Online gaming continues to conquer the industry
Meanwhile, online gaming industry has grown tremendously over the past decade, with the market value expected to reach 3.6 billion by 2025. According to studies, as technology continues to evolve, the future of gaming looks promising with innovations such as AI, virtual reality and the metaverse set to revolutionize the industry
According to a report by Newzoo, a leading provider of market intelligence for the gaming industry, the Philippines has a total of 43 million gamers with a projected growth of 14.3 percent between 2020 and 2023. Popularity of online gaming in the country can be attributed to various factors, including the increasing availability of high-speed internet, the growing numbers of smartphone users and the rise of eSports.
Another research by 6Wresearch reported that the Philippine online gaming market size is anticipated to register growth in 2021 to 2027. The Covid-19 pandemic has led an increase in the growth of the Philippine online gaming market. As the country go for lockdown, interest in online gaming has also risen.
The Philippines online gaming market is expected to be of great importance for the growth and development where keen interest for gaming of the American population is getting served through online gaming experience and is expected to proliferate the significant growth of the Philippines online gaming market in the forthcoming years.
Video games have come a long way to the modern ultra-realistic titles offering immersive gaming experiences. So it's fair to say the gaming industry is currently in a very strong state. It has been experiencing steady growth for several years and is now one of the largest and most profitable entertainment industries in the world.
The industry has been driven by a number of factors, including the increasing popularity of mobile gaming, the growth of esports, the rise of cloud gaming, and the continued success of traditional console and PC gaming.
Mobile games development in particular has become a major driver of the industry, with mobile games accounting for around 45 percent of global games revenue. The rise of casual and hyper-casual games, which are easy to pick up and play, has helped to broaden the appeal of gaming and attract new audiences.
Esports has also been growing in popularity, with major tournaments and events attracting large audiences and generating significant revenue.
The gaming industry has also been influenced by technological advancements such as virtual and augmented reality, which have the potential to revolutionize the gaming experience and create new opportunities for developers.
Media Courtesy : Manila Times