Global gaming industry value now exceeds $300 billion, but how has it got there?

FacebooktwitterredditpinterestlinkedinmailFacebooktwitterredditpinterestlinkedinmail

Most of us game in some shape or form these days. Gaming has become a popular go-to entertainment option for people. As such, a recent report by New Accenture finds that the industry value now exceeds a staggering $300 billion for the first time ever. The gaming industry has never been in such a healthy position, but why is this? How has it got to the position it’s in? 

The report delved deeper too and found that the industry has gained half a billion players in the last three years, a truly massive number of new customers for any industry. As a purchasable option in many retail stores both in the flesh and online, gaming is growing at a dramatic rate. The emergence of new gaming platforms has certainly played a part too. These days, away from the traditional console offerings, people are gaming on televisions, tablets and smartphone devices. 

The growth of the smartphone 

When assessing the rise of the smartphone and its prominence in most peoples’ everyday lives, it has certainly played a massive part in the all-around growth of gaming. As well as accessing an array of smartphone apps, people are using their miniature handheld devices to game on. As such, games developers have been able to up the ante accordingly and release an increased amount of titles. The power and sophistication the modern-day mobile phone offers means that the games in which people can access are now significantly more advanced than what many people grew up on with titles such as Snake and Tetris. 

Now, with continued innovation gripping the space, the games on offer have never been so good. Console-quality titles like Fortnite have made the transition over to mobile with ease, and then there are unique-looking slot games at providers like casino.com, where the 3 Devils Pinball slot game is a popular option too. These games accompany augmented reality hits like Pokemon Go, massively successful releases like Among Us, and the regular brain teasers and puzzle games, which have pulled in big numbers for a while now. Essentially, smartphone gaming’s improved modern-day offering has resulted in huge growth for the industry as a whole. 

The new role of gaming 

Another contributory factor behind the global gaming industry now being worth over $300 billion is down to the overall role the games industry has played over the last few years for people. With us looking to entertain ourselves in new and exciting ways, it has resulted in new habits being established. It has also enabled old stereotypes of gaming being unsociable and isolating being banished, with many modern releases coming with social features and a range of other options which can increase conversation, such as headsets and multiplayer game modes. Then, on top of this, we have seen the emergence of live streaming services like Twitch and the rise in professional gaming in esports. This has, without a doubt, exposed gaming to wider audiences and elevated the industry to new heights. People aren’t just playing games with friends anymore; they’re also watching live events online and following their favourite streamers online. 

Educational games have contributed 

Given the recent climate, there has been a growing number of children studying at home. As such, games are now influencing children outside of the classroom. Games can help with virtual learning, while some schools and colleges have partnered up with developers to create games for students too. Even popular titles such as Assassin’s Creed Origins come with some educational aspects to them, such as a Discovery Mode where players can explore Egypt under the reign of Cleopatra.