The online games industry is growing with each passing day. As per the experts, the retail revenue of the US video game industry received $119 billion by March 2019. Even a period between April 2019 and March 2020 witnessed the monthly retail revenue of $1.2 billion.
A long stay of people at home during the Covid-19 pandemic trigged this growth amazingly. As a result, many new gaming trends were introduced, which boosted the number of gamers in a whopping amount.
We through this article will try to provide you with a short report of how these trends have impacted the growth of gaming market in the last few years. We can see now many gaming events conducting in big stadiums with the presence of people coming from all across the world. Professional gamers maintain their own huge community and find it convenient to earn a significant amount.
The regular inclination of people towards the gaming industry promoted the digital game spending of $10.5 billion when the pandemic was in its full blow. The revenue obtained from the premium console touched the figure of 64% during February and March, while the premium PC revenue boosted by more than 55%.
A Rising Gaming Industry with Amazing Future
As per the opinions of experts, the gaming industry is expected to touch the revenue of over $196 billion in 2022. There is no surprise to see people who are ready to spend most of their vacant periods of the gaming based websites. Even many leading market giants like Google and Apple have planned to add the fun options to attract new users and retain the old ones.
Thinking about gaming has also helped companies to enjoy an amazing brand exposure. Even many computer, smartphone, tablet and console makers try to produce the devices that are compatible with gaming.
Interest in digital games cannot be seen in teens only as grown-ups also have a wide range of fun options to explore online. Characters seen in games can be inspired from the popular books, movies, TV shows and events. Companies find it convenient to find their target audiences through in-game advertising.
The growth of gaming has taken the use of PC and consoles at a completely new level and now people purchase them with a new mindset.
Fabulous Video Game Streaming
Game sales are not seen as a source of revenue only for the gaming industry. Apart from creating games, job disciplines have become pretty wider with lots of new opportunities. The improvisation in the digital platforms has boosted the growth of gaming and now it is also possible to enjoy the live professional competitions.
Even the traditional notions of play, work and spectatorship are challenged through the gaming industry. There is also a craze in the mobile gaming streaming among gamers and, as a result, you can see a good number of active mobile streamers during the month. Many big social media tycoons like Facebook have also entered the live game streaming market.
Unexpected Mobile Gaming Boom
The global mobile gaming industry touched a revenue of 9 Billion in the year 2020, while it is expected to reach the figure of US$153.5 billion by 2027. According to experts, this growth will take place at a CAGR of 11.5% during the period 2020 to 2027. If we talk about the Smartphones, it is expected to grow at a CAGR of 12.6% and touch the US$139.1 Billion.
The U.S itself recorded US$15.1 Billion as a revenue of the Mobile Gaming Market in 2020. Experts are expecting a projected market size of US$48 Billion, straggling a CAGR of 11.9% by 2027 when we talk about China, which is also known as the world’s second largest economy.
Canada and Japan are projected to grow at 9.7% and 11.6% respectively during the 2020-2027 period. Germany is projected to grow at a CAGR of 9.3% over this analysis period.
Growing Social Aspect of Gaming
Developers looked more focused on incorporating an option to socialize within the games they produce over the last few years. Most of people love browsing the social media sites during their free hours and this number has increased dynamically during the novel coronavirus outbreak as more and more people turned to these sites to beat their boredom.
The availability of games over the social sites has made it easier for these people to fulfill their gaming needs without going anywhere else. Hey! Players also get a chance to make their friends while browsing and playing games.
Developers also find it easy to access to a livery community of users and collaborate with them, while discussing with their audiences on how to improvise their gaming experiences and features.
Cross-Play Options Are Available in a Great Number Now
Many game platforms proudly offer both partial and full cross-platform support to their users under the banner of cloud gaming. Even the sudden rise of multiplayer games like Battle Royale formats or MMORPGs has opened multiple new fun opportunities to the game lovers.
The Future of Online Games
The improvisation in the gaming technology continues to allow the developers and companies to make unexpected changes and add unique features. Today’s gamers look pretty hungry for the more immersive and realistic gaming experience.
We can expect the continual development of advanced games online and something extra to experience in the years to come.
