The gaming market is expanding quickly on a global scale. In the past 70 years, video games have advanced dramatically, going from black and white lines and forms to 3D technicolor. This technique has attracted interest from other industries, such as special effects and training simulations.
The industry has experienced exponential growth over the last three decades, though not always smoothly. Due to growing competition among console makers, gaming has changed more in the last 20 years than it has in the previous 50. As a result, the gaming business, already worth about $160 billion in sales, is positioned for even more expansion.
Over the past 20 years, a lot has changed, and not only with how the games appear and feel. There have been substantial changes in the types of games that are available, how we buy and play them, and even how we play them over this millennium. Consequently, let’s take a quick look at the development of the video game business over the past 20 years.
Online gaming has brought together players from around the world. Players could play games without physically connecting their laptops due to faster internet rates. The early 2000s saw a rise in the popularity of MMORPGs (Massively Multiplayer Online Role-Playing Games) and MOBAs (Multiplayer Online Battle Arenas), with World of Warcraft and Defense of the Ancients (DOTA) being the most significant titles created. Everyone loves to socialize. Online gaming enables interaction between gamers from various countries and regions. It’s a friendly approach to engage with kids at the same time. They will learn how to play on a team and develop their social skills as well.
Besides video games, online gaming has also moved people from traditional and physical casinos to playing at online casinos. Gamblers can now engage in their favorite slots when they play at online casinos using no deposit bonus. Other popular games like roulette, blackjack, baccarat, and others are also available at online casinos.
The decade that followed saw a steady advancement in video games, with greater graphics and nearly limitless gameplay options. However, competitive gaming is becoming a common occurrence. With the opportunity to enjoy it just as much as watching a football game, a number of new generations of gamers are accustomed to watching others play games online via platforms like YouTube and Twitch. ESports now include a significant portion of games of all kinds, from FIFA to League of Legends. Experts continue to estimate that the sector will expand to $1.5 billion by 2023.
Mobile gaming currently accounts for a considerable portion of the revenue generated by the gaming industry. The development of social games was fuelled by the ease of accessibility of games and the rise in-game players. They first gained popularity as a component of social media sites, where they allowed friends to compete in puzzle games like scrabble or gift each other objects or lives to help one another out. Then, a new breed of casual games was born with games like Farmville, Candy Crush Saga, and Angry Birds that were simple to control and didn’t require a lengthy campaign to finish.
These games immediately found a foothold on mobile devices. To provide people with a portable computer they could carry around in their pockets that were loaded with hundreds of high-quality games, Apple launched the iPhone in 2007.
New Gaming Consoles
With the release of next-generation systems, gaming console wars have gotten out of control and are still going strong today. The next generation of gaming consoles also debuts in the twenty-first century. In contrast, Sony PlayStation’s popularity increased as a result of its DVD/CD support and backward compatibility. Later, it became the most widely used gaming console of all time, a title it still retains today. Microsoft released the Xbox and GameCube in the early 2000s. Technology has advanced significantly since Sony launched the PlayStation 1 on December 3, 1994, up until the release of their most recent device, the PlayStation 5.
AR & VR Gaming
By 2026, the market for AR and VR gaming is expected to be worth $11.0 billion, expanding at a rate of 18.5% per year. Wearable tech, augmented reality, and virtual reality has propelled market expansion. With the use of these technologies, video games provide a realistic visual that, when combined with music and other senses, makes the player feel as though they are actually in the scene. In addition, users will be able to control virtual worlds with their body gestures as the real world is replaced. This research demonstrates that AR and VR are just starting their astonishing progress.