Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "Southeast Asia Gaming - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Southeast Asia Gaming Market size is estimated at USD 14.80 billion in 2024, and is expected to reach USD 14.93 billion by 2029, growing at a CAGR of 0.19% during the forecast period (2024-2029).
Key Highlights
- The introduction of 5G technology in recent years aided in expanding wireless network infrastructure investments. As a result, the low latency of 5G may enable users to have a significantly more seamless cloud gaming experience. For instance, Southeast Asian operators have announced partnerships worth USD 30 billion (30,000 million) in 5G investment. The previous year, the two major Indonesian operators, Ooredoo and CK Hutchinson, signed a USD 6 billion (6,000 million) agreement for their telecommunications operations. True, Thailand's second-largest telco, announced a merger with DTAC, creating a USD 8.6 billion (8,600 million) company with approximately 51 million customers.
- The growing popularity of e-sports is also boosting the region's game market. E-sports is a video game competition. With increased viewership on online platforms such as Twitch and YouTube, advertising is expected to generate more revenue during the forecast period.
- However, issues such as piracy, laws and regulations, and concerns about fraud during gaming transactions are expected to hamper market growth, serving as a major restraint for the market.
- Through online multiplayer and group chats, video game players can stay in touch with friends and family. During the COVID-19 pandemic, they helped people pass the time and keep in touch with friends and family in a fun way. Unlike other industries, Southeast Asian gaming is experiencing a surge in demand. Influencer partnerships, in-app advertising, innovations, and gaming partnerships drive the industry forward. In the long run, the industry is expected to grow even more.
Mobile Segment to Hold Significant Market Share
- According to the All-Correct Games blog, the number of mobile online gamers in Southeast Asia increased to around 250 million in the previous year. Malaysia, Thailand, Vietnam, Indonesia, Singapore, and the Philippines are Southeast Asia's six most important mobile gaming markets.
- The availability of a free-to-play option is one of the primary drivers of mobile gaming when compared to personal computers. The introduction of cloud-based mobile gaming may accelerate this trend.
- Though e-sports is a relatively new concept in Southeast Asia compared to traditional games, it is expanding rapidly due to the region's growing gaming market. Furthermore, over 55% of mobile gamers are over 55, with only 8% being teenagers, owing to the popularity of hyper-casual and casual games, which do not require many skills and can be played by any user. The majority of hypercasual games are monetized through advertising. However, the mobile gaming market is seasonal, so the games' popularity may fade quickly. As a result, forecasting demand for new games is difficult, limiting market growth.
- On the other hand, the advent of cloud gaming has removed the constant need for hardware upgrades, and players worldwide can play cloud games on their existing devices and on future devices that may have low specs. The most significant opportunity for vendors in the segment is to reach smartphone gamers, who make up a sizable portion of the gaming audience and prefer to play PC and console games on their mobile devices.
- According to a recent Google survey, one in every three smartphone owners in Southeast Asia plays mobile games at least once every seven days. Over 82% of Southeast Asia's urban online population is a gamer, and mobile gaming outnumbers PC and console games by a wide margin.
A selection of companies mentioned in this report includes
- Asiasoft Corporation Public Company Limited
- IGG
- Com2uS Group
- Netmarble Corp.
- Tencent Holdings Ltd
- Bandai Namco Entertainment Asia Pte. Ltd.
- Sherman Chin
- Sea Limited
- Nintendo
- Sony Corporation
For more information about this report visit https://www.researchandmarkets.com/r/8pcank
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