We are living and evolving at times where technologies are shaping our surroundings. They have made a major impact and changes in every industry ranging from healthcare to finance. Few of the latest tech advancements like machine learning, blockchain and augmented reality have an enormous impact on many businesses. But, probably out of all industries, the gaming industry experienced the greatest transformation with the arrival of AI and the Internet of Things (IoT).
The global gaming industry has been growing rapidly in previous years, continuing to evolve and flourish. Predictions are that this industry will be worth over $560 billion by 2022, an increase of more than $100 billion since 2018.
There are many elements and factors that have contributed to this industry to skyrocket and attract and retain the audience. What is the formula to success of the gaming sector?
Here are the key areas of development that have played an integral part in the growth of this industry.
Niche market company partnerships
Top gaming companies have put a great focus and effort in their evolvement by strategically partnering up with each other, in order to secure the power of their product features. Dynamic and innovative companies and startups team up with a shared purpose to enter new markets and expand their customer base.
A recent example of such a partnership is one of Microsoft and Facebook Gaming. Namely, Microsoft is partnering with Facebook in order to migrate existing Mixer viewers and streamers over to Facebook Gaming. This move is clearly a strategic one with an aim to broaden the appeal of its upcoming xCloud game streaming service.
Such partnerships will benefit industry giants and newcomers over the next year, providing gamers with an even greater variety of experiences. Meanwhile, traditional customer bases will start to take on an even greater international dimension as partnerships expose them to new, “blue ocean” markets.
The rise in tech
Since the early 90s, gaming operators have focused their work on enriching the gaming experience with innovative tech solutions, something that remains a strong key focus to this day. When VR became widely known and somewhat available, it gave to gaming operators the ability to take the customer experience to the next level. This offered immersive gameplay that mimicked the feeling of being at the place of the event. With the release of more advanced VR headsets, gaming companies have the ability to level up that immersion in ways that truly separates customers from the physical world.
Recently we’ve seen casino gaming operators successfully implementing innovations in VR, bringing back a sparkle to this type of gaming. With the help of this technology, players can read their opponent’s body language just like in a live game, making the experience as realistic as possible. With VR at the forefront of gaming technology, one trend that will surely emerge this year is crypto gaming being integrated with VR. The elements and rules of the traditional game will still apply, but players will be able to use digital currency to place bets. With all the buzz around cryptocurrencies as a mean of payment, it will be interesting to see how this will progress in the near future.
A mix of new and traditional practices
Casino games and video games are very different niche markets within gaming, yet very complementing. The elements of gambling are often introduced into video games, while casino games become more complex, diverse and vividly themed.
There is a significant generational divide between the two, as Generation X and Baby Boomers tend to prefer traditional casino games, while video games are enjoyed primarily by Millennials and Generation Z. With the introduction of casino games based around or utilising video game elements, we started to see an influx of the younger cohorts entering the casino gaming scene.
For example, take the traditional slot machine games. The first association that comes to your mind is to match 7’s, diamonds or fruits for a winning combo. Today, online slot games are much different compared to land-based slot games but have kept the charm and recognisable traits. Their bonus features and special offers, advanced design and gameplay have altered this concept of gaming.
In order to have a clear picture of the comparison, take a look at this Jammin’ Jars slot review. Jammin’ Jars is an online slot game that has kept the well-known fruit symbols in the gameplay, with a grid of horizontal and vertical lines as a playing field. The aim is to form a cluster of same fruits, with the Jam Jar being the wild symbol. It seems that the mix of traditional and new concepts are working pretty well, making these games highly popular among the casino players.
It’s easy to notice how gambling and video games complement each other by taking a closer look at the esports market. Where live sports matches take place on a pitch or a court, with esports the competitions are virtual. A prominent player in this market is Esports Entertainment Group, which is known for its exclusive focus on the Esports market. This company based in Malta is the only esports gambling company on the stock market that received 1 million investment in order to grow the company throughout the next year.
As a conclusion, gaming companies need to work with a specialist in data security and payment options, VR and skill-based gaming if they want to continue to innovate. We’re likely to see more businesses team up in order to meet the demand of the gaming audience.