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As the rate that games are being developed at increases each day, the gaming industry shows no sign of slowing down any time soon. Although the pandemic prevented many gaming companies from developing new products, it helped the industry see a surge in many new gamers entering the market, leading up to present day.
Experts are seeing a rapid increase in the number of people playing games, with a staggering 3.38 billion people worldwide in 2023. As for the global market itself, experts predict $187.7 billion in revenue from the gaming industry this year, according to Newzoo. Large video game companies both abroad and in the United States, such as Activision Blizzard and Riot Games, are experiencing this growth first-hand.
Countries like Ireland have started to build the industry on the eSports market as many bid for professional gamers or even play to become a professional themselves. However, it is more than just the eSports market thriving in Ireland; the game developing aspect has also flourished, allowing many studios coming into the scene to sell products. One example includes Irish game developers Steve Collins and Hugh Reynolds, who created Havok Games, which was sold in 2018 to Intel. Much of their technology is still implemented in video games today. Part of Ireland’s success in the gaming industry can also be attributed to their government's protection of intellectual property laws, bringing talented game developers to the country from all over the world.
When it comes to game production overall, it is impossible to overlook Japan, whose massive gaming audience grows by the day. Based on revenue, Japan constitutes the 3rd largest gaming industry in the world, and will have no issues maintaining their status as large companies like Nintendo continue to develop games high in sales volume. However, it’s not just console games that are experiencing substantial success. The world of PC gaming is also taking Japan by storm, leading up to 16 million active users to be active online. The country has always embraced the gaming market in its culture since the 1970s, which keeps increasing as new games get released and new buyers enter to play.
With the gaming industry’s rising popularity comes large corporations seeking to get a hold of the industry. Shawn Layden, former CEO and President of Sony Interactive Entertainment America, spoke up at the GamesIndustry.biz Investment Summit in Seattle. "Right now, we see all the big players going, 'oh gaming? It's bringing in billions of dollars a year? I want a piece of that,'" Layden said. "And so we have Google, Netflix, Apple, and Amazon wanting to get (a) piece and trying to disrupt our industry."
Layden also noted that the music and movie industries have fallen sharply because of Apple TV and other streaming services. As many companies aim to become involved in the gaming industry, others that have had a long history with the market- such as Sony- hope to hold their own without depending on newer entries.
With all this in mind, the gaming industry is projected to rise exponentially in popularity worldwide. It will continue to evolve as new technologies, genres, and target markets arise.
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