We look at what will be happening in the gaming industry in 2023, such as the rise of mobile gaming, blockchain gaming, augmented reality/virtual reality, and more. Here comes the future of games.
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Since the beginning, the gaming industry has been a hotbed of innovation and progress, keeping millions of people around the world interested. Every year, improvements in technology, graphics, and game play have helped it grow in a remarkable way. As we get closer to 2023, the gaming industry keeps showing that it has a lot of potential and promises a fun future. This article looks at the gaming world as it is now and shows how trends are shaping its future.
Explosive Growth in the Global Gaming Market: Both revenue and engagement in the global gaming market are growing at rates that have never been seen before. Statista says that the video game market will bring in $385 billion by 2023, and it will continue to grow by 7.9% each year until 2027.
What is causing this growth? It's the fact that people of all ages are very interested in video games. 79% of people who go online do some kind of gaming, which makes it a great way for brands to reach a lot of people. Notably, younger generations like Gen Alpha and Gen Z are very involved with games. They play, watch, socialize, listen to podcasts, and go to live events. This trend shows that gaming has become more than just a hobby and is now an important part of modern culture.
Different Ways to Make Money: As the gaming market has grown, it has given industry players more ways to make money. In addition to traditional game sales, microtransactions, subscriptions, advertising, e-sports, licensing, and even free-to-play games help make a lot of money. For example, the free-to-play game Fortnite from Epic Games is expected to bring in $5.8 billion by 2021. Mobile games in particular have become a major source of income, with in-game purchases expected to reach $200 billion by 2023.
The Rise of Streaming and E-Sports: E-sports and game streaming have been very important to the growth of the gaming industry. By 2023, the market for e-sports alone is expected to be worth $2.2 billion. The International Olympic Committee (IOC) saw how important e-sports were and put on the Olympic eSport Series, which had games like Just Dance and Zwift that simulate sports. Even though popular games haven't been added to the Olympics yet, the French Minister of Sport, Amélie Oudéa-Castéra, has said that she would like to see e-sports events at the Paris 2024 Olympics.
Even though game streaming isn't as big as it was during the pandemic lockdowns in 2021, it is still a thriving business. The number of hours watched on the top streaming sites in the first quarter of 2023 was still 46% higher than the same time in 2020, and it has grown by more than 100% since the first quarter of 2019. Streaming is not only a popular way to have fun, but it is also a good way for many gamers to make a living. They can make money through sponsorships, ads, and donations from fans. Having more people play games through streaming has made it easier to keep players.
The growing importance of advertising in games: Especially through product placements and sponsored content, in-game advertising has grown by leaps and bounds. Advertising in games has become a big part of gamers' daily lives because it's a good way to reach hard-to-reach users, especially younger people who don't watch as much TV or read as much. Research shows that most gamers don't mind seeing ads in games. In fact, 57% of gamers are happy with the current amount of branded content or even want to see more. This gives advertisers a good chance to connect with a group of gamers who are very interested in their games.
Trends in Mobile and Cross-Platform Gaming: Mobile gaming continues to be the most popular type of gaming, and its popularity is expected to grow even more in 2023. With the arrival of 5G technology, mobile games are now easier to play and offer more immersive experiences. Mobile gaming has defied age and background stereotypes by attracting people of all ages and backgrounds who like how easy it is to play games on their phones. Because of this trend, cross-platform multiplayer games are becoming more popular. These games let players play online multiplayer games with friends and family on different platforms. People can now play games together on consoles, PCs, and mobile devices. This makes people feel like they are part of a community and that everyone is welcome.
Also, technologies like augmented reality (AR) and virtual reality (VR) are getting better quickly and becoming easier for gamers to use. These technologies take players to virtual worlds and give them realistic gaming experiences. As technology gets better, there will be more and more games that use AR and VR. With a compound annual growth rate (CAGR) of 18.5% from 2021 to 2026, the market for AR and VR video games is expected to reach $11 billion by 2026.
Cloud gaming is another important trend in the gaming industry. It is changing how people play games and how they access them. The processing power needed to run games is taken care of by the cloud, which uses servers hosted elsewhere to stream the game experience. With this method, gamers can play games on devices with a stable internet connection, like computers, smart TVs, smartphones, and tablets. Statista says that the global cloud gaming market will bring in $8.17 billion in revenue by 2025, which is a big jump from the $2.38 billion it brought in in 2022. Cloud gaming gives players more freedom than ever before and lets them play high-quality games without being limited by their hardware.
The Rise of Blockchain Gaming: Blockchain gaming is a growing trend in the gaming industry that introduces the idea of "play to earn." Players can earn money, such as cryptocurrencies and Non-Fungible Tokens (NFTs), by playing games. A recent DappRadar report shows that nearly half (49%) of all on-chain activity is now crypto gaming. This shows that people are becoming more interested in this new way of doing things. Players can make money from their skills and assets in new ways with blockchain gaming, which creates a dynamic ecosystem where gaming and blockchain technologies meet.
In 2023, the gaming industry will have rapid growth, many different ways to make money, and a large number of new trends. With the global gaming market expected to reach record levels of revenue, it is clear that the industry's influence and popularity are growing. Mobile gaming, cross-platform play, AR/VR experiences, cloud gaming, and blockchain gaming are some of the most important trends that will shape the future of gaming. As technology improves and gaming becomes more common, we can expect more innovations and game-changing changes that will keep players interested and move the industry forward.
Thanks to new technologies and gaming platforms, the trends for the video game industry in 2023 look good. Even though the gaming industry is changing, what keeps people interested is the chance to grow and the constant search for new experiences. As gamers and people interested in the industry, we can look forward to an exciting future full of new games, immersive technologies, and a wide range of options. So get ready, gamers, because the journey you're about to go on will be nothing short of amazing.
Thank you for reading this article. If you want to read more news about video games, check out our video game news section. If you want to play games, we have a long list of "play to earn" games.
