The global gaming market was valued at $ 151.55 billion in 2019 . This industry is expected to reach a value of $ 256.97 billion by 2025. It is expected to register a CAGR of 9.17% over the period (2020 – 2025). Gamer's experience is what all the emerging comapnies are focusing at. Every company is eager to write codes for mobile phones, play station, xbox. All this will be provided to the users incorporated in a single cloud storage.
Role of Cloud Storage and Gaming
The market is driven by the emergence of cloud gaming. The idea of cloud gaming has been formed a reality with the advances in technology. The server is the place where all the games are stored , in cloud gaming. All the computation work is done here. The work includes game scene rendering, game logic processing video encoding, and video streaming. Companies like Onlive, G-Cluster, StreamMyGame, Gaikai, and T5-Labs are offering cloud gaming services that are commercial. This new sector seems to be a threat to the idea of traditional
This idea of cloud computing has prompted video game majors. Companies such as Sega, Ubisoft, Epic Games, Atari, Warner Bros, Disney Interactive studio to partnerships with Onlive. This will be done to distribute their games.
Startups in Gaming and Industry boost
The market growth is being propelled by new startups.This sector is seeing considerable activity from new comers.
The outbreak of COVID-19 has given the gaming industry a boost.A survey in March 2020 shows that the video gamers in the United States have reported playing 45% more time than usual playing games.The gamers have reported playing more than usual every week amidst the lockdown. Esports is a gaming company that manages to make more than a billion dollars a year. Twitch's first time download has seen a rise to the epidemic in March has risen to 14% in the U.S.A and a staggering 41% in Italy.
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Mobile gaming has seen the biggest increase due to the Covid-19 measures all around the globe. Mobile games are expected to generate revenues of $77.2 billion in 2020.The industry will grow +13.3% this year.
Reasons for choosing phone over PC:
- Mobile gaming has the lowest need to entry: A smartphone is owned by more than two - fifths of the global population. Playing on mobile phone gives the added benefit of having free games.
- Mobile gaming provide an option to PC cafes: The covid-19 situation has seen the closure of many gaming cafes. This forced gamers to move to phones on a temporary basis.
- The mobile game developement is a lot easier than PC one : The mobile gaming had no major effects due to this .
The number of players on mobile phone will rise to 2.6 Billion in 2020. This would contain 38% who would pay .
The growth in console marketing has slowed down. It has gone down from what it was in 2018. The expectations for next - gen consoles had its effect on sales of consoles in 2019. Due to this a lot of companies had to adjust their annual sales and savings.
Gaming scene in India
Indian mobile marketing has grown over the past few months. Growth of gaming has forced the manufacturers to make a lot of changes in the normal smartphones. A whole new type of Revolution. Not only the mobile industry but also the gaming industry is going through a revolution. The industry is growing from investments from players like Tencent , Nazara and Alibaba.
The market value of Indian Gaming industry was around 62 Billion INR in 2019. This is expected to rise to 250 Billion INR till 2024. This growth indicates a growth in the number of jobs in this sector. By 2022 the strength of employees is expected to become 40 thousand.
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Value of Gaming Industry in India
The value of the gaming market in India was around 62 billion Indian rupees in 2019. This is estimated to go up to over 250 billion rupees by 2024. The industry is expected to generate 40 thousand new job opportunities by 2022.
According to a survey a majority of Indians play a type of game daily. It showed that shooter and sports games were popular among men. The women preferred adventure and strategy games.
Gaming in India has seen its peaks more in Mobile Gaming. With the availability of cheap and almost free internet mobile has become he best option. The industry is expected to grow a lot in the upcoming years.
Console Gaming In India
The market value of console Gaming in India is expected to reach about 291 million USD by 2022. The console gaming market is expected to be about 36.3 percent by 2022. The industry has seen a growth of 35.5 percent since 2016.
“PS4 sales have doubled in Q1 FY20 (April-June) as compared to Q4 FY19 (January-March). There has been an outstanding 200%+ growth in peripheral sales as well, which indicates an attitudinal shift, making gaming a more inclusive family entertainment option in India. May and June 2020 have witnessed the highest ever sales," said Prosenjit Ghosh, Head of PlayStation Business, Sony India.
Author: Abhishek Gupta
Source : https://startuptalky.com/growth-of-gaming-industry/
Date : 2020-09-02T12:52:24.000Z