arcades is estimated to be worth 2.3 billion USD by 2020.
While AR/VR has the potential to revolutionize the way we play games, there are a few concerns about technology. For example, technology can make it easy for users to run into tangible objects and get hurt, which isn’t ideal. In addition, users will need to stay in a safe space, which can be difficult for them to do in the virtual world.
While these technologies have been widely adopted in the entertainment sector, they can also be used for educational purposes. For example, augmented reality can help students with learning disabilities. It can also help visually impaired individuals complete daily tasks. Moreover, it can improve people’s cognition of their surroundings. However, it may face pushback from individuals with special needs.
Privacy concerns remain a significant concern with VR and AR technologies. Developing these technologies requires careful regulation and adaptation of existing laws. While existing privacy laws are not always appropriate, they can help create a framework that allows AR/VR to flourish in the industry.
The future of gaming is exciting!
New technologies are changing the face of gaming. They are making gaming more accessible and immersive and helping people play games entirely new ways. These technologies are also creating new opportunities for gaming developers and have the potential to expand the types of games available. Whether it is iGaming or conventional video games, these new technologies will be instrumental in shaping the future of gaming.
For example, there are already a variety of new games based on virtual reality. Some casinos offer VR experiences. VR devices are currently expensive and limited, but technological advancements will likely make them more affordable. In addition to new gaming platforms, the future of gaming will include better graphics and more realistic experiences.
In addition to the evolution of technology, we can expect to see more social games. These games will be designed with social aspects, and gamers can share the experience with others. This will allow gamers to create experiences that they couldn’t have imagined in the past.
With new technology, gamers can play virtual worlds like never before. They can even control their environment with their mind and play games that are fully interactive with their environment. Another exciting innovation in gaming is cloud gaming, which allows gamers to play high-powered games from any device, anywhere. This new technology is hyperbole but an exciting direction for the gaming industry.
