Wednesday, April 17, 2024

Online Gaming: The Growth of Multi-Billion Dollar Industry


From table games to virtual reality, the way we enjoy games is always changing with new technologies. As a result, the online gaming world has grown exponentially over the last three decades. The industry is expected to hit $196 billion by 2022, making it among the world’s fastest-growing industries. Here’s a look at online gaming’s humble beginning while looking at the technological possibilities forging its future.

The Rise of Online Gaming

While scientists launched video game prototypes in the early 1950s, the first gaming console didn’t hit the market until the 1970s. Subsequently, online gaming began to rise in the 1990s thanks to the widespread internet adoption. That contributed to the rise of several gaming platforms over the years, with JackpotCity Online Casino being among the best for its incredible bonuses and other entertaining features.

Following the rise of the internet in the 90s, digital storefront, Steam launched its operations, allowing games to purchase and review games on the internet. A year later, World of Witchcraft (WoW) hit the market as the first game offering massively multiplayer online, getting over 10 million active subscribers.

By 2007, online gaming started shifting to mobile, only two years before Minecraft came to life. Minecraft became among the best-selling games in history, with 176 million copies worldwide. In 2009, Apple also launched its in-app purchase feature.

By 2015, there were over 1.5 billion gamers globally. A year later, Pokemon Go was launched as the first augmented reality game, becoming the highest-grossing mobile game during the first month. Since then, the industry has been experimenting with new technologies like virtual reality, and in 2019, Google unveiled Stadia. This cloud gaming platform allows gamers to enjoy games with a console.

Why Mobile Is The Future Of Online Gaming

Mobile gaming is currently the most popular way to enjoy games today, with the industry recording $68.5 billion in revenue last year. That means mobile gaming controls about 45% of the total market share.

While mobile gaming is a relatively new segment in the industry, it has developed rapidly. Today, there are over 2.4 billion mobile gamers. More are joining the bandwagon thanks to a seamless and innovative user experience that relies on engaging features like loyalty rewards and in-app purchases. Additionally, with the 5G era upon us, you can expect mobile gaming to command a bigger market share than gaming consoles and PC.

New Mediums Of Online Gaming

With new technologies hitting the market, online gambling is becoming more immersive than ever. These technologies include:

  • Virtual Reality – Valve and oculus recently announced cheaper VR headsets, and they’re doing their best to blur the line between reality and fiction across a wide range of audiences.
  • Real-time Personalization – You can expect the world to automatically generate content based on the player’s data, including personality and playing style.
  • Cloud Gaming – With fast and reliable internet connections becoming available worldwide, gamers can enjoy streaming games instead of playing on consoles.

Bottom Line

As technologies like cloud gaming, virtual reality, and real-time personalization continue rising, the online gaming industry will continue thriving. Online gaming is also focusing on maintaining social connections among players, with different technologies presenting endless possibilities.

Herbert Wise
Herbert Wise
Infuriatingly humble organizer. Entrepreneur. Zombie guru. Professional creator. Future teen idol.

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