New York, United States, June 27, 2024 (GLOBE NEWSWIRE) -- The Global Online Gaming Market Size is to Grow from USD 87.22 Billion in 2023 to USD 229.85 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.17% during the projected period.
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Online gaming is simply the playing of a video game over the internet, usually single-player or multiplayer. A wide range of devices, including PCs, laptops, mobile phones, and specialized video game consoles like PlayStations, Xboxes, and Nintendo Switches, can be used to play online games. The popularity of esports, increased internet access, and advancements in technology have all contributed to the exponential growth of the online gaming industry. Market trends indicate a move toward mobile gaming, which can be attributed to smartphones' convenience of use. Games performed over a computer network are referred to as online games; these games are typically played for accessibility and use. The industry's revenue streams include game downloads, in-app purchases, and subscription services. Free-to-play games depend significantly on microtransactions as a revenue stream. Furthermore, the market is growing owing to the incorporation of modern technologies like augmented reality (AR) and virtual reality (VR), which offer immersive gaming experiences. As governments across a range of countries start to recognize the potential and popularity of online games, they are providing incentives to gaming companies to invest in both initiatives targeted at attracting foreign talent and keeping their local workers and creative assets. Furthermore, several gaming industries have integrated AI algorithms into their online games that reduce the likelihood of cheating and encourage a trend toward fair gaming. Similar to this, AI interprets player behavior in games and renders relevant conclusions. In the online gaming space, mobile gaming has emerged as the leader, changing its dynamics and offering developers and other stakeholders enormous potential. to lead the market for the duration of the projection. However, growth in the sector is impacted by the challenge of online gambling and the potential for cybercrime.
Browse key industry insights spread across 166 pages with 115 Market data tables and figures & charts from the report on the "Global Online Gaming Market Size, Share, and COVID-19 Impact Analysis, By Type (Action, Adventure, Arcade, Sports, Puzzle, and Others), By Platform (PC, Console, Mobile, and Others), By Player Count (Single-Player, Multiplayer, MMO, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The adventure segment is anticipated to hold the greatest share of the global online gaming market during the projected timeframe.
Based on the type, the global online gaming market is divided into action, adventure, arcade, sports, puzzle, and others. Among these, the adventure segment is anticipated to hold the greatest share of the global online gaming market during the projected timeframe. The creation of immersive gaming experiences, which are fueled by advancements in graphics and narratives, has significantly raised the appeal of adventure games. Because these games frequently feature rich narratives and diverse settings, they appeal to a wide variety of players who are searching for engaging, story-driven entertainment.
The mobile segment is anticipated to grow at the fastest pace in the global online gaming market during the projected timeframe.
Based on the platform, the global online gaming market is divided into PC, console, mobile, and others. Among these, the mobile segment is anticipated to grow at the fastest pace in the global online gaming market during the projected timeframe. The global expansion of smartphones has been the driving force behind the expansion of the mobile segment. Mobile gaming apps are easily accessible through app stores, and a wide variety of games are available to suit various preferences and demography. Due to the increasing number of social networking features in mobile games, such as leaderboards, multiplayer options, and social media integration, their popularity has increased.
The multiplayer segment is estimated for the largest revenue in the online gaming market during the estimated period.
Based on the player count, the global online gaming market is divided into single-player, multiplayer, MMO, and others. Among these, the multiplayer segment is estimated for the largest revenue in the online gaming market during the estimated period. The popularity of social gaming experiences has led to an increase in the multiplayer gaming genre, which comprises games that let players connect with two or more individuals. This market has been supported in part by the increasing accessibility of online gaming platforms and the widespread use of high-speed internet. Cooperative and competitive game modes are common in these kinds of titles, and they increase player engagement and retention. Industry data indicates that the number of players actively engaged in multiplayer games has been continuously increasing, highlighting the high level of appeal and long-term growth potential of this market.
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Asia Pacific is expected to hold the largest share of the global online gaming market over the forecast period.
Asia Pacific is expected to hold the largest share of the global online gaming market over the forecast period. These countries have significant gaming culture partially due to their sophisticated PC and mobile gaming infrastructures. The increasing number of low-cost smartphones and improved internet access in the region have played a significant role in driving the growth of mobile gaming, which accounts for a significant portion of the online gaming market in Asia-Pacific. China, the largest market in the area, contributes significantly to this dominance with its massive player base and the presence of major gaming businesses.
North America is predicted to grow at the fastest pace in the global online gaming market during the projected timeframe. A strong online gaming culture, innovative internet infrastructure, and the presence of large gaming companies are among the contributing factors. The US and Canada are two of the industry leaders with significant levels of digital adoption and spending on gaming technology and content. The market is largely defined by a strong competitive gaming culture, which includes eSports, and high consumer spending on gaming.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global online gaming market include Sony Group Corp., Alphabet Inc., Tencent Holdings Ltd., Sega Corp., PopReach Corp., Bandai Namco Holdings Inc., Nintendo Co. Ltd., Square Enix Holdings Co. Ltd., Ubisoft Entertainment, GungHo Online Entertainment Inc., Electronic Arts Inc., Capcom Co. Ltd., Zeptolab Ltd, Microsoft Corp., NEXON Co Ltd., Apple Inc., Take Two Interactive Software Inc., GREE Inc., NetEase Inc., and Others.
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Recent Developments
- In April 2023, Sony Interactive Entertainment LLC ("SIE") signed an agreement to acquire Firewalk Studios. Together with other elite development teams like Haven Interactive Studios and Bungie, SIE is aiming to usher in a new era of live gaming services for PlayStation players with this deal.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Online Gaming Market based on the below-mentioned segments:
Global Online Gaming Market, By Type
- Action
- Adventure
- Arcade
- Sports
- Puzzle
- Others
Global Online Gaming Market, By Platform
- PC
- Console
- Mobile
- Others
Global Online Gaming Market, By Player Count
- Single-Player
- Multiplayer
- MMO
- Others
Global Online Gaming Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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