If you expected to find the lyrics of the famous 1994 song by Inner Circle here then all that this page can offer you is “Na na na na na na na na, Na na na na na na na na”.
Right, this page does not offer song lyrics but an insight into the world of gaming. The trends, the reason behind the exponential growth and how this growth is linked to human psychology. If that interests you, then read on.
For the uninitiated, gaming industry refers to the digital gaming domain, which includes games that are controlled by and displayed on an electronic device. Board games and other similar games are not included in it. Those are part of the Toys industry.
Gaming industry at large has witnessed constant growth for the last 10 plus years.
Out of all the verticals, most of this growth has happened in the Mobile Gaming vertical. In 2010-11, revenue generated from all the verticals except Arcade was pretty much the same. In 2021, the revenue from Mobile gaming alone was more than all the other verticals put together.
This growth in the Mobile Gaming vertical was because of the following primary factors:
Better quality of mobile devices at affordable prices
Improved data speed and coverage
COVID19 pandemic
Even though these factors played an important role in propelling this growth, all they did was change the medium. The need to play was always there. More people started playing games on mobile phones because better handsets and faster internet allowed high-quality games to become accessible to the masses on their palms.
The actual reason for this growth is seeded in human biology and psychology.
Evolutionary biologists believe that the need for a child to play is embedded in their biology and their brain. “Playing” is a universal human behaviour. Other than crying, sleeping, breastfeeding and excreting the only other thing that a child does is “Play”. As human beings, it is in our nature to play. We play throughout our lives. Not just during our childhood but even after we grow old. The only thing that changes is the game we play.
Considering that “playing” is a biological need of human beings, every innovation and technological advancement aiding gaming or for that matter “playing” will further fuel this growth. Gaming industry is already expected to reach a value of USD 314.4 billion by 2026 as per researchandmarkets.com and USD 545.98 billion by 2028 according to Fortune Business Insights.
With Cloud Gaming already on the rise and 5G getting rolled out across the globe, these numbers could be even higher. Then there is eSports too. And gaming is also being used by non-gaming companies as a Customer Engagement tool.
Thus, in a nutshell, gaming as an industry is bound to grow as it fulfils one of the biological needs of human beings. Playing is as important as eating, sleeping and excreting.
If you have read this far and are still looking for the lyrics. Here it is.