Last year, amid the pandemic, the global gaming market grew to a $162.32 billion value
In just 5 years’ time, that number is expected to nearly double to $300 billion. The industry is on fire, growing rapidly as savvy companies and investors stand to increase their market-share and net-worth accordingly.
But they’ll need to know what happens after the industry reaches $300 billion to take full advantage. What will drive the industry to $1 trillion valuation?
Experts have weighed in. Google, the tech giant, has just announced their 2021 Google for Games Global Insights Report covering questions publishers, developers and investors are asking about the current state of gaming, and importantly what the future holds.
What are gamers searching for online?
What are they purchasing?
What is keeping gamers engaged?
What can the industry expect next?
What will drive the industry to a $1 trillion valuation?
The Google report, available HERE, answers many of these key questions and more.
One of the report highlights includes “Gaming as a Lifestyle.” As more people stayed at home, worked at home and have become accustomed to home-based entertainment, game downloads increased 75% from 2019 to 2020.
Gaming had become a lifestyle choice for people of all ages. As a result, gamers have become accustomed to this new lifestyle and are expected to continue the trend well into the future. The social aspects of gaming have allowed gamers to communicate, appreciate and accumulate friends across the globe during the pandemic. And this will continue.
The big opportunity for developers and investors lay here, in social-based gaming. Many believe social-based gaming will be the trillion-dollar valuation driver.
Because of this, developers are now devising ways to allow gamers to live almost exclusively in virtual worlds. Known as the metaverse. This fully immersive style of social-gaming is already growing rapidly and will become one of the top, if not the top, revenue generators in the industry.
Soon, gamers will not only be able to interact, compete, virtually reside and “hang out” in the metaverse, but new patented technology from a company called TCI Entertainment could allow for real eCommerce within the metaverse. Real commerce with real products, not simple in-game upgrades or skins.
By some estimates, real in-game commerce could comingle the gaming word with the eCommerce world, pushing the industry to that trillion-dollar valuation. But while some experts say it could be a couple of years down the road before eCommerce is fully integrated, other experts believe it’ll come much sooner. Perhaps before the end of 2022.
Read more about what experts are saying about the state of gaming, HERE
SOURCE: https://venturebeat.com/2021/05/12/games-industry-experts-weigh-in-on-the-global-game-industry/