Key Trends in Gaming Industry
The gaming sector grew substantially in 2020, as well as Q1 and Q2 in 2021; the industry is currently worth $177.8 billion. That is a reputable increase of 9.3% compared to 2019. By 2025, the market is predicted to be worth more than $260 billion. Due to the rapid growth of the gaming sector, tech companies, venture capitalists, and consumers are looking to get involved in this promising and popular revenue model. Tech giants such as Google, Facebook, and Apple have all designed, implemented, and invested in plans to get into the video game industry. The article below will demonstrate the following key trends that will accelerate in upcoming years.
Virtual Reality is becoming a mainstream gaming trend.
There was a huge demand for VR devices, software, and experiences during the Covid pandemic as consumers wanted to experience and endeavor the capabilities of VR, resulting in an uptrend in commercial VR gaming. Nowadays, VR has turned out to be an unavoidable topic when looking at gaming trends that have gained the attention of the potential and upcoming market. It provides lots of benefits and experiences to its users, such as breathtaking virtual objects and the capacity to take the user into the game resulting in real-time gaming. Therefore, many well-known gaming development companies are in the process of finding their way into the market for mainstream adoption of VR.
According to Grand View Research, The virtual reality gaming market is estimated at $7.7 billion in 2019 and is expected to reach $42.50 billion by 2025, representing 5.5% annual growth. Nintendo, Microsoft, and Sony are expected to adjust, lower, and regulate the price of Virtual reality games in the next few years to boost mass adoption and general interest.
Blockchain technology has improved the gaming industry phenomenally due to its transparency and diligence, resulting in improved innovation, financial growth, and overall consumer satisfaction. Gaming is a direct and obvious case of adopting blockchain technology by creating trust, ultimate transparency, cutting-edge security, and decentralization between developers, consumers, and organizers. This makes for better innovation and development for the entire industry. The most efficient way to integrate blockchain technology into gaming is to implement the use of a blockchain-based cryptocurrency or tokenized assets that reward in-game achievements or bring the opportunity to purchase upgrades and avatars. Cryptocurrency and tokens also enable consumers to upgrade (DLC) or buy new games, resulting in players experiencing ultimate freedom in gaming.
Blockchain technology has constantly been a standout performer since its mass adoption; various economic sectors have benefited from blockchain technology which resulted in better innovation, rapid financial growth, which increased the overall value.
Cloud Gaming Service
Cloud gaming is a distinguished and promising technological service across the gaming industry, allowing gamers to experience seamless cross-platform gaming ranging from laptops, tablets, mobiles, and, most noticeably, consoles. Cloud gaming is expected to continue delivering profound benefits to the gaming industry and remain a market leader in the market going forward.
According to studies, Gaming-as-a-Service will be predicted to reach $450 million by 2023. Various technologies have already revolutionized the market. Shortly, game developers will be able to utilize cloud functionalities to stimulate and express their creativity. Ultimately gamers will experience fast, frictionless, and uninterrupted online gaming. There will be no need to install games or upgrade your devices as everything will run on the cloud. The only thing consumers need is a reliable and robust internet connection. Cloud gaming opens up new opportunities for multiplayer games. It will provide more incredible experiences for gamers in developing countries since they can access their games almost anywhere, anytime, without the need for expensive hardware.