It will keep on branching out, finding pockets of viable market segments to extract money from here and there. We're in another huge transitional period right now; the whole term "gaming" is currently being re-defined.
It won't crash, it has already branched out too far and wide for that.
A simultaneous collapse of mobile/tablet, browser, home console, dedicated handheld and social games is quite simply impossible, the gaming market is no longer one massive, highly vulnerable entity as it was in the 90's and early 2000's, it is perfectly possible for one segment/branch to die or come close to dying without the whole market collapsing; look at Arcade machines, the revenue and developer efforts simply flowed elsewhere.
It's like the in thermodynamics; matter cannot simply cease to exist or pop into existence from nowhere. Similarly; the gaming industry won't suddenly just cease to be, it will adjust and change the flow direction, if anything.
The traditional gaming segments are having and about to have some real trouble though; the gaming industry as a whole will have grown into about double by 2015 from 2005 (35 billion-ish 2005 to 68-70 billion-ish in 2015), and this is in the middle of a crippling, global financial crisis.







