Computer games are not only for children. In 2020, the global gaming industry is expected to exceed $159 billion spent by over 2.7 billion active gamers. The reported CAGR of this industry is around 12%, and only within 2019, the market exhibited a steady and impressive growth by 9.3%.
The scale of the gaming market expands rapidly, with the expectation of $200 billion in expenditures by players in 2023 quickly becoming a reality.
There are many contributors to such rapid and optimistic growth of the market. First, the mobile game segment is outperforming other sectors such as desktop and console gaming, with a 77+ billion share of the industry in 2020. Second, the COVID-19 pandemic that struck in spring 2019 urged billions of people to stay quarantined at home, which also boosted the demand for games among those who used to be passive, non-frequent gamers.
Experts believe that the growth of the gaming market comes mainly from the introduction of new technologies, such as augmented reality (AR), virtual reality (VR), and cloud gaming. Another innovation in the industry has been blockchain – the technology that has already won good fame in the sectors of Fintech, banking, cryptocurrencies, etc.
The key principles of blockchain – decentralization, advanced data security, and immutability of data written down into it – represent the key advantages for users, making blockchain systems fully secure. This benefit is also relevant to gaming, as players always strive for security and accessibility of their in-game assets. With blockchain, the issue of fairness is also dropped as no fraud or manipulation of data is possible.
Let's have a closer look at how blockchain could redefine the gaming industry, examine the processes of blockchain integration into the gambling niche, and consider an example of our branded blockchain gaming platform – Hash Rush