Why is the gaming entertainment growing so quickly?
Specifically, in North America, the industry continues to evolve due to technological changes that enhance gaming, such as augmented and virtual reality. Additionally, with the launch of cloud gaming, the number of internet game players has increased almost 100% midway through last year.
Key factors that are driving the video game market growth include the growing penetration of internet services coupled with the easy availability and access of games on the internet across the globe.
The video-game industry could be one of the greatest beneficiaries of the pandemic, growing 23% in 2020 from the year prior.
The gaming industry is considered to be one of the most exciting industries in tech because of its importance to culture, entertainment and technological advancement.
E3 2021: Video games are bigger business than ever, topping movies and music combined. In 2020, the U.S. video game industry grew 27% to $56.9 billion in revenue, says NPD Group, surpassing movies and music combined.
Gaming is now a bigger industry than movies and sports combined. Revenue for gaming grew 12 percent in 2020, up to $139.9 billion from $120.1 billion in 2019, according to a report by market research firm SuperData.
The increasing number of gamers all over the world is the primary factor driving up the online gaming market revenue. According to online gaming industry analysis, there were more than 2.6 billion gamers in the world in 2020, and this figure accounted to around 2.8 billion by 2021.
2020 saw the global games market increase 23% year-over-year, the highest growth rate in more than a decade. Globally, the industry is expected to reach $219 billion in 2024, passing the coveted $200-billion threshold in 2023.
Market Overview
The Gaming Market was valued at USD 198.40 billion in 2021, and it is expected to reach a value of USD 339.95 billion by 2027, registering a CAGR of 8.94% over 2022-2027. Due to nationwide lockdowns implemented because of the COVID-19 pandemic, some people turned to game platforms to pass the time.
The aesthetics and principles of gaming culture have had an increasing effect on mainstream culture. This has led to the gradual acceptance of marginalized social groups and increased comfort with virtual worlds and the pursuit of new means of interaction.
How can you describe the gaming industry?
GAMING INDUSTRY means the industry comprised of businesses engaged in operating, or providing services to, online casinos. GAMING INDUSTRY means all businesses engaged in legalized gambling activities, including without limitation casinos.
Undeniably, online gaming evolved apace with social media. With its artistically rendered virtual interaction, potential to capture ceaseless imaginations of youngsters, and with an excellent growth opportunity, the gaming industry grew on to new frontiers.
Video gaming reached mainstream popularity in the 1970s and 1980s, when arcade video games, gaming consoles and home computer games were introduced to the general public. Since then, video gaming has become a popular form of entertainment and a part of modern culture in most parts of the world.
There is plenty of jobs in gaming and all the industries tied to playing video games. Now yes, learning to code, design or test is hard work and will take a long time, but it's also a highly in-demand and well-paid career option for those who master the skills involved.
Gaming is now the world's favorite form of entertainment, as the gaming industry generated more revenue last year than TV, movies, and music did. While other forms of entertainment are experiencing declines – TV revenue fell by 8% last year – the gaming sector's sales are increasing at an annual rate of 10.7%.
Video game and esports revenues continue their rapid ascent, reaching US$147.7bn in 2020, with a 5.7% CAGR projected to expand the segment to become an almost US$200bn business (US$194.4bn) by 2025. Virtual reality (VR) is the fastest-growing E&M segment, albeit from a small base.
Gaming revenue has surpassed popular entertainment
Gaming is now the largest sector in the entertainment business, with a worth of $176bn in 2021 – that's bigger than Hollywood.
Thanks to technological advancements such as 3D graphics, VR, and AI, video games are continuously evolving. As developers introduce new innovations, players will discover more realistic, fully immersive simulations on screens and lenses and will be able to connect further with others.
Online games continue to be a robust and profitable business. It has massive revenues and a growing market. In 2021, the gaming industry generated a total revenue of $180.3 billion.
