With the world facing an unprecedented crisis, the year 2000 saw a sudden rise in the interest in online games. As a result, the gaming industry gained revenue in billions.
According to the statistics, the mobile game advertising revenue increased by nine percent.
Clearly, online gaming became one of the most utilized sources of entertainment since everyone had to stay inside their homes.
If you are new to the gaming world, let’s see how the online gaming industry is growing and flourishing.
In this article
The online gaming industry- Understanding Market Shifts
The research confirms that the market of console games will rise and see approximately $67 billion CAGR (Compound annual growth rate) of 13% by 2023. The industry is driving many players to take up gaming as a professional career.
In other words, the increased use and the generated interest towards online games continue to grow.
Furthermore, artificial intelligence is continuously improving the overall gaming experience. It is making the gaming experience more seamless and interactive than ever.
Thanks to the real-time customization, it is transforming the entire gaming dynamics.
Besides this, various other trends are making an impact in the gaming industry transformation.
Here in this blog post, we have rounded up some of those trends. If you want to know about them, keep reading.
In the year 2020, there was a sudden rise in esports. While all the people were at their places and avoided outdoor sports during the pandemic, esports came to the rescue.
It fulfilled the needs of the people who were looking for some fun times amidst the global crisis.
According to the data and figures, it saw a growth of 70% in 2020. Also, the experts state that it will continue to grow in 2021, as the pace of using esports is growing exponentially.
Even the game manufacturers are designing more esport games. The MOBA (Multiplayer online battle arena) is one such multiplayer game that’s attracting many users because of its unique competitive style.
The browser games are a great treat for many. It’s because you don’t need to install them or they do not need any high-specification computer system to play. One can play them using any browser.
Even the entire setup is effortless, and one can play them on multiple devices, including tablets, smartphones, desktop computers, and laptops. For this reason, it is becoming quite an attraction for gamers.
However, finding the best games to play on the browser is still a challenge for the players.
To begin with, you can try games like Solitaire, as it is pretty easy to understand and play. Just read the prerequisites required to play the game, and you will be all set.
This is no new trend. Pro gamers already use different social networks to play these games. From the browser to mobile applications, they are available on all social platforms.
However, during the pandemic, it saw an immense rise.
Because it uses social networks, it allows the gamers to socialize and spend time with their online friends while playing and watching. In addition to this, it also provided them an opportunity to share information and record their achievements while playing.
According to research, the total volume of hours played in the mobile applications boosted by 15000%. At the same time, there was an approximately 30% rise in average daily minutes.
Cloud-based gaming is a developing trend in the gaming industry. The experts and the researchers show that it can reach approximately $7.23 billion by 2027.
From mobile to the console, it offers an excellent and seamless experience. With the rapid development in the 5G networks and edge computing, the studies show an increase in the response time.
Thus, forming a significant opportunity for mobile users. Without any hassle, the gamers can play games rather than just watching the video content.
We have heard a lot about virtual reality games. And, thankfully they entered the mainstream after the launch of the headset in 2019. This headset is known as Oculus Ques.
This is the first VR hardware and does not need any external software. Like other gaming platforms, it also provides an interactive experience.
According to the experts, the virtual reality gaming market can grow by $93 billion by 2027. In addition to it, there can be an expansion of 30% in CAGR.
At the same time, the count of players will also increase by three billion in the next four years.
Cryptocurrency has been there from the time when gamers adopted bitcoin as a currency. During the pandemic, this gaming platform has a higher demand because one can trade it from any corner of the world.
Also, it’s allowing the publishers to create and deploy the various aspects of the games. It comes with so many advantages and has low transaction costs. This is one of the reasons that professional gamers are so intrigued by its existence.
Final Words- What to Expect in 2021?
Mobile digital gamers are increasing rapidly. This led to massive growth in the revenue, as the users spent approximately $44 billion in gaming services.
Since more than half of the US population is already using gaming services, surveys project an increase by 1.1% in the years to come.
However, social interactivity is one element that will continue to rise virtually. During these times, this social ability offered by gaming across all the devices will carry forward the gaming ecosystem in 2021 and beyond.
People will connect through video game platforms, and it will attract a large group of people. In other words, the social element will accelerate the gaming industry’s growth.
To sum it up, the gaming market was one of the highest performing industries in 2020. And, we expect to see a lot of advancements further in this industry.
Significantly, the pandemic allowed the number to rise unexpectedly. As a result, there were several business opportunities in the market. The marketers took advantage of them, eventually attracting more customers.