The video game industry is a relatively new business field. While the idea of video games was born in mid-1950s, it took them almost two decades to become a commercial product. 1972 saw Atari create Pong, which is considered to be the first commercially successful video game. It was all about two sticks and a square serving as a ball to play with.
A new kind of hobby
If we look at the growth of the video game industry over the years, we can see that families have come to the point where they have become supportive of gaming as a career choice. Top esports gamers, influencers and streamers have become widely recognizable all over the world recently. What’s more, there’s almost 2.21 billion active gamers in the world. This number is expected to grow up to 2.93 billion by 2024.
Let’s take a look at the global gaming market in 2018, as per Newzoo’s report.
This market can be divided into the software market, the hardware market and the online gaming market. The latest report suggests that it will grow substantially by 2024, especially in the fields of mobile, console and PC gaming.
Let’s dress it in numbers
The gaming market is growing constantly, especially in China, the US and the UK. It is expected that consumer spending on games will increase to 195.2 billion dollars by 2024. Mobile games are in the lead right now, and they are projected to maintain their position at least until 2022. The second largest segment encompasses free-to-play massive multiplayer online games, with games such as Fortnite: Battle Royale and Apex Legends making major contributions to its success. China seems to be number one in the sales of digital games. Over 50% of mobile Internet users there play games, with the majority of these being massive multi-player online role-playing games (MMORPGs). They are already very successful in China, and their worldwide popularity will increase by 2024. On the other hand, many companies utilize the latest technologies, such as VR or augmented reality. A game titled Sword Art Online is an amazing example of the newest developments in VR technology. SAO is a virtual reality MMORPG game based on the anime of the same title, utilizing a system named the NerveGear. This device consists of a VR helmet and a special “cage” used to replicate the movements of the human player in the virtual world.
Online gaming insights
The online gaming market is a huge part of the entire gaming infrastructure. The top competitors include Activision Blizzard, Electronic Arts, Sony, Giant Interactive, GungHo Online and Microsoft. Online games are omnipresent and not bound to any particular hardware, meaning they can be played on PCs, consoles and mobile devices. The range of their genres seems to be broad as well, as their ranks include first-person shooters, real-time strategies, MMORPGs etc.
A large part of online gaming, esports, focuses on its competitive side. It’s extremely popular, with millions of people watching matches of their favorite teams in Counter-strike: Global Offensive, League of Legends and hundreds, even thousands of other well-known online games. Esports has become a global phenomenon. Big brands heavily invest on this industry and corporations build esports stadiums even larger than the conventional ones. It’s going to get bigger and bigger, since this branch is constantly expanding and salaries are on the rise.
The future of the video game industry is very bright, since consumers are willing to spend much more money on gaming. It will surely lead to exciting technological advancements, which seem to be waiting just around the corner. There is still a lot to create and develop in the online gaming world. What the boundaries are and where the future will lead us remains an open question.