Technology is clearly not the future for the gaming industry, and it has already helped to push it to the current levels we are now seeing, and this is only set to grow further in the coming years. You have online casinos, mobile gaming, console gaming and even newer technologies now entering the gaming industry, which is why it has proven such a success. It has all now resulted in the industry now being one of the fastest growing in the world and it does not look like stopping anytime soon, with predictions that the upward curve is set to continue.
For such a long time, the gaming industry has been about the video game market, but this is now being far overtaken by other parts of the industry. However, it is still seeing some success and in 2019 for example, the global video game market was valued at 151.06 billion, which was expected to grow by 12.9% year on year from 2020 on to 2027. This is something we have seen, and this has been further accelerated by COVID-19 and the pandemic. It has meant that restrictions have been enforced with lockdowns, so people are having to spend extended periods of time within their own homes and online entertainment is now the main area to have benefitted from this. Something that is now expected to continue well through 2021.
As mentioned, online casinos are another field that has seen some remarkable success and has also seen an increase in popularity in recent times. Technology is also now expected to push this further and continue to enhance the experience for players. Next up to be released is Virtual reality casinos, that are predicted to take online casinos to the next level. It could completely change the gambling landscape, as there is currently a huge amount of anticipation around this. It is now expected to really hit the market within the next year or so.
Finally, mobile gaming is what has really driven the success behind the gaming industry and now holds the lion share of the overall revenue that is being brought in. It has brought in a new demographic of gamers and this is why so much more money is being invested into mobile gaming. It truly is such an exciting time for the industry and it will be fascinating to see its growth moving forward.