Online Gaming Industry around the World
The online gaming industry has registered robust growth, attracting more entrants. Gaming is no longer a past activity, and some individuals are building careers out of it.
The market segments categorize gaming into mobile sites, consoles, and casinos. Much of the traffic is on the best online casinos in Canada and PC since they incorporate an essential element- the social aspect.
More gamers clamor for social connections on the game platforms. Gaming continues to evolve and provide more exciting titles. According to Mordor Intelligence, the number of gamers by 2023 worldwide is predicted to cross the three billion mark. On the other hand, the revenue is likely to hit $339.95 billion, with $19.9 billion solely on online gaming industry.
Suffice to say; gaming is here to stay. It’s essential to provide exclusive perspectives from a gamer’s and investor’s perspective to understand the industry better.
Key Motivators for the Growth
Varied elements fuel the growth of the gaming industry. You may pinpoint 3D gaming, artificial intelligence, and exciting gaming options as the key motivators. However, the critical driver for gaming success is an unlikely factor- the Covid pandemic.
Government-imposed lockdowns and movement restrictions made many people turn to gaming as a pastime activity and bridge the social connection gap. Speaking to gamers, they attested to forming and connecting with friends via social gaming platforms.
Call of Duty, League of Legends, live dealing casinos, and RPG games that have a social element attract more gamers and dominate the gaming market. Other drivers for the tremendous growth in the gaming industry include:
Blockchain Games
Cryptocurrency has been for a long time a mainstay of blockchain technology. Gaming highlights more exceptional use cases for the technology. Blockchain technology revolutionizes gaming, from gaming skins to custom weapons and everything in between.
Blockchain games form the framework for play-to-earn (P2E) games that seem to be the new frenzy. You can find various P2E games with some of the best such as Dota 2, paying users real cryptocurrency they can exchange for money.
In-game Content
A recent report shows that 4.5% of women pay for in-game content compared to 3.3% of their male counterparts. In-game purchases account for the majority of in-game content gamers consume.
Market segmentation in tailoring in-game content attracts and retains users. In some games, the retention capacity is more than the actual gameplay’s effect.
Cloud Gaming
Doesn’t it irk when you have to wait for hours to download a game? Even when you download it, your PC may not be up to snuff, and you have wasted your time and monthly bundle plan.
Cloud gaming eliminates the pesky hardware incompatibility and annoyingly slow game servers. With cloud gaming, you can play games on the go without downloading them. The catch is that you need to have rapid internet speeds to play data-intensive games.
Cross Gaming
Newer games are compatible across different platforms. Games that aren’t tied to a particular console attract more users. You can play some games on Xbox, switch to Playstation and Nintendo.
The game experience will differ depending on the platform you will be playing on but not too much. Game developers consolidate their position in the gaming industry by releasing cross-platform games. It is not ideal for console manufacturers, but they just have to suck it. The future is here.
Streaming Platforms
In recent times Twitch and YouTube have cemented their place as the premier streaming platforms for games. Streaming platform users accrue revenue through endorsements and popularizing the games.
It is a new revenue stream that pays you for what you love. Pre-game plays for upcoming releases and in-game situations dominate the streaming platforms, attracting gamers. Win-win for the gamer and the gaming franchise.
Virtual Reality
VR gaming is not a new concept. However, its practicality and economic feasibility are entrenched in uncharted territory. VR headsets, for one, are expensive, and there’s not much advancement in chipsets that process data-intensive VR environments.
New gaming vendors are trouncing the old geysers in VR gaming. The developers have invested in AR and VR gaming, which is the future of the online gaming industry. Soon you will be able to immerse yourself in the gaming industry at reasonable prices.
What Does The Future Hold?
While it may seem we have exhausted all the possible technologies in gaming, we are only scratching the surface. Games in the pipeline promise to revolutionize the gaming scene through immersive experiences. The games leverage your real-life form, including your personality and physical attributes.
It’s a metaverse of sorts but for gaming. Better graphics and fluid gaming will always have a space in the transformation, and that’s what the future holds for gamers.
You can get in on the action by registering at top casinos for the ultimate gambling experience and test your competitive edge against top gamers on RPG games. You are spoilt for choice in the gaming industry. This is good as we continue to use games to change the long-standing narrative of time-wasting gaming.
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