The global video gaming industry is one of the highest-grossing industries in the world. With the rampant surge in the latest trends and innovations, gaming experiences have reached the next levels. While these developments have been on the upfront, the industry has witnessed immense success in popularity and profits.
In this discussion, we will take a close look at some of the significant statistics that reflect the gaming industry’s success and the growth scenario in a nutshell. Further, we will also discuss the developments that set new trends in the gaming industry and the future of gaming.
So, without further ado, let’s begin!
The market size of the gaming industry in recent years
The global gaming industry’s size was valued at USD 151.06 billion in the year 2019, which is expected to grow at a compound annual growth rate of 12.9% during 2022 – 2027. The technological innovation and scaling in hardware and software are expected to play a significant role in driving the growth. Moreover, the growing availability of internet services has multiplied. Access to games on the internet worldwide is also expected to push the market growth prospects in the coming years. Game developers are focusing on improvising technological innovations in real time access to graphics, which is further expected to add to the existing market size growth.
Overall growth scenario
According to the Console Games Global Market Report 2020-30: Covid-19 Implications and Growth, subscription-based gaming has been a significant contributor to the rapid increase of active gamers worldwide. The report also disclosed several gamers, which was 2.1 billion in 2017, surpassing the mark of 2.73 billion by the end of 2021. The gaming industry is expected to propel and reach $67.1 billion at a CAGR of approximately 13.4% by 2023.
A significant part of the growth points towards holistic development in all demographic segments. It has been across all age groups and urban sectors, including the semi-urban as well. The online gaming industry had already seen rampant growth from 2018 to 2019, which post the growth charts of online gaming accessibility. Taking this growth further, the game developers in selected developing economies have been continuously striving towards improving the gaming experience. Some significant innovations include rewriting quotes for various platforms such as Xbox, Windows PC, and PlayStation, unified into a single product available to The gamers through a cloud platform.
Trends that added to the rapid growth of the gaming industry
There are specific trends and developments in recent years that have added to the gaming industry’s massive growth across the globe. These trends have taken the gaming industry by storm, offering the best gaming experience to gamers. Some of these developments include –
- eSports – It is one of the recent friends that drove the whole giving industry across the globe. eSports such as chess, poker, and e-football enjoyed widespread popularity across Global gamers. In some countries, gamers also adapted it on the professional front as a full time and even part-time career path. Taking this forward, the trend also provided earning opportunities to the gamers, which acted as an added advantage to the gaming industry’s growth in the current scenario.
- Cloud gaming – It is one of the latest trends in the gaming industry, giving tough competition to the existing and traditional game market. The recent developments and innovations in cloud technology have transformed the world, and gaming has not been an exception. It consists of a server that stores the game. It is responsible for performing the computations such as game rendering, streaming, and video encoding.
- Smartphone Gaming – Smartphone gaming has witnessed a rapid boost in the past couple of years. According to an estimate, the number of smartphone users in India is expected to reach more than 765 million by the end of 2021, which is seen as an excellent signal for the rise of online gaming in India. For the southeast Asian countries, the agreement in online mobile gaming is estimated to cross 250 million, which clearly shows that online gaming has a promising future everywhere. Even during the pandemic, the opportunities that came in the way added advantage for the online gaming industry, which pushed it towards an upward trajectory.
The future
Indeed, the gaming industry holds a promising future for gaming enthusiasts. According to the IDC data reports, the global video game revenue is expected to rise by 20% and reach up to $179.7 billion in 2021, making the video game industry one of the biggest moneymakers. Along with the recent developments in gaming subscription services, these trends are likely to grow more in the coming future.
The markets are also likely to be influenced by the new industry rules that follow a free to play model and cloud-based service, paving game developers’ path. These are likely to become one of the main options for them to stay in the game and sustain themselves by monitoring their games simultaneously. Though this market form is not very competitive for the current scenario, only a few third-party players offer such solutions. These features allow users to trade players and old assets even without the involvement of money. It will enable buyers to make belts and provide the same at their own price for target items.
According to another common speculation, it is estimated that the demand for B2B solutions that involve building and managing in-game items for the game developers is likely to go up in the coming years. Similarly, the competition and amount of stools in the same sector will increase simultaneously. The advent of third-party platforms is also likely to help the video game industry grow further and improve the concerned entities’ gaming experience. Thus, we can say that the gaming industry is too far from dying and the scope here is scaling up with each innovation. It has come a long way and there is still a lot more to happen. Hopefully, we will witness the best of technology in the coming years!