The online gaming market is incredibly competitive. As a result, many online games fail to generate a sizable profit, making it impossible for the parent organizations to continue maintaining the servers.
October 27, 2022 05:59 ET | Source: Adroit Market Research
Dallas, Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) — Online gaming is the practice of playing video games with other players. No of their age, people of all ability levels enjoy it now. The online gaming market has grown quickly in recent years as a result of the expanding worldwide gaming population, rising disposable incomes, and technological advancements that make gaming more immersive than ever. Sports, arcades, action, and adventure games are just a few of the different genres of online games. The three most common platforms for online gaming are computers, game consoles, and mobile devices. Players can cooperate or compete with one another to complete missions or objectives.
During the projected period, of 2019-2029, the global market for online gaming is anticipated to expand at a CAGR of 10.7%. By 2029, the market’s value is predicted to increase to $450.8 billion from its current $137.9 billion value.
The rise in players worldwide increased disposable incomes, and technical developments that have made gaming more immersive than ever are all factors contributing to this quick expansion.
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The world of online gaming offers a lot of benefits. In the first place, it’s a terrific method to mingle and socialize from all over the world. Second, it provides a way to let stress and anxiety out. Your hand-eye coordination and reflexes may also become quicker as a result. Fourth, it can help improve one’s capacity for problem-solving. Last but not least, it may be a fun and entertaining method to spend time. Additionally, it is projected that during the next ten years, the online gaming sector would grow dramatically.
The internet gaming market is expected to grow dramatically during the next ten years. The rise in players worldwide increased disposable incomes, and technical developments that have made gaming more immersive than ever are all factors contributing to this quick expansion. Electronic Arts, Activision Blizzard, Nintendo, Microsoft, and Sony are a few of the major companies in the online gaming industry. In order to maintain player interest, these businesses frequently innovate and roll out new games and features. They also make significant investments in marketing and advertising in an effort to entice new participants.
Report coverage & details:
| Report Coverage | Details |
| Historic Data | 2019-2020 |
| Study Period: | 2022-2029 |
| CAGR | CAGR of 10.7% during 2022-2029 |
| Segment Covered | Type, Age group, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Peak Games, Gree, Microsoft, Sony Corp., Tencent, Activision Blizzard, Konami, NCSOFT, GungHo Online, King Digital Entertainment, Arkadium, Riot Games, Electronic Arts, Playdom, Wargaming, Giant Interactive |
The forecast period is expected to have the biggest CAGR rise in the action category. Because they are exciting, fast-paced, and provide players with a chance to show off their talents, action games are immensely popular among gamers. Additionally, new action video games are regularly released, which is fueling this market’s expansion.
Due to the rising popularity of smartphones and the accessibility of high-speed internet connectivity, the mobile phone market is anticipated to expand at the greatest CAGR throughout the forecast period. Additionally, it’s projected that the introduction of 5G technology would accelerate the growth of this market.
As serious players are willing to spend a lot of money on gaming equipment, software, and accessories in order to enhance their gaming experience and their chances of winning, the serious gamer group is anticipated to grow at the highest CAGR over the projected period. The social gaming segment is anticipated to expand significantly as well, as more and more people use online gaming to communicate with far-flung friends and family members.
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The largest online gaming market at the moment is North America, which is anticipated to keep that title during the projection period. Both the rise of gamers and the popularity of e-sports are responsible for the region’s expansion. In addition, the Asia-Pacific region is anticipated to have strong expansion throughout the projected period due to the rise in the number of smartphone owners and high-speed internet users.
To increase the number of mobile games in its library, Electronic Arts paid $2.1 billion to purchase Glu Mobile in September 2019.
Supercell was purchased from SoftBank Group by Tencent Games in February 2019 for $8.6 billion.
Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Online gaming Market by type, 2019-2029 (USD Billion)
4.1. mobile games
4.2. free-to-play games
4.3. pay-to-play games
4.4. pay-in-play games
5. Online gaming market by age group, 2019-2029 (USD Billion)
5.1. less than 10 years
5.2. 11-24 years
5.3. 25-44 years
5.4. 45 years and older
6. Online gaming market by region, 2019-2029 (USD Billion)
6.1. North America
6.1.1. US
6.1.2. Canada
6.2 Europe
6.2.1. UK
6.2.2. Germany
6.2.3. France
6.2.4. Rest of Europe
6.3. Asia Pacific
6.3.1. China
6.3.2. Japan
6.3.3. India
6.3.4. Rest of Asia Pacific
6.4. South America
6.4.1. Brazil
6.4.2. Mexico
6.4.3. Rest of South America
6.5. Middle East & Africa
7. Competitive Landscape
7.1. Company Ranking
7.2. Market Share Analysis
7.3. Strategic Initiatives
7.3.1. Mergers & Acquisitions
7.3.2. New Product Launch
7.3.3. Others
8. Company Profiles
9. Appendix
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