The past few years have seen the online gaming industry take the world by storm, so it comes as no surprise that the market is set to dominate the entertainment industry in the future. With such a diverse range of games available online, and with such high entertainment value, the market is seeing a boom like it never has before. Market research has predicted that, by the year 2024, the online gaming industry will bring in over $96 billion. So, let’s jump in and discuss why there has been such a boost and how we could be seeing it grow further in the next few years.
Growth in Online Gaming
A study carried out by Transparency Market Research has forecasted that we'll be seeing the online gaming industry bring in $96 billion by the year 2020, and with an average growth of 10.8% CAGR over the next few years, we could see it grow to $40 billion by the end of 2018 alone. These are massive numbers but, considering the sheer scale of people playing online games (an estimated 700 million), it makes a lot of sense.
One of the most popular types of online gaming is the online casino industry. With such a huge range of games and actual money to be won, it is appealing to players all around the world. The industry is always introducing new ways to keep players engaged and coming back for more and, with features like huge jackpot prizes and free slot spins, it’s easy to see why. The online casino industry alone is likely to bring in a massive amount of revenue from their games.
Another contributing factor to the successful growth of the online gaming industry can be attributed to the increase in consumer electronics, which have made the gaming experience more accessible and more entertaining. The amount of people in the world who own a smartphone, tablet, laptop or desktop device is enormous, and so all they need is an internet connection to have some of the best online games right at their fingertips. Mobile gaming is getting more advanced, with classic games such as Super Mario getting revamped for smartphones and tablets, meaning you no longer need to have a high-end PC to play good games.
What to Expect
These levels of success don’t necessarily mean that it’s an easy market to get into. Due to restrictions put on online gaming from countries such as the US and the UK, along with the consolidation of mergers and acquisitions of other online gaming and online casino companies, the market is getting increasingly difficult to break into.
This means that newer companies trying to break into it will be bound by tough rules and regulations which may be difficult for an inexperienced company to adhere to, and making themselves stand out in an already saturated market could be tough. However, those who can find a niche in the industry could be huge. VR is still relatively new technology and there is still so much potential for VR gaming that remains untapped.
One thing’s for sure, the incredible amount of expected growth for the online gaming industry cannot be overlooked. With gaming being such a popular form of entertainment, there is no telling what new technologies and optimistic developers could achieve over the next few decades, and it will be exciting to see where it will go.