According to my friend TARS:
As of the end of 2023, several key trends and projections for the gaming industry into 2024 and 2025 include:
- Market Growth: The gaming market is estimated to be valued at USD 272.86 billion in 2024 and is expected to reach USD 426.02 billion by 2029, growing at a CAGR of 9.32% during this period.
- Technological Advancements: Continuous technological advancements in gaming are significantly propelling the industry's growth. This includes enhancements in how games are created and improvements in the overall gaming experience.
- Cloud Gaming and 5G: The rise of cloud gaming services and the advent of high-bandwidth network connectivity like 5G are increasing the demand for gaming globally. Cloud gaming is expected to drive the demand and engagement of multi-players for different games.
- Mobile Gaming Growth: The number of mobile players globally reached 2.7 billion in 2022, with 90 billion mobile game downloads. RPGs lead in in-app purchase spending, while hypercasual games dominate downloads. The Play & Own (P&O) model, where players can play games for free and purchase in-game assets or rewards, is contributing to the growth of the mobile gaming industry.
- Asia-Pacific Dominance: The Asia-Pacific region, particularly China and Japan, is expected to continue dominating the market. The region accounted for more than 52% of gamers worldwide in 2022. The easing of regulatory restrictions in China and the increasing gamer population in the region are poised to drive significant growth.
- Console Gaming Trends: The Nintendo Switch has been a dominant console, especially as a second console choice. As the next generation of consoles from Sony and Microsoft matures, the gaming community's preferences and brand loyalties may shift.
- User-Generated Content and AI: The popularity of user-generated content (UGC) in games like Roblox, Fortnite, and Minecraft is significant. AI advancements are expected to make in-game content creation more accessible, potentially inspiring future careers in gaming.
- Subscription Models: Subscription services in gaming, like Nintendo Switch Online, PlayStation Plus, and Xbox Live, are becoming increasingly popular, reflecting the future of gaming.
- VR Developments: VR technology in gaming is poised for growth, with Apple's upcoming Vision Pro potentially changing public perception of VR.
- Esports Trends: While interest in esports peaked in 2021, it has since declined. However, nearly half of gamers still tune into esports weekly, presenting opportunities for brand sponsorships and partnerships.
These trends suggest a dynamic future for the gaming industry, driven by technological innovation, evolving consumer preferences, and significant market growth.