Eps 1572: The trend of future computer gaming market
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Host
Jared Morris
Podcast Content
We are going to take a look beyond just gaming trends, which took the industry out of obscurity and placed it on a boom trajectory. We will also take a look at how those trends are shaping the future of technology in general. We will talk about the latest emerging trends in games, what their implications are for the future, and how it is changing the dynamics of the technology industry at large. Technological leaps like the rise of mobile games, artificial intelligence, AR and VR, 3D graphics, and cloud gaming are driving the industrys constant evolution.
This growing demand of mobile games is the direct outcome of multiple technology advances in the market, such as AR, VR, cloud gaming. Casual gamers are moving towards mobile devices, putting significant pressure on gaming PCs to evolve. Mobile technology has allowed for a proliferation of love for digital games outside the core console-consumer demographic, as well as among online gamers, as seen by the number of people on early-morning subways engaged in their smartphones.
Moreover, the launch of 5G and unlimited data plans is expected to also become key factors for cloud gamings success globally, since the majority of gamers nowadays opt for mobile-based games. The continued proliferation of ultra-fast networks like 5G will take us to the point where subscription-based cloud services are available to more people than ever before. The arrival of 5G will also help grow the gaming community and broaden the market, because more players will be able to enjoy higher-quality games on mobile phones or on their computers.
Not only will it mean more gamers, it will have a positive effect on gaming companies profits. More people will be playing, streaming, and sharing -- together -- and there will be lots of game-playing innovations exploring how to marry watching to playingin meaningful ways. I am actually pretty optimistic about the future of the gaming industry.
With more of the world connected in the future, I am optimistic about the future of the games industry. Right now we are seeing an initial shift towards cloud-based games, which I am sure will be completed before 2030. Overall, although it is not a given that dedicated home gaming systems will disappear from our lives, 2022 is the year in which we will see the mover-and-shakers of the industry throwing more resources behind their vision for a streaming, cloud-based future. Analysts expect that 2021 and 2022 are likely to be years when video games hit their tipping point as entertainment mediums. Technologies and trends like 3D graphics, AR and VR, and blockchain are expected to drive the future of video games.
As one of the fastest growing industries, video games have plenty of things to offer to its players. When talking about the many technological trends that are impacting our lives, the global 90-billion-dollar video game industry is usually one of the first places that many people see it happening.
The 71% video games-playing preference among gamers is going to turn the games industry into a major entertainment industry, comparable to movies and other popular sources of entertainment. The world market of game computers will see a higher potential for future growth due to increasing usage of smartphones and consoles, and penetration of cloud computing.
By 2024, the Global Game Market Report 2021 from Newzoo forecasts the industry to reach $218.7 billion, growing at an annual rate of 8.7%. During the 2021-2027 forecast period, the games computer sector is expected to grow rapidly, driven by a rapidly growing population of gamers around the world. In 2019, the gaming industry generated $120 billion in revenue, with experts projecting it may hit $200 billion in two years; 100 million viewers tuned in to see players competing at the World League of Legends tournament--a larger draw than a telecast of the Super Bowl; and, by 2021, it is projected that 2.7 billion people--about a third of the worlds population--will be gamers. Next year, games are drawing larger, more diverse audiences than ever, playing on an enormous array of devices.
The increasing penetration of smartphones and app stores, the proper mix of hardware manufacturers and software developers, and growing Internet infrastructure are driving growth of South Koreas gaming industry. The market for smartphone games is experiencing a fast pace of growth, which represents an affordable opportunity for investors, mobile developers, and publishers.
The increase certainly shows how PC & Online gaming markets are trying to bounce back, and it is going to directly affect healthcare/IT/chemical industries, creating huge demand for PC & Online Gaming Market products. The combination of both would certainly create a lot of complex Consoles, Devices, and gaming titles. With traditional and unconventional companies, ranging from Apple to Google and Amazon, targeting the e-gaming industry, the intense competition will result in cutting-edge games like nothing we have ever seen.
As digital gaming spend continues to grow, we are going to be treated to gaming experiences that are mind-blowing, filled with social interactions. One of the elements of gaming that will continue to matter in 2021 is its ability to enable social interactions in a virtual manner. While the interest in connecting with people via video games could diminish with the pandemic, Insider Intelligence anticipates the social aspects of games continuing to draw a larger audience into the ecosystem in 2021 and beyond. The communications and games industries are working on finding ways to develop in ways that will make our lives easier; that is where a lot of these emerging trends are coming from.