Future of Gaming Industry: Spur Demand for Video Games 

Online video games have become more prevalent in recent years. Most people find online games attractive and a modest way to find free time from their hectic schedules. Moreover, during the pandemic, the inclination toward gaming increased dramatically. Most companies such as Nintendo and Tencent witnessed an increase in their sales during the first quarter. The former showcased a profit of 41%, as it sold many of its games digitally.

Rising Youth Employment to Spur Demand for Video Games

heir number is higher than that of millennials by 84%.  Moreover, rising disposable income is resulting in a higher consumption rate of video games.

Asia Pacific to Remain at Forefront Backed by Rising Urban Population

This is ascribable to the rapid growth in the urban population. The rising awareness about trending video games is helping the industry to thrive in the region.  The regional industry stood at USD 86.96 billion in 2020.

The rising number of children with their smart devices is surging the industry.

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The gaming market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in R&D activities to develop engaging online video games.

Additionally, the analysis provides insights into the regional analysis that covers different regions, contributing to the growth of the industry.

Their number is higher than that of millennials by 84%.  Moreover, rising disposable income is resulting in a higher consumption rate of video games.

Based on game type, the shooter segment held a gaming industry share of about 23.35% in 2020. T It makes players experience a whole new experience of the virtual world. This fascinating atmosphere provided by battle games is driving the segment industry.  

The Metaverse

No discussion of the future of gaming would be complete without mentioning the metaverse, a theoretical concept that has dazzled many of the world’s foremost tech companies.

A concept popularized by author Neal Stephenson in his 1992 science-fiction book Snow Crash, the metaverse is best understood as an online cyberspace, a parallel virtual realm where everyone can log in and live out their (second) lives. Ideally, the metaverse will combine both virtual and augmented reality, have its own functioning economy and allow complete interoperability.

While we may be a long way off from that, hints of the metaverse are increasingly evident. You see it in gaming platforms like Roblox, where luxury fashion brands like Gucci host events, and in games like Fornite, where users can dress up as their favorite Star Wars or Marvel characters and watch virtual Ariana Grande concerts.

The metaverse, like the internet, will be used for more than just gaming. It may incorporate office work as well.

But gaming itself is expanding its definition. It’s no longer about competition — but connection. It’s what Keith Stuart describes as a “digital third place,” more closely resembling a skate park than an arena.

heir number is higher than that of millennials by 84%.  Moreover, rising disposable income is resulting in a higher consumption rate of video games.

Latest Industry Development in 2020

November 2020: Microsoft launched the next-generation Xbox video game console.

Their number is higher than that of millennials by 84%.  Moreover, rising disposable income is resulting in a higher consumption rate of video games.

High-Fidelity Graphics

In the pursuit of ultra-realistic graphics, video games have come a long way.

PC gaming companies like Nvidia and AMD have made great strides in creating graphics cards that allow for high-fidelity gaming and techniques like ray tracing.

In the past, things like shadows and reflections and lens flares were essentially painted onto objects within the game. This gave the illusion that light was coming from the sun or moon and reacting as it would when it hit a surface. With ray tracing, an algorithm basically allows it to actually do just that.

The technology is expected to be a game changer — if only consumers are able to get their hands on it. A chip shortage has plagued the industry for much of 2020 and 2021. That’s mostly due to the sudden rise in popularity of cryptocurrency mining, which relies on the same hardware.

But not all games of the future will be designed for such realistic graphics. Especially not indie games.

The other approach is to produce a more stylized — in some cases cartoonish — aesthetic for your game. That way, the costs stay down but the game still looks cool and dodges the criticism: “It doesn’t look realistic!” Mack said this approach is becoming more and more common in the mobile VR space.