Over the past few years, the gaming industry has been on a great path of growth. To put it mildly, gaming is being enriched by leading the charge in terms of consumer engagement with new technologies and gaming experiences. The sector has already surpassed the film industry and sports industry in terms of revenue generation (2020 165 billion in 2020) and, in 2024, the value of the global gaming industry could be $ 218 billion – According to Newzoo.
To see where the industry now goes with the eyes of 3 billion gamers around the world, let’s dive into some of the key trends and developments for gaming in the coming years and decades.
Playing video games is no longer a lonely job. Gaming has already revolutionized with the introduction of multiplayer gaming in the late 20th century. Most recently, innovations like MMORPG and the like have been unveiled New world for players. Now, it’s social gaming’s turn to create a new, community-centric path for the gaming industry.
Today’s gamers are no longer only interested in the mechanics of the game; Often, who they play with and how they communicate with each other is just as important as the game itself. Connecting with a community and wanting to be a significant driver is why some people decide to start gaming first.
Even gamers without pre-existing social circles can get together and form new communities by playing online games. In-game text or voice-based chat is a basic tool for forging this social element; With it, players can meet and talk to anyone else, no matter where they are in the world.
In addition, in-game chat is proving to be useful for team games like Battle Royals. In addition to building friendships, gamers can use chat functions to easily share and coordinate strategic moves in games like Fortnite, Overwatch, and League of Legends.
The gaming industry, in its entirety, has made some significant leaps in terms of advances in immersive gaming experience. Things like video gaming, like the title Red Dead Redemption 2 The immersion-focused mode has really increased the engagement factor.
Meanwhile, another hugely popular gaming genre, iGaming, has been pioneering immersive gameplay since the mid-2010s. The section is best known for its online casino and poker gaming platforms that provide an array of interactive casino games. Online slots Titles like Eye of Horus and Fishy Frenzy Two examples of games that provide an authentic digital slot gaming experience.
The future of immersive gaming, of course, lies in virtual reality (VR). The technology has been in its infancy for decades now, but has proven to be a catalyst for mainstream integration of gaming in recent years. We’ve already seen innovations like VR gaming headsets that have been published in the wider consumer market; In the meantime, add-ons for more accessible products like Google Cardboard and established gaming consoles like Sony PlayStation have shown widespread appeal.
According to the study, the VR gaming sector is expected to grow at a compound annual growth rate (CAGR) of 30.2% between 2020 and 2027, indicating how much potential there is for this market to expand.
Thanks to its global popularity, the sports segment has already established itself as an important part of the gaming industry. With the unwavering commitment to pushing the boundaries of competitive video gaming, it is safe to say that eSports will be a major gaming market for the next few decades.
The future of eSports, however, could be better in the mobile realm. Since 2020, mobile sports have been steadily claiming dominance, and now that 5G is ready to unlock new gaming opportunities, it will probably emerge in the front row. To challenge the solid foundations of PC and console gaming sports, strong internet connection and uninterrupted gameplay are a must. 5G promises to provide all of that and much more, which, combined with the fewer barriers to entry that already feature mobile gaming, makes it a key development for viewing.
Mobile sports are currently the most accepted in the Latin American and Southeast Asian markets. Nevertheless, the UK and other mature gaming markets will likely follow the upward trend when new games enter the arena. Riot Games, Tencent and Moonton are a fraction of the development studios that hope to follow in Garena’s footsteps as they release new games to compete with Freefire.