The global online gaming industry continues to grow with each passing year. It is expected that the e-gaming industry will achieve the $1 billion revenue barrier in 2017. SuperData projects that the gaming industry’s global market revenue would reach up to $168 billion by 2020 in the fields of augmented reality, virtual reality, eSports, and gaming video content on platforms like Twitch and YouTube.
Online gaming operators can offer just about any game. Virtual sports such as motorsports, horse racing, and greyhounds are currently quite popular in this segment, and online gaming seems sure to follow them shortly. Some of the recently emerging technologies are influencing the Gaming industry to a great extent that promises additional revenue potential for online operators and provides a thrilling experience.
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Emerging technologies in global online gaming industry
Augmented Reality / Virtual Reality Gaming
The gaming industry is taken by storm from the time Augmented, and Virtual reality has been introduced in the gaming market. Innovations in technology have given us so much tech in a limited duration of time. One such advance into improvement prompted the rise of Augmented Reality/Virtual Reality, and the gaming business has shown a major interest in it. The Augmented Reality/Virtual Reality market is believed to grow up to $150 Billion between 2017 to 2022.
The main characteristic of Augmented Reality/Virtual Reality – its ability to amaze the players by distorting their impression of reality is the drawing facet to see its continuous growth in the future. With the accessibility of numerous VR devices by companies like Sony, Oculus, and Microsoft, providing awe-inspiring features changes the very idea of gaming. VR has slightly taken a backseat to an energizing beginning, whereas AR gaming continues to gain its uber success.
Social Network Gaming
Social media is playing a vital role in shaping the industry of online gaming. The social media gaming industry in the U.S. alone is worth $2.17 billion as per 2017, according to a report by Statista. Even in terms of profitability, social media gaming is trending high as most of the social games are free to play, making them easily accessible to social media users and players.
“Contrary to the average gamer, who used to be an anonymous teenager without a social life, many gamers today are actively engaged on social media – often sharing game hints with friends, uploading walkthroughs and progress videos and even discussing directions of their favorite games,” says Alexander Carin, a former gamer and current lawyer who has witnessed social media gaming addiction amongst the family members as well as employees at work.
Cloud gaming, referring to the idea of no longer using gaming PCs/laptops, consoles, or powerful graphics hardware, but rather utilizing cloud space for heavy lifting, is the future tech of gaming as big companies like Sony and NVIDIA are investing in this technology. With speedy internet connectivity in talks, cloud gaming can have uninterrupted cloud storage and access to high-performance gaming with multiplayer options.
“With Cloud gaming, we can give everyone the latest game,” says Phil Eisler, head of cloud gaming at NVIDIA. “We can enable all the games to run on their maximum settings. Right now, game developers have to develop to the lowest denominator. We will be able to set their sights higher, so we will get better and more real-life kinds of experiences.” he adds.
The future of cloud gaming would be to create a more social gaming experience by integrating features like text, voice, and video chat, all in the Cloud predicts Eisler.
Online video sports, where people can actively play sports games and watch while others play, continue to capture more. According to SuperData Research, the export market is estimated to reach $1.9 billion by the end of 2018, making it apparent that the eSport will continue to trend in the future.
eSport games such as DOTA, Counter-Strike, Starcraft, and League of Legends have gained huge popularity while attracting a good number of a live audience. E-casino and sports betting allow real money gambling on the outcome of sporting events such as football, baseball, cricket, basketball, soccer, MMA, and even the World Cup. The demand for eSports has attracted the players and opened up business opportunities for game sponsors and game developers.
It is delightful to see how the gaming industry is heading towards uncharted territory, always exploring and pushing the limit. Online gaming sure seems to have a bright future in terms of engagement and monetization. The collision of gaming and technology will give birth to more sophisticated consoles, devices, and gaming titles.