Games are a terrific way to unwind, hang out with your friends, and have a good time. However, we assume gaming lightly since we all have a plethora of games at our disposal, but it wasn't always the case.
In October 1958, the first video game was made. Physicist William Higinbotham devised a simple tennis game, akin to the 1970s video game Pong.
This resulted in the first generation of video games, and it is now a thriving industry.
Gaming is clearly a profitable industry, but how much will it be worth in 2022?
How much was the industry worth in 2019 and how much would it be worth in 2025?
The gaming industry is growing rapidly all around the world. According to Newzoo's recent Global Games Market Report 2019, the gaming industry was valued at $152 billion in 2019 and is predicted to grow to $196 billion by 2022.
Mobile gaming was the most profitable ($68 billion, or 45 percent), followed by console gaming ($47 billion, or 32 percent), and PC gaming ($35 billion, or 23 percent).
According to gaming industry statistics, the industry will grow at a 9.17 percent annual rate from 2020 to 2025 and be worth $256.97 billion.
According to reports, the video game industry's income was $78.61 billion in 2017 and is expected to exceed $90 billion by 2020.
According to video game industry income by year statistics, the market is expected to increase at a 2.29 percent annual pace from 2020 to 2024.
How much have players spent on immersive video games!?
2020 was an odd year, to say the least. It did, however, result in significant breakthroughs in the immersive realm and a large number of individuals banding together just to play and enjoy a virtual world.
What is the value of the gaming industry in terms of immersive games?
Players spent over $4.5 billion on immersive video games in 2020 alone, and this figure is expected to rise further in 2021.
While traditional games are the key variables influencing the primary gaming industry, VR and AR headsets and accessories are making enormous progress and demonstrating the future of gaming.
As a result, it is reasonable to expect consumers to embrace these technologies that make VR and AR games the new standard.
Who leads the gaming industry?
Over the last three years, the global gaming business has grown by roughly half a billion players. This equates to around 2.7 billion users worldwide that enjoy gaming and playing on a daily basis.
According to the report, over 400 million new participants are predicted to join and grow the sector by the end of 2023.
China was also named one of the world's most important gaming markets, trailed by the United States. So, we may expect the sector to expand more in the future, with the Asian community taking the lead in revenue-generating and overall industry improvement.
Esports and Streaming!
Streaming games and Esports competitions are also growing in popularity. People regard these competitions as sports and follow them in the same way that they would a conventional football game.
According to studies, people aged 18 to 25 are considerably more likely to witness gamers perform in virtual worlds than in normal sports broadcasts.
Streaming Games and Increasing Availability
While most video games are currently available to a broad user base via PCs and consoles, a substantial portion of the population does not have access to a powerful computer or a console.
Streaming games seek to address this issue by offering a subscription-based program that can help bring gaming to any device, regardless of specs or performance.
It's essentially Netflix for video games, and the cooperation of major internet companies like Google and Microsoft appears to be promising.
The Microsoft service will be completely operational in September 2020, and gamers can access it by enrolling in Xbox Game Pass. It is also still being improved, and the service will improve with time.
Google's Stadia program, which allows users to play video games by broadcasting them to their device, is also making progress.
It's accessible via Google Chrome, Android and iOS devices, and tablets, as well as desktop computers.
This contributes significantly to the value of the gaming business.
Retro Gaming and Nostalgia
Another area of gaming that has caught many gamers by surprise is Esports. Similarly, people are becoming nostalgic for remakes and reboots of iconic films and television shows from the past.
Vintage video games are popular now and have become far more popular among gamers who have firsthand knowledge of the games.
Companies have capitalized on this nostalgia by releasing upgraded versions of their previous titles.
Nintendo has done the same and is constantly releasing vintage titles and also the Nintendo Switch with the virtual console, which allows downloading and playing classic Nintendo video games like the classic Mario 64 and Pokemon games.
As a result, it has now become a reliable revenue source and is expected to remain so in the coming years.
The Mobile Gaming Industry and Console Industry
In 2021, mobile games accounted for almost 50% of the worldwide video game revenue, and things don’t look to be slowing down any time soon.
On a global scale, mobile penetration rates and smartphone gaming usage continue to skyrocket.
The console gaming industry has had a noteworthy year since 2015. However, video game facts reveal that the console gaming sector will face significant challenges in 2020.
Don't give up!
There is a light at the end of the tunnel: the debut of Sony's PlayStation 5 and Microsoft's next-generation consoles last year has the potential to reverse the trend.
Well, that is all for this blog, hope you enjoyed it and learned something about the gaming industry!
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If you enjoy gaming, you might also download the Tournafest app from Google Play or the App Store to compete in Esports Tournaments and Scrims for games such as BGMI, Free Fire MAX, and Call of Duty and win exciting prizes! You may also organize tournaments and fetch unmatched perks.
Stay tuned for more and we will see you later!
Until next time,