The gaming sector is one of the most well-known in the world. The business model associated with this market sector is quite profitable and advantageous. The process involved in running a successful game company or any other software development company involves risk-taking , flexibility to change the strategy according to market conditions, following up on customer feedback, and monitoring revenue and expenditure. If we do an in-depth study of the FinTech and gaming industry, we must understand its origin.
The Future of Gaming
Three technology sectors have dominated the market for a long time: Cloud Computing, Virtual Reality (VR), and Artificial Intelligence (AI). These technologies have helped many software companies and game developers develop a new and innovative way of doing business. Such technological tools have boosted the gaming industry to new heights by providing advanced features, top-notch graphics, responsive interfaces, and stronger security measures.
According to a research report from 2017, it is said that the global VR market will hit $48 Billion in 2022. Predictions say that the gaming industry will soon surpass that of movies and music. All eyes are on this sector to check what new products it will bring to the world a few years from now.
How Gaming Industry is the Future
The Global Games Market Report states that after a downswing in 2009-2010 owing to the recession, which was followed by a steep increase in 2013 after the release of Nintendo’s 3DS and after a lull in 2016, 2017 seemed to be a great year for gaming with many new releases such as Pokémon Go, Nintendo Switch, etc.
The gaming industry is currently worth $100 billion if we go further back into history, and we can see that it has grown from just $500 million at the start of the 2000s. This is a great achievement by any industry standards!
Various studies show that, at present, China and North America are the top two markets for the gaming industry. The United States and Canada’s market share combined stands at around 23%, with Japan coming in third place with 12% of global revenue share, followed by Germany with 8% and the United Kingdom with 5%.
The FinTech industry is growing rapidly not only in this country but also around the world. The financial services sector has transformed rapidly over the past few years due to advancements in technology. Even though we are still evolving, there has been tremendous change in people’s perceptions regarding money. People now want more from their life.
In today’s generation, most youths are much more concerned about how comfortable and convenient life is than what society expects of them. They want a stress-free, happy life which includes having the freedom to do whatever they like.
The Link of Gaming and FinTech
Even though the gaming and FinTech industries may seem different from one another on the outside, there is a great relationship among them. Both these industries are helping in making people’s lives more enjoyable and comfortable.
Because of technological advancements, most individuals can now work from the comfort of their own homes rather than needing to commute to an office. This way, one can save time and effort that would otherwise be spent commuting daily to the office and back. It also positively affects one’s productivity, taking away the pressures of daily meetings, drop-ins, office politics, etc.
Many entrepreneurs want to start and run their own businesses, but they have no idea what kind of company they should establish or how to go about it. The best bet in this situation is to go ahead and start a gaming company. This industry has penetrated the entire world with its wide range of products consistently updated with the latest technologies.
For many individuals, playing games on their cellphones is not just a source of amusement, but also a way to supplement their income. You may get money by playing games on your smartphone on a variety of websites. This is a fantastic possibility for folks who can borrow or purchase used cell phones or laptops since it allows them to work from home and earn money.
Effect of FinTech on Gaming Industry
The FinTech industry has also benefited the gaming world, which ultimately affects a person’s lifestyle. The fact that we can now shop online or book tickets for a flight at any time of the day makes our lives much easier and hassle-free. It has also made it possible to receive money instantly, which was not available before. Banks also use this technology by providing their customers with an easy way to transfer funds through Paytm, Ola Money, Freecharge, PhonePe, etc.
With the current state of the globe, mobile games will almost certainly be published on desktop PCs. They will have a superior graphics quality with easy-to-navigate controls and a wide range of avatars, allowing people to experience different emotions while playing these games. This would help many people have an outlet for their stress and anger, leading to a healthier lifestyle in general.