The gaming industry is now worth over 145 billion dollars, worldwide. Millions of people around the globe have taken to the pastime of gaming to relax and socialize with their friends. In this guide we will be looking at the most popular gaming consoles on the market today, how they work and why they are so popular.
It’s difficult to know where the future of gaming is heading, but it’s easy to see that it’s an ever-growing industry. It’s not only growing in terms of the release schedules from individual producers, but also in its broadening demographic, as evidenced by the increasing age of gamers and their level of investment into the sector. Given the popularity of arcade gaming a few decades ago, video games have come a long way and look set to go even further in the years to come.
The video gaming industry is worth $93.8 billion and has grown by 10.2 percent since 2012 according to NewZoo’s Global Games Market Report. There are a variety of different ways that players can enjoy games, and this has really evolved in recent years due to technological advancement and increased access to internet connections. The mobile gaming sector is the most lucrative, accounting for 45 percent of industry revenues, followed by console gaming at 32 percent and PC gaming at 23 percent.
The online casino industry has seen tremendous growth in the last decade, thanks to the Internet and multiple advances in technology. The global online gaming and betting market is now worth more than $100 billion US dollars. Online casinos are by far the largest segment of the market, and it is estimated that they will reach $60 billion US dollars in 2018.
Over the past year, a diversity of video games were played in homes worldwide. Popular game titles during this period included action, adventure, strategy, first person shooters and massively multiplayer online role-playing games (MMORPGs). Games such as Call of Duty: Black Ops: Cold War (1st person shooter) and Call of Duty: Modern Warfare (3rd person shooter), have been leading in game sales.
Animal Crossing: New Horizons has gained plenty of publicity before its actual release date on March 20, 2020. This game offers a lot of creative freedom unlike any other simulation game out there, such as the original Animal Crossing series. It is much more complex than the previous games and that is what attracts younger players. If you’re not a fan of Animal Crossing but you love simulation games, this game might be for you.
How gaming became a popular form of entertainment?
In the early days of the internet, there were few places that allowed people to enjoy gaming. After realizing the market potential for online gaming, it was not long before World of Warcraft was released by Blizzard in the year 2004. WoW broke records for subscriptions when within its first year of release it had more than 1 million subscribers. This game paved the way for other MMOs to be released making online gaming easier and more desirable than ever before.
Various analysts are now projecting that gaming will outpace music, movies and television in the next few years. A report from business intelligence firm estimates that spending on gaming will reach $100 billion by 2020. This new era of gaming has been brought about as a direct result of mobile and online gaming platforms giving gamers access to their favorite games without the need for a console or computer.
The future of gaming
It’s no secret that the mobile phone industry is booming. While mobile gaming is still a relatively new industry, its current rate of growth suggests that it will soon account for the majority of all gaming. Last year, around two and a half billion people enjoyed playing games on their phones. Smartphones have become an essential item for many people around the world, they help us to stay connected to friends and family, access online resources and source of entertainment.
A new generation of gamers is set to change the face of the mobile gaming industry in 2017. Virtual Reality (VR), Cloud Gaming and Real-Time Personalization are all set to revolutionize the industry as we know it in the years ahead. Considering that for young people aged between 18 and 20 years, mobile games are actually the second most popular type of app download behind social media apps, VR and real-time personalization could prove especially effective mediums for engagement. As technology continues to shape our lifestyles, expect the gaming industry to follow suit in exciting ways over the next few years.