The gaming industry is now expanding at a fast pace. In the past few years, the gaming industry has seen a growing demand for new and innovative ideas in their products. The market is becoming saturated with a huge variety of games with high demand and low supply. A digital asset is a digital good, service, or commodity that can be used as a form of payment. This blog explores the market for digital assets in the gaming world and what could happen to them in the future.
The global gaming industry is expected to register a CAGR of 12% during the forecast period 2020-2025. Digital assets are widely available in this market. Game developers and publishers need to adopt new digital asset models and trends in order to gain a competitive edge. The game industry has experienced rapid growth over the past few years, and the next few years will see it reach new heights.
The market size of digital assets in the gaming world is quickly growing. The potential for growth is also reaching a higher level as it can help bridge the gap between virtual and physical experiences. Virtual reality has grown in popularity over the past few years and has been on the rise since 2014. It is predicted that by 2020, players will spend USD 4.5 billion on immersive gaming. This is 20 times more enjoyable and convenient than traditional alternatives. BigScreenVR and AltSpaceVR are two of the leaders in this industry today, accelerating a virtual future perhaps faster than many expect.
For a long time, people have been seeing gaming consoles as devices for just playing games. But over the years, these devices have been evolving into multifunctional devices, which can do much more than just games. These are devices that have become popular among both the gamers and the casual users. The reason why these consoles are becoming popular is because of their capabilities and high-quality content. This console is one of the most highly demanded devices in the market and the popularity of this console is only expected to grow in the coming years.
The Asia-Pacific region has the largest market share in the world and it is not surprising. With the growing trends of online gaming and mobile-device use, it is evident that the online population is rising rapidly. Southeast Asia has been rapidly growing due to a huge increase in mobile-device use and an almost two-thirds increase in the gaming population in Greater Southeast Asia are engaged in esports.
Looking at the current competitive landscape for online games and online gaming platforms, gaming is becoming a trend as more people are playing it on a daily basis. The total gaming market is expected to grow from $64.8 billion in 2017 to $105.2 billion by 2020. The largest player in the market is Sony Corporation with an expected market share of 27% in 2017 and 31% in 2020. Microsoft Corporation is also anticipated to see an increase in its market share from 7% in 2017 to 8% in 2020. The game publisher Nintendo Company Limited has the third largest market share of 9% in 2017 and 8% in 2020.
On July 12, 2019, Electronic Arts announced that it will begin a technical trial for a cloud gaming service that will be delivered through Amazon Web Services. The company stated that this is a “significant step forward” in the area of cloud gaming. EA is the first company to trial a service for cloud gaming on Amazon Web Services, which is known for its cost-effective computing services.
As an avid gamer, you may be in the market for a gaming device. The popularity of video games is on the rise and it is projected to reach $108 billion by 2020. In a recent development, Razer announced that they would be investing USD 7.2 million in Singapore’s gaming scene. With Singapore’s emerging gaming industry, this investment could turn out to be a profitable decision for Razer.
A rising interest in digital assets in the gaming world has been witnessed over the past few years. With digital assets becoming more and more important, it is important to understand how they can impact your business for substantial growth in the future.