The Growth of the Multi-Billion Dollar Online Gaming Industry

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Evolving from heavy graphics PC games to using virtual reality headsets, the way we consume games has grown immensely over the last three decades. In only a few years, the online gaming industry has sky-rocketed in terms of popularity, usage, and money spent. 

According to recent estimates, the online gaming industry is set to hit a $200 billion market value by 2023. That’s all thanks to huge technological advancements and the competitive nature of the industry. Additionally, gamers are welcome to play at PA online casinos to enjoy the best bonuses at sites like pennbets. Online casino games, sports betting, iLottery and daily fantasy sports were all part of an expanded gambling bill that passed the PA legislature in October 2017.

That said, we can agree that the online gaming industry is poised to be among the world’s fastest-growing industries over the next five years. But how did that come to happen, given the humble beginnings of the industry?

The Rise of the Online Gaming Industry

Historically, the first prototype of the modern games started in the 50s, when scientists first attempted to create a gaming console, though it was only introduced in the market in the 70s. However, the online gaming concept didn’t come into play until the late 90s after the introduction of the internet culture. 

At first glance, the slowly evolving online gaming industry seems to have technology as its backbone and the reason behind its growth. However, several other factors have contributed to growth throughout the years. 

Major Components of Online Gaming

For years, many people in the gaming industry have remained confused between e-sports and online gaming. Though a good number have always viewed them as one, in reality, e-sports is only a segment of the online gaming market. The industry also has other components as well.

The online gaming ecosystem creates dozens of revenue streams for the whole industry. That includes streaming services, distributors and retailers, hardware developers, gaming arenas, software developers, esports, game developers, and game publishers. 

For each of these channels, mobile gaming offers great growth opportunities. That’s because more gamers are increasingly embracing mobile gaming to enjoy the games while on the go.

Is Mobile Gaming the Future?

With $68.5 billion in revenue last year, mobile gaming represents a huge segment of the online gaming industry. Though it’s relatively new in the industry, mobile gaming is growing at a tremendous rate, with over 2.4 billion people enjoying games on their mobiles in 2019. In 2020, the number has only continued growing.

Part of the growth in mobile gaming is attributable to innovation in smartphone technology and seamless user experience, which calls for engaging features while developing games. That may include loyalty rewards and in-app purchases. Even better, with 5G technology slowly hitting the market, mobile gaming could change the face of online gaming completely, making the industry more exciting.

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