Gaming is the globally popular and thriving sector and is also emerging as the upcoming powerful technology platform. Just as how the emergence of mobile phones, search engines, and social media platforms transformed the global markets and global needs, gaming is also flourishing in the same manner.
There are multiple gaming genres, and they attract global gamers through multiple gaming modes, including multiplayer and competitive ones. The Co-founder and chief executive of Activate Inc., Michael Wolf, also said that with the presently available games, the global users now have access to many realistic experiences virtually.
Amid the COVID-19 pandemic, the global gaming market is expanding at an impressive rate, and its popularity is also rapidly rising. Activate recently unveiled that during the pandemic, the gaming market is rising at the rate of 29%. The use of gaming platforms increases with the growing global needs, and people use them for gaming, watching virtual concerts, messaging, gambling, and other virtual experiences. Activate also predicted that the gaming market might worth 198 billion USD by 2024, excluding the sales from devices, hardware, AR, VR, and advertising.
Mr. Wolf also said in a release, “We’re about to see the videogame wars.” He spoke about many other things in the Wall Street Journal’s presentation on Wednesday, virtual WSJ Tech Live Conference, and this was one of the trendiest matters.
With the growing popularity, the industry’s focus is also shifting from the sales of the games to offering the subscriptions. Moreover, many top giants, including Google, Amazon, and Microsoft, are also entering the gaming world, offering subscriptions and chances to compete with globally famous players.
Activate also revealed that 58% of gamers use gaming subscriptions or are aiming to do the same soon. Also, 38% of global gamers intend to make use of cloud gaming services.
Mr. Wolf also said that gaming might turn out to be the best way for the industries to come together and collaborate. Also, because of the growing popularity of gaming, amid the COVID-19 pandemic, around 22% of people got their first VR-based headsets. Furthermore, with the surge, the use of AR and VR and the products based on them might rise by eight times by the end of 2024, reaching 19.8 billion USD.
The gaming and esports industry is one of the globally widespread and thriving sectors, and with the growing user expectations, the advancements in the sector are also rising. Due to the growing popularity and preference of gaming, other industries like AR and VR are also benefiting. The users are going for their products to have better gaming experiences.