PUBLISHER: The Business Research Company | PRODUCT CODE: 1464145
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464145
Online gaming refers to the playing of video games over the internet, utilizing various platforms such as computers, gaming consoles, or mobile devices. This form of gaming enables individuals to connect and interact with each other in a virtual environment, participating in either competitive or cooperative gameplay experiences.
The primary types of online gaming include action, adventure, arcade, sports, puzzles, and others. Action games represent a broad genre characterized by fast-paced gameplay, dynamic challenges, and a focus on player reflexes and hand-eye coordination. These games cater to various gamer types, including social gamers, serious gamers, and core gamers, and are enjoyed by different age groups, including those under 10 years, 11-24 years, 25-44 years, and 45 years and older. Online action games are played across various platforms such as mobile phones, personal computers (PCs), consoles, and others.
The online gaming market research report is one of a series of new reports from The Business Research Company that provides online gaming market statistics, including online gaming industry global market size, regional shares, competitors with an online gaming market share, detailed online gaming market segments, market trends and opportunities, and any further data you may need to thrive in the online gaming industry. This online gaming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The online gaming market size has grown rapidly in recent years. It will grow from $88.55 billion in 2023 to $98.6 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The expansion observed during the historical period can be ascribed to progressions in mobile gaming, digital distribution platforms, broadening gaming demographics, and the adoption of free-to-play models.
The online gaming market size is expected to see rapid growth in the next few years. It will grow to $145.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The projected growth in the upcoming period is anticipated to stem from the emergence of the metaverse and virtual worlds, advancements in augmented reality (AR) and virtual reality (VR) technologies, personalized and dynamically generated content, and the globalization of video games. Key trends foreseen in the forecast period encompass cloud gaming services, cross-platform gaming, the rise of esports and competitive gaming, the integration of blockchain and NFTs, and increased exploration of the metaverse.
The upward trend in mobile device utilization is anticipated to drive the expansion of the online gaming sector. Mobile devices, characterized by their portability and multifunctionality, are increasingly preferred due to their convenience, connectivity, affordability, and sociocultural appeal. These devices cater to diverse gaming preferences and styles, contributing to a varied gaming experience. As per World Bank Data, global mobile cellular subscriptions per 100 individuals rose from 107 in 2021 to 108 in 2022, underscoring the growing reliance on mobile platforms for gaming activities.
Key players in the online gaming industry are directing their efforts towards innovative strategies, such as the development of player-versus-player (PvP) strategy games, to attract and retain users while remaining competitive. PvP games involve direct competition between players in strategic confrontations, emphasizing human interaction over AI adversaries. In August 2023, Krafton Inc., a leading South Korean gaming company, launched Road to Valor Empires, a real-time PvP strategy game set in India. The game offers players the opportunity to engage in global competition, commanding mythical entities in battles characterized by ancient and fantastical elements, all presented with realistic graphics.
In February 2024, OneVerse, a US-based gaming technology firm, acquired Spartan Poker the terms of which were not disclosed. This acquisition underscores OneVerse's dedication to driving innovation in online gaming, with a focus on delivering exceptional gaming experiences to users both in India and globally. Spartan Poker, headquartered in India, is renowned for providing a top-tier online gaming platform tailored to enthusiasts of the genre.
Major companies operating in the online gaming market report are Microsoft Corporation, Sony Corporation, Tencent Holdings Limited, Nintendo Co. Ltd., NetEase Inc., Valve Corporation, Bandai Namco Entertainment Inc., Activision Blizzard Inc., Epic Games Inc., Electronic Arts Inc., Take-Two Interactive Software Inc., Zynga Inc., Nexon Co. Ltd., Square Enix Holdings Co. Ltd., Ubisoft Entertainment SA, Konami Holdings Corporation, NCSoft Corporation, Riot Games Inc., Unity Technologies SF, GungHo Online Entertainment Inc., Capcom Co. Ltd., Supercell Oy, GREE Inc., Gameloft SE, CD Projekt S.A., Miniclip SA
Asia-Pacific was the largest region in the online gaming market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online gaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the online gaming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The online gaming market consists of revenues earned by entities by providing services such as matchmaking services, game hosting, chat and communication, tournaments and events, streaming and broadcasting, and customer support. The market value includes the value of related goods sold by the service provider or included within the service offering. The online gaming market also includes sales of gaming consoles, gaming peripherals, gaming accessories, virtual reality (VR) headsets, and game development tools. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Online Gaming Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on online gaming market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for online gaming ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The online gaming market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.