Key Takeaways:

• 'Call of Duty: Black Ops 7' headlines Gamescom's opening ceremony
• Nintendo returns to Gamescom, riding the success of Switch 2
• The gaming industry faces challenges, with nearly 30,000 job cuts since early 2023

Gamescom, one of the world's largest video game trade fairs, is set to begin with a bang as the 'Call of Duty' franchise takes center stage. The event, held in Cologne, Germany, will bring together around 5,000 industry professionals and fans for its opening ceremony on Tuesday evening.

Canadian TV presenter Geoff Keighley will introduce 'Call of Duty: Black Ops 7' alongside other anticipated titles during a two-hour showcase of upcoming blockbuster productions. This latest installment in the long-running series is expected to generate significant buzz among attendees.

Following a business and press day on Wednesday, Gamescom will open its doors to the public until Sunday. Organizers hope to attract around 370,000 visitors, aiming to return to pre-pandemic attendance levels. The event will feature approximately 1,500 exhibitors, with some attendees donning elaborate costumes inspired by their favorite games.

Nintendo's return to Gamescom after skipping last year's event is a notable highlight. The company is capitalizing on the success of its record-breaking Switch 2 console launch earlier this year. Microsoft's Xbox division will also be present, showcasing its new portable console slated for release towards the end of the year.

However, the gaming industry is currently facing challenges. Since early 2023, nearly 30,000 job cuts have been reported across the sector. Despite these difficulties, global gaming market revenue is expected to hold steady at just under $190 billion this year, according to data firm Newzoo.

Other highly anticipated games set to be unveiled at Gamescom include new episodes of horror sagas 'Silent Hill' and 'Resident Evil', as well as sequels to indie hit 'Hollow Knight' and the beloved science-fiction action series 'Metroid Prime'.

As the industry navigates this period of consolidation and job losses, events like Gamescom provide a platform for companies to showcase their latest innovations and connect with fans. The success of this year's event could serve as an indicator of the gaming industry's resilience and ability to adapt to changing market conditions.