Over the decades, the growth of online games has improved manifolds. Estimated to $196 billion. Read about Online Gaming Growing Industries.
From basic PC games to virtual reality, how we play games has changed with time. The penetration of smartphones has driven this transformation at affordable prices and high-speed internet.
Over the decades, the growth of online games has improved manifolds. Estimated to reach $196 billion- based on the Newzoo Global Games Market Report- in revenue by 2022, the platform is likely to explode in growth in upcoming years as well.
Here are a few technologies that have contributed to the online gaming market, making them one of the fastest-growing industries globally.
Birth of online gaming:
While the gaming prototype was in reality since the 1950s, it wasn’t available for customers until the 70s. Subsequently, the widespread adoption of the internet worldwide in the next years fueled the evolution of the online gaming market. By seeing the growth of the market, one can assume the role played by technological innovation.
The major component of the market:
Ever since online gaming, the term “eSports” and “online gaming” have often made the users scratch their head in confusion. However, one must understand that eSports is just a part of the huge ecosystem of Online Gaming.
Future of Gaming:
Smartphones are certainly going to be the future of the online gaming market. This area is currently one of the most explosively developing places and has raised $68.5 billion in 2019, with an astonishing number of 2.4 billion people playing games on mobile in 2019.
This number will keep increasing as long as because approximately one in three people use smartphones these days. With proper marketing and technological innovation, the online gaming market can pull the right audience. This also has a lot to do with a hassle-free experience, addictive games, and trustable in-app purchases, and of course, loyalty rewards for usage.
As we approach the 5G era, these pocket-sized consoles will play a major role in attracting more customers to online gaming.
On-demand Cloud Gaming services:
With the ever-growing industry, there could be Netflix-like innovation where one can download or buy the whole library of games, sorted based on different categories instead of buying or downloading a single title.
Local gaming and fantasy gaming:
As we approach the new future, the local games will play rummy online, a major role in taking the online gaming market forward. Also, the part of fantasy sports will be huge in the upcoming years.
Fantasy sports itself an ever-growing field worldwide, and their innovation will impact the growth of online gaming markets.
Put: Any “money-making” application is something to look forward to.
The advancement will push the growth of the online gaming market in the virtual reality field. As soon as the applications begin to be available at a cheaper price for all the customers, easing out the line between fantasy and reality will pick up the pace, and we might crack that field in a couple of years.
Another innovation we could see shortly is the real-time personalization of the games. The technology could produce a game in real-time that would fit each users’ need and the taste based on the users’ data.
These technologies could provide a way for brand investments and will allow advertisers to enhance the user experience.
That being said, this is a dangerous market, and it takes a lot to survive. These technologies might turn into a winner and also can take a bad hit. Nevertheless, these innovations will not stop any time soon, and thereby, online gaming is here to rule.
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