TOKYO, July 06, 2022 (GLOBE NEWSWIRE) — The global online gaming market size was rated on USD 56 billion in 2021 and will reach a market size of USD 132 billion by 2030, budding at a CAGR of 10.2†
The increasing number of gamers around the world is the main factor driving the revenue of the online gaming market. According to the analysis of the online gaming industry, there were more than 2.6 billion gamers in the world in 2020, and this figure accounted for about 2.8 billion in 2021. Online gaming refers to any video game that allows players to interact with each other over the internet. can communicate. Online games can range from simple text-based games to games with complex graphics and virtual worlds occupied by multiple players simultaneously.
COVID-19 Impact on Online Gaming Global Market Share
As COVID-19 had brought nearly the entire world to a standstill, nearly half of the world’s population had become more involved in games. While companies across the country had to close their doors and economies suffered an economic downturn, the gaming industry remained busy. The online gaming market is driven by the increasing number of games available in online stores. For example, in 2020 a total of 80 billion games were downloaded around the world. According to our prediction of the online gaming market, as more people get involved in gaming, more revenue will be generated, especially long earnings. However, it will be difficult to replicate the level of growth achieved during the pandemic as it would require another similar global crisis.
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Coverage of Online Gaming Market Report:
| Market | Global Online Gaming Market |
| Size of the online gaming market in 2021 | USD 56 billion |
| Market forecast for online gaming in 2030 | USD 132 billion |
| CAGR during 2022 – 2030 | 10.2% |
| Analysis period | 2018 – 2030 |
| Base year | 2021 |
| Forecast data | 2022 – 2030 |
| Covered segments | By type, by age group and by region |
| Regional reach | North America, Europe, Asia Pacific, Latin America and the Middle East and Africa |
| Key companies profiled | Bwin, Electronics Arts, GungHo Online, Giant Interactive, Gree, Tencent, King Digital Entertainment, NCSOFT, Sony Corp., Peak Games, Playdom, Riot Games, and Zynga. |
| Reporting coverage | Market Trends, Drivers, Constraints, Competitive Analysis, Player Profiling, Regulatory Analysis |
| Adjustment Range: | 10 hours free customization and expert advice |
Dynamics of the online gaming market
The online gaming industry has experienced rapid growth in recent years as a result of improved internet access, lower prices for smartphones and computers, and rising disposable income of the population. Moreover, the huge demand from the world’s young people who play, spend and earn money and fame is significantly supporting the growth of the online gaming market. The growing number of world competitions is an important and recent trend in the online gaming market that has fueled global demand. The large prize money, worldwide acclaim and massive sponsorship earned through these events have piqued the interest of many young people, increasing their interest in gaming. As a result, the growing number of online gaming streams is a new trend in the online gaming industry. As online gaming streaming websites such as Twitch continue to grow in popularity, content creators in the online gaming industry are gradually using YouTube to publish pre-gaming recorded content to attract audiences.
The market is facing a downturn due to data security and privacy. Weak authentication, child identity theft, and phishing are among the major factors limiting market growth. In addition, in June 2020, UNICEF published a list of guidelines for the online gaming industry designed to inform and support online gaming companies in integrating children’s rights into their business activities. This factor could also stabilize the booming market value of online gaming.
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Segmentation of the online gaming market
The global market is divided into three categories: type, age group and region. The segmentation is based on type and includes mobile games, free-to-play games, pay-to-play games, and pay-in-play games. Mobile gaming sub-segments accounted for a significant portion of the online gaming market. Gaming, especially mobile gaming, continues its phenomenal growth in the entertainment industry. According to our research, mobile gaming accounts for more than half of total gaming revenue. In addition, Asia-Pacific is the largest and fastest growing regional mobile gaming market.
Furthermore, the age segment is divided into less than 10 years, 11-24 years, 25-44 years and 45 years and older. Out of these, the 11-24 age group garnered significant market share for online gaming as this age group is more involved in gaming due to a better understanding of games and ideal for learning and becoming a professional in their respective interest in games.
Regional Outlook for Online Gaming Market
North America, Asia-Pacific, Europe, Latin America, Middle East, and Africa are the regional classifications of the online gaming market. In terms of market share, the Asia-Pacific region accounted for more than 50% of the market share in 2021. This is attributed to the growing youth population base, increasing internet penetration, soaring Chinese game industry and the presence of a large number of professional gamers in countries like China, Singapore, India, Indonesia, South Korea, etc.
In addition, North American and European countries are also witnessing significant growth due to increasing technological advancements, the presence of an established gaming infrastructure, and huge investments in the gaming industry.
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Players in the online gaming market
Some major online gaming companies operating in the industry include Bwin, Electronics Arts, GungHo Online, Giant Interactive, Gree, Tencent, King Digital Entertainment, NCSOFT, Sony Corp., Peak Games, Playdom, Riot Games, and Zynga.
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