What are the key opportunities in the Global Digital Gaming Market?
Posted by Andrew Thomas on June 10th, 2019
Over the years, the digital gaming market has witnessed a paradigm shift in the consumers’ outlook towards gaming and how they have adapted to the constant evolution of the industry, with respect to technology as well as format. With the increase in smartphone penetration, internet connectivity, advanced digital payment infrastructures and rising disposable income, the digital gaming market is braced for significant growth till 2023. The
Key Opportunities in the Global Digital Gaming Industry
eSports - eSports is attracting a number of gamers who have a passion for competitive video gaming and is providing ample opportunities to the entertainment companies to cash in on its growing popularity. The eSports playing field is widening, and is offering a plethora of opportunities to media and entertainment companies that are looking to expand into new digital landscape. The U.S. is currently generating the maximum revenue globally, in the domain of eSports. In the Asia-Pacific, competitive video gaming is a serious business, and the region accounted for the largest share of the eSports revenue in 2017.
Blockchain gaming - The global digital gaming market, for ages, has been threatened by inherent problems like fraudulent activities, unprotected data, and hidden odds. Blockchain encryption is a sustainable solution for these existing problems. Data breaches becomes impossible when the data is stored with Blockchain encryption. Blockchain allows for a decentralized and immutable record of ownership of the characters and the items, which can be separated from gaming companies and their servers. This will help in making the in-game virtual assets more liquid, valuable, and worth collecting, as the players would be owning the virtual items. Many gaming companies have started implementing Blockchain to build trust among players. Implementing Blockchain in gaming can also make the payment processing cost-effective, irrespective of the size of the payment.
FirstBlood is an example of a successful gaming platform, which features a concoction of eSports and Blockchain. This makes eSports transparent, thereby bringing more developers to the cryptographic community. Blockchain giant Ethereum launched a game designed on its Blockchain called CryptoKitties. Users can design animated kittens virtually and sell them online, while Blockchain ensures that the entire process is secure. Thus, Blockchain is expected to gradually transform the gaming industry.
Cloud gaming - Cloud gaming is establishing a healthy connection between gamers and developers. The scalable feature of the cloud allows gamers to play high-end games on low-end platforms. In the earlier days, the experience of high-quality games was limited to those possessing who had consoles. Cloud gaming will lift these restrictions and limitations which plagued the game industry in the past. Physical game copies, expensive graphics card, and hardware will become a thing of the past.
With majority of the developed markets getting saturated, game developers are currently on the lookout for the next big market for digital games. Owing to the growing dominance of mobile gaming, expanding to a market where smartphone penetration is gaining significant pace is a pre-requisite for all major players in the digital gaming industry.
