Google will announce what it says is the "future of gaming" beginning at 1 p.m. Eastern. The company is expected to unveil a new streaming game service that will launch it into the $140 billion gaming industry, where it will compete with Sony, Microsoft and perhaps Amazon, which is reportedly working on a similar service.

The service is expected to allow people to play the latest video games anywhere they want, without needing expensive hardware consoles or gaming computers to render the graphics. That will all be done on Google's cloud. The announcement may also include some sort of physical controller.

Google's service is just one focus point for industry-watchers, however. It will, also need to reveal a lineup of games people actually want to play, launch it at an affordable price point and, perhaps most importantly, show how it can guarantee that gamers will have a lag-free experience no matter where they play.

The event begins at 1 p.m. Eastern.

Subscribe to CNBC on YouTube.