Cloud gaming eliminates hardware upgrades to play games
Video game majors are offering their games via cloud providers. You can subscribe to these cloud-based services. You can use Smart TVs to access these games. Furthermore, lightweight streaming devices like Fire TV also enable you to play these games.
Is the gaming industry growing or declining?
The gaming industry is tipped to maintain its recent rapid growth, and could be worth $321 billion by 2026, a new PwC report says. Millions of new players splashed out on games and consoles during COVID-19 lockdowns. Some players said gaming during the pandemic helped with their mental health.
The global gaming market reached $162.32 billion in 2020. By 2026, that number is expected to rise to $295.63 billion. In other words, the industry is booming — and incredibly competitive.
Early prototypes of video games were developed in labs in the 1960s, but it was Atari's release of Pong in 1972 that helped to kickstart the industry. The arcade table-tennis game was a sensation, drawing in consumers eager to play and companies that started to produce their own knock-off versions.
NEW YORK, May 2, 2022 /PRNewswire/ -- The Gaming Market value is set to grow by USD 125.65 billion, progressing at a CAGR of 12% from 2020 to 2025, as per the latest report by Technavio. The integration of blockchain technology is notably driving market growth.
Comment: Playing video games, including violent shooter games, may boost children's learning, health and social skills, according to a review of research in American Psychologist. The study comes out as debate continues among psychologists and other health professionals regarding the effects of violent media on youth.
Today, most of the gaming industry's revenue comes from the high demand for in-game items, which can be purchased with real money. The most common in-game items include cars, weapons, or character outfits and other skins.
More parents began playing games with their kids, too, with 74% of parents saying they play video games with their children at least weekly – up from 55% in 2020, the survey found. Overall, more Americans – 227 million – say they play video games, up from 214 million in the previous survey conducted the previous year.
Whether watching a video game, playing multiplayer online games, or even playing against a computer, video games build community - providing a virtual form of interaction and a medium of “social” media.
A new study shows that social media and computer use may actually be worse than gaming and watching TV, at least in terms of self-esteem and depression symptoms. Using social media is strongly associated with more depression symptoms.
The gaming industry supports a total economic impact including: $261.4 billion of output (business sales) 1.8 million jobs with $74.0 billion of labor income (wages, salaries, tips, benefits and other labor income) $40.8 billion of federal, state and local taxes, including $10.7 billion of gaming taxes.
When did video games become the biggest entertainment industry?
Arcade gaming was so popular around this time that by the end of 1982, Americans had spent approximately 20 billion quarters (or $5bn) on arcade gaming.
Gaming is now the world's favorite form of entertainment, as the gaming industry generated more revenue last year than TV, movies, and music did. While other forms of entertainment are experiencing declines – TV revenue fell by 8% last year – the gaming sector's sales are increasing at an annual rate of 10.7%.
More broadly, games are increasingly driven by social experiences. A gamer isn't playing to “complete” a story, they're playing because they love competitive play – especially play with their friends. And given no multiplayer experience is the same, there's always a “new story” that can be played.
- Video Streaming. Video streaming is the most popular of the industries experiencing a 2020 boom. ...
- Social Video. Video Social Media. ...
- Augmented & Virtual Reality. ...
- Esports. ...
- Cloud Gaming. ...
- Podcasts. ...
- Conclusion.
The gaming market is growing with the increasing per capita income, growing interest, and the rising number of dual-income households, augmenting the transformation of the global market. With the increasing usage of smartphones and consoles and cloud penetration, the market shows high potential growth in the future.
Video game and esports revenues continue their rapid ascent, reaching US$147.7bn in 2020, with a 5.7% CAGR projected to expand the segment to become an almost US$200bn business (US$194.4bn) by 2025. Virtual reality (VR) is the fastest-growing E&M segment, albeit from a small base.
GAMING INDUSTRY means the industry comprised of businesses engaged in operating, or providing services to, online casinos. GAMING INDUSTRY means all businesses engaged in legalized gambling activities, including without limitation casinos.
