The recent gains in the number of players has been impressive. It could be because of the pandemic, or the growing interest in the younger population, but the gaming industry is flourishing. It is predicted that the industry will become a $200 billion industry with over 2.6 billion players worldwide.
US Video Game Industry: Trends & Forecast 2022
In 2022, the U.S, which is the second largest market, is predicted to have a market share of 50% in the industry worth $33 billion in revenue.
The U.S. video games market has seen substantial growth over the last several years, especially since the start of COVID-19, though they are still well behind China as the world’s leading gaming industry. In contrast to the number of gamers in the country last year, U.S. gaming revenues had a faster growth rate.
After the pandemic hit, the U.S. video games industry grew to $30.3 billion in 2021 from $23 billion in 2019. The value of this market is forecast to grow by another $200 million over the next 12 months and, as per pundits, the industry will reach $42.5 billion by 2025.
Gamers no longer represent a young, tech-savvy, male audience, but a more diverse group of people. Due to the social elements and wide variety of gaming options offered by both mobile and cloud gaming services, gaming will continue to grow in popularity.
Online gambling and betting observed the same trend. It has attracted a huge number of gamers and allowed for many to make a living from it. Any online poker, casino game or online slots with Fanduel is worth a shot at this stage.
Along with playing services, viewership for video gaming content has rapidly increased. Twitch, being the most watched streaming platform, dominated the industry with over 65% of total viewership.
Diversity in games
In the past, gamers were predominantly male, thus the choice of playable characters and character creation has been suitable for the audience. But this trend is changing. Many games have added more female options into games across PC, console and e–sports.
As the trend moves towards a more diverse representation, developers are starting to add more female and minority characters into games, as we can see in this year’s “The Last of Us Part II” and “Cyberpunk 2077”.
We currently have the amazing experience of being able to go online and browse through thousands of games to buy, without having to leave our homes.
However, buying a game online comes with its own set of downfalls. For example, it may take hours for the game to download. In that respect, it is easier to simply buy a game from the store.
Another downfall gamers often run into is out-of-date hardware, or inadequate space for a new game. Not all downloadable games, especially new ones, will be suited to your PC or console.
Issues such as these can be avoided with Cloud Gaming. Cloud Gaming allows a gamer to stream the game in real time instead of downloading.
This way, gaming enthusiasts don’t have to worry about investing in new equipment, and they don’t have to download anything, granting them immediate access to the game.
Cloud gaming isn’t only popular with consumers, streaming services can earn recurring revenue from it. It also provides publishers with an opportunity to monetize older games.
With metaverse being the talk of the town, and tech giants investing in it, especially in the US market, VR gaming will be on the watchlist for 2022. The aim of the gaming industry is to create more realistic games and provide real-life experiences for the players.
VR in that matter is already creating a lot of talk and gaining popularity. In VR gaming, gamers get to experience a fully realistic world. VR will allow you to take part in stories rather than watching them unfold.
Featuring one motion game controller, a stunt baton controller attachment, and a 360 VR headset, the VR experience includes everything you need to get started.
With the massive increase in monthly digital gamers, the gaming market revenue is well positioned thanks to the $44 billion spent on software and services by consumers last year.
For the foreseeable future, gaming will continue to be important because it provides social interaction in a virtual environment.
As a result of the pandemic, gaming across all devices, and especially on mobile, became much more social. Even if interest in video games declines, the social aspect of gaming is expected to continue to attract an expanding audience.