While waiting at airports, traveling in a metro, or even when playing with friends, online games have caught the fancy of people, regardless of their age. Increased use of smartphones, always-on connectivity and a wide variety of gaming options are driving the phenomenal growth of the online gaming industry. With large amounts of money involved, online gaming industry has evolved into a big business, clocking impressive revenue figures year after year.
Drivers of Growth
According to a Newzoo report, the consumer spends on games will likely exceed $180 billion in 2021. Mobile gaming is increasingly becoming popular and in 2018 it contributed to more than half of all global gaming revenues, powered largely by the gaming apps that generated 76% of the total app store revenues. The advancements in mobile technology are the prime drivers behind the prolific growth of the online gaming industry. An Experian report states that increased use of smartphones and mobile devices has pushed up playing video games to the third top online activity at 51% after shopping (90%) and personal banking (88%).
Everyone Wants a Share
This phenomenal success of the online gaming industry is attracting new players, game developers, franchises, operators, and advertisers alike, which is making the online gaming industry a bustling ecosystem. Eyeing a bigger market share, each stakeholder is coming up with innovative ideas to monetize the opportunities. For instance, advertisers are becoming creative with their in-game advertisements so as not to affect gaming experience while also effectively conveying their message. Similarly, developers are leveraging technology to develop games that are slick and closer to reality.
In order to differentiate their services and attract more users, online gaming operators are leveraging artificial intelligence, machine learning, and other technologies to offer personalized user experience. In addition, operators are offering multiple online payment options to facilitate in-game purchases, borrowing playing chances from peers, and so forth.
While online gaming is more popular on mobile devices as it provides users with the flexibility to play on the go, players also switch between devices – tablets and laptops – to play their favorite games. Therefore, online gaming operators are also making efforts to make login and gaming experience as seamless as possible, irrespective of the device.
Future Hold Growth
With further advancements in mobile technology, high-speed connectivity, AR/VR, artificial intelligence, and other technologies, the online gaming industry has only way to go—upwards!
The article has been written by Neetu Katyal, Content and Marketing Consultant
She can be reached here.