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It's no surprise that the growth of the video game industry has been on a steady climb and keeps going up. A report from GlobalData has predicted that in the next 6 years, by 2025, the video game industry will be worth $300 billion.
The video game industry was worth a whopping $130 billion in 2018. The biggest growing market is the mobile game market, which outsold the PC and console industries. With ambitious projects such as xCloud and Google Stadia, cloud streaming could make gaming a lot easier and a lot more convenient.
The technology for gaming keeps improving at an exponential rate. Valve's newest Valve Index VR headset is more complex and intricate and is a game changer among the VR games that exist, despite being very pricy.
GlobalData principal analyst Ed Thomas made the below comment about the new technologies that are emerging and shaping the video game industry:
“Today’s video games industry is in the throes of a huge transformation from a product-oriented business to an as-a-service model. At the same time, new technologies like 5G, cloud, and virtual reality will usher in a new phase of innovation, while new business models like support for in-game micropayments are already changing the economics of gaming.”
The launch of high-speed 5G networks, as well as the availability of powerful smartphone technology en masse, will enable many more users than ever before to participate in gaming. Cloud gaming will be a major enabler to allow this. PlayStation Now along with xCloud and Stadia are just some of the services to look forward to.
The growth of esports and the industry is also a contributing factor. Esports has become bigger than it has before, though many are still not in the same league as big Esports players such as Dota 2, Overwatch and others.
For all the latest video game news, visit Sportskeeda
