How the Gaming Industry Is Expected to Grow Beyond 2020
The gaming industry has seen huge amounts of success in recent years and it is now projected to generate global revenue of $230 billion by 2022. This comes down to the internet and technological advancements enabling a more positive gaming experience than ever before. As such, in this article today, we’re going to be looking at what is currently trending in gaming and how these sub-industries are propelling the market’s exponential growth. Keep reading if you’d like to find out more.
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The sub-industry of smartphone gaming has become immensely popular recently. Last year, 200 million mobile gamers were recorded to be active in the USA alone. This market trend comes as a result of technological advancements, such as cloud gaming and virtual reality headsets for smartphones. Furthermore, big franchises like Call of Duty have started releasing mobile versions of their games, attracting even more players to smartphone gaming. Finally, industry experts anticipate that with the release and popularisation of 5G (a powerful form of wireless internet for phones) mobile gaming will continue to grow exponentially. In the future, people could potentially be playing games everywhere and anywhere they choose.
For those who don’t know already, iGaming is a subsection of online gaming and involves betting on the outcome of an event or game. This industry covers a range of activities, from sports betting and online casinos to poker betting and esports. Despite being a relatively new sub-industry, iGaming is expected to be worth $100 billion by 2024.
Experts suspect that this increase is the result of smartphone gaming’s popularity and the fact people spend a vast amount of time on the internet nowadays. With so many iGaming sites now established and new sites constantly going live, established and newbie gamers are increasingly using comparison sites such as https://kabono.com/ to see where the action is and how sites compare to competitor sites.
We briefly touched upon VR in gaming before, but we would like to further expand on the topic now. Virtual reality is relatively underdeveloped when it comes to video games, but once this technology becomes more sophisticated, we anticipate that VR will completely revolutionise the industry. It allows video games to create a fully immersive experience, giving new meaning to escapism and storytelling. As such, this sub industry is expected to see its revenue to double in the coming years.
The internet has given rise to the eSports industry, which is essentially where people compete online against one another, either individually or in teams. This type of gaming has exploded in popularity recently, thanks to improvements in cloud technology, plus the incredible speed and capacity of the internet nowadays. Gamers are also enjoying the opportunity to play with friends from across the world on multiplayer platforms. As more eSports games that appeal to different demographics come onto the market, we anticipate that this industry will generate billions upon billions of USD worldwide.
These are the main sub-industries on the gaming market that we project to grow exponentially after 2020. We’re excited to see how the gaming experience is going to be elevated by technology and the power of the internet.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes