Video Game Industry
Introduction
Today, the video game industry is worth $150 billion and is expected to reach $280 billion by 2024.
There are more than 2.5 billion gamer’s in the world. We are expecting a significant rise in gamer numbers due to technological advancement and global reach or internet penetration.
Gaming industry is expected to outperform all other form of entertainment businesses like cinema and music.
Oil and Gas, Real Estate, Automobile, Information Technology and Finance are among dominant industries. Video game industry which is a hybrid of tech and creative industry is poised to be among high ranks in upcoming years.
Types
Video game industry has provided several platforms for gamer’s to choose. Games can be played on mobile, pc , tablet, browser and console.
Growth Drivers
The most important factor that can lead to the growth of the gaming industry would be Cloud Gaming. Major players in Cloud gaming are Geforce Now, Shadow, Project Xcloud, Playstation Now , Vortex. They are providing Ultra High Definition games, large storage spaces, huge gaming library, competitive subscription fees and a smooth user experience. Hence, Cloud based gaming market will have a gigantic growth in future.
Let’s also not forget about Virtual Reality(VR) and Augmented Reality(AR). Virtual Reality adds a simulated environment to the game while Augmented Reality adds digital elements to the real world. Both are seen as major segments for growth and investment.
Competition
Many companies are emerging every year in gaming industry, but very few make it big. So we are seeing a tough competition ahead, based on type of gaming platforms, demography, technology, and innovation.
Top Player’s based on revenue in video game industry are Tencent, Sony, Microsoft, Apple, Nintendo, Activision Blizzard, Google, NetEase, Electronic Arts, and Take-Two Interactive .
Employment
Gaming Industry is also seen as a best source of employment. High pay scale, Creativity, Innovation and futuristic approach drives individuals to gaming industry. Major players in gaming industry like Microsoft, Nintendo, Sony , Tencent, Electronic Arts, Google etc. are considered to be the best employers to work for.
Pandemic and outcome
Due to the recent pandemic we all have seen a world never seen before. Most of Industries have suffered losses and companies are in process of restructuring their businesses model. Work from Home is just an example of organizational transformation. On the other side, In the phase of pandemic video game industry has seen tremendous growth in game followers.
Opportunity
Choice of platforms like mobile, pc, console etc and Younger generations liking towards gaming can be an important factor for the growth of the industry.
There are many technological advancements on the way to bring changes to the gaming world and we are expecting it soon.
Challenge
The main challenge in gaming industry would be Privacy and we need to see up to what extent governments of different countries would allow such exchange of information. Other than that use of foul language and violence in video games is wide spread. So, monitoring these type of games and its impact on individuals needs to be considered.
Conclusion
Firstly, gaming has become a part of our lives and our kid’s lives and it is going to stay the same for a long time. Secondly, cloud gaming is getting popular just like OTT platforms Netflix, Amazon Prime etc. Eventually, in the upcoming years we would see a significant rise in VR and AR based video games.
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