The factors set to make the video games industry treble in size
You might have been around for PS1, a committed PC gamer for years, or hark all the way back to the bliss of 8-bit arcadia. But there’s no denying that the video games industry has taken on a whole new look in the past decade.
Several factors have played a role in the changing face of gaming – but the trajectory is clear. A study by PwC estimates that the industry will be worth $321.1 billion in 2026, up from $120.4bn in 2017.
But what is behind the industry growing by almost three times in less than a decade? And what does this say about how the industry has begun to intertwine with society even more?
A head-spinning number of platforms makes gaming ever more accessible.
The big three console-makers − Sony, Microsoft, and Nintendo − have each carved out a niche with a device to match. The PS5 focuses on immersive technologies such as VR. Xbox has led the online gaming revolution. The Switch has found fame for its portability and family-friendliness.
Meanwhile, the prevalence of smartphones in our lives has also extended to gaming. Indeed, it is now possible to carry elements of console games with you on another connected device.
You could be staging a last stand for humanity against alien invaders or competing in a World Cup final. Advances in graphics, haptics, and more, mean that modern gamers really feel like they are there. The escapism has only ramped up as technology has improved.
Xbox Live’s ground-breaking impact on how games are created for group play and not individuals further pushed the boundaries. Offshoot innovations like a VPN for Xbox are now required to keep pesky lags at bay.
Virtual and Augmented Reality appears to be the next frontier for the industry, putting gamers at the heart of the action.
The community boom
Online gaming brought together players like never before. It has fostered communities of fans from across the world, all joining together in the same space.
This has gone one step forward with the rise of streaming. Content creators can now use video games as a medium to provide entertainment of their own to avid support bases.
In fact, vlogging and seeking fame on platforms such as Twitch and YouTube are now among the most popular dream careers among young children.
The rise of esports
Streaming and creating online content stands as a potential career made on the back of video games. But playing the games themselves also offers a path.
And a career as an esports pro is not to be sniffed at. There is some serious money involved at the highest level.
The realism of some games can also have crossover potential in real life. The official Formula 1 game is played in conditions that largely match professional simulators. As such, it has already become a breeding ground for the on-track racers of tomorrow!