The gaming industry creates the world's most vanguard, connected, and customizable entertainment experiences. From humble beginnings in the 1930s (when games like Baffle Ball and pinball were assumed degenerate forms of leisure that would lead young men into lives of sin), the gaming industry has grown into a massive global concept.
During the initial breakout of the worldwide COVID-19 pandemic in spring 2020, gaming immediately became one of the most popular pastimes and also as the saviour of parent's sanity.
Between February and April of 2020 user involvement and expenditure were skyrocketing. Gen Z and Millennials, in particular, spent more time gaming since it was a simple way to pass the time amid early stay-at-home orders, lockdowns, and social distance.
According to Stream Hatchet watch hours of gaming streams on Twitch, YouTube, Facebook, and Mixer in the second quarter of 2020, increased from 4.8 billion in Q1 to 7.6 billion in Q2.
Nowadays games are more than just entertainment and the sector is more than just a hot collection of investment portfolio that thrived during the pandemic. The gaming industry has spearheaded (and will continue to innovate) technologies and interactive models that will be used not only for video games, but also for video, music, sports, fitness, medicine, industrial training, and beyond.
As this plethora of technologies converges into an established network landscape (the metaverse), it is clear that video games are one of the key driving industries preparing the ground forward.
Presently, we can't talk about games without mentioning Epic Games. Epic, the creators of both the Unreal Engine and the international wrecking ball Fortnite, has left its mark on the world in a variety of ways.
Fortnite had 350 million monthly active players in May 2020, who had played a total of 3.2 billion hours in the previous month of April alone. Epic has used Fortnite to not only revolutionise a popular form of gaming (battle royale), but also to change other industries.
Virtual Reality (VR) and Augmented Reality (AR) technologies provide a unique gaming experience.
One of the most recent advancements in gaming technology is gaming-as-a-service (GaaS), often known as cloud gaming. Games are no longer constrained by the amount of memory available on a disc or console. Images are broadcast over the internet using cloud technology, which allows for a huge serving size.
The gaming industry is extremely fragmented and transforming into a borderless, cross-platform, digital-focused marketplace, owing to increased demand for online games and increased penetration of mobile apps across various regions, resulting in fierce competition.
Because of the existence of big firms such as Tencent Holdings Limited, Activision Blizzard, Inc, and Nintendo Ltd., among others, the mobile gaming business is very competitive. To be competitive in the market, major corporations are inventing innovative technology and releasing new goods.
Companies are joining the industry because of the potential for growth. In India, for example, the number of game-development businesses increased from 25 in 2010 to more than 250 in 2018. With a market capitalization of almost USD 75.2 billion, Activision Blizzard is the world's largest video gaming business.
In the future, a large number of older titles will be made available on mobile devices. Future games are expected to be led by mixed reality, building on the proven popularity, technology, and accessibility of games like Pokémon Go.
The upsurge of live streaming culture, as well as platforms such as Twitch, is fuelling a new PC gaming boom. Furthermore, the success of the Nintendo Switch indicated that handheld game consoles could be a significant part of gaming in and after 2020.
As a whole, the future of gaming is expected to be "sort of a post-console world," with users able to enjoy high-quality gaming experiences across a variety of technologies.
The world of online gaming is witnessing rising number of viewership wherein social distancing measures imposed in 2020 worked in favour of the industry and accounted for rise in user engagement than ever before.
Novel technologies such as Virtual reality and Augmented reality have also played an important role in elevating the adoption rate and popularity. Mobile gaming is thus the fastest growing segment in the online gaming market.
By 2025, the global online gaming market is predicted to be worth USD ~ billion from USD ~ billion 2021. According Makreo estimates, the gaming sector is expected to increase at a CAGE of 9.5% from 2020 to 2025.
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Makreo Research And Consulting
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