NEW YORK, United States, June 27, 2024 (GLOBE NEWSWIRE) — The global online gaming market size is expected to reach USD 229.85 billion by 2033 from USD 87.22 billion in 2023, growing at a compound annual growth rate (CAGR) of 10.17% during the forecast period.
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Online gaming is the playing of video games over the internet. It is usually single-player or multiplayer. Online games can be played using a variety of devices, including PCs, laptops, mobile phones, and dedicated video game consoles such as PlayStation, Xbox, and Nintendo Switch. The popularity of e-sports, increasing internet access, and advancements in technology have all contributed to the rapid growth of the online gaming industry. Market trends indicate a shift towards mobile gaming due to the ease of use of smartphones. Games that run over computer networks are called online games, and these games are typically played for their accessibility and ease of use. Revenue sources for the industry include game downloads, in-app purchases, and subscription services. Free-to-play games rely heavily on microtransactions as a revenue source. Additionally, the market is growing due to the incorporation of modern technologies such as augmented reality (AR) and virtual reality (VR), which provide an immersive gaming experience. As governments of various countries have begun to recognize the potential and popularity of online gaming, they are providing incentives to gaming companies to invest in both efforts aimed at attracting foreign talent and retaining local workers and creative assets. Additionally, several gaming industries are integrating AI algorithms into online games, which reduce the chances of cheating and promote a tendency towards fair gaming. Similarly, AI interprets the player’s behavior in the game and comes to appropriate conclusions. In the online gaming sector, mobile gaming has emerged as a leader, changing its dynamics and offering immense potential for developers and other stakeholders. It will lead the market during the forecast period. However, the growth of this sector is subject to the challenges of online gambling and the possibility of cybercrime.
See key industry insights with 115 market data tables and charts across 166 pages from the report “Global Online Gaming Market Size, Share, COVID-19 Impact Analysis, By Type (Action, Adventure, Arcade, Sports, Puzzle, etc.), By Platform (PC, Console, Mobile, etc.), By Player Count (Single Player, Multiplayer, MMO, etc.), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast, 2023-2033.”
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The adventure segment is expected to account for the largest share of the global online gaming market during the forecast period.
Based on type, the global online games market is segmented into action, adventure, arcade, sports, puzzle, and others. Of these, the adventure segment is expected to account for the largest share of the global online games market during the forecast period. The creation of immersive gaming experiences, enabled by advancements in graphics and storylines, has significantly increased the appeal of adventure games. These games often feature rich storylines and diverse settings, appealing to a wide range of players looking for compelling, story-driven entertainment.
The mobile segment is expected to grow at the fastest pace in the global online gaming market during the forecast period.
Based on platform, the global online gaming market is segmented into PC, console, mobile, and others. Of these, the mobile segment is expected to grow at the fastest pace in the global online gaming market during the forecast period. The global penetration of smartphones is driving the expansion of the mobile segment. Mobile gaming apps are easily accessible through app stores, with a wide variety of games available to suit different tastes and demographics. The increasing number of social networking features in mobile games, such as leaderboards, multiplayer options, and social media integration, has contributed to the popularity of mobile gaming.
The multiplayer segment is estimated to contribute the maximum revenue in the online gaming market during the estimated period.
Based on the number of players, the global online gaming market is divided into single player, multiplayer, MMO, and others. Of these, the multiplayer segment is estimated to generate the maximum 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 consists of games that allow players to connect with two or more individuals. This market has been partially supported by the increasing accessibility of online gaming platforms and the widespread availability of high-speed internet. Cooperative and competitive gaming modes are common in these types of titles, which increase player engagement and retention. Industry data shows that the number of players actively participating in multiplayer games is continuously increasing, highlighting the high attractiveness and long-term growth potential of this market.
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Asia Pacific is expected to account for the largest share of the global online gaming market during the forecast period.
Asia Pacific is expected to account for the largest share of the global online gaming market during the forecast period. These countries have a thriving gaming culture, partly due to advanced PC and mobile gaming infrastructure. The rise in low-cost smartphones and improved internet access in the region have played a key role in driving the growth of mobile gaming, which accounts for a major portion of the Asia Pacific online gaming market. China, the largest market in the region, is a major contributor to this dominance due to its huge player base and the presence of major gaming companies.
North America is expected to grow at the fastest pace in the global online gaming market during the forecast period, due to a strong online gaming culture, innovative internet infrastructure, and the presence of major gaming companies. The United States and Canada are two of the industry leaders with extremely high levels of digital adoption and spending on gaming technology and content. The market is heavily characterized by a strong competitive gaming culture, including e-sports, and high consumer spending on games.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. The report also provides a detailed analysis focusing on the current news and developments of the companies, including product development, innovation, joint ventures, partnerships, mergers & acquisitions, and strategic alliances, which allows for an assessment of the overall competition within the market. Key vendors in the global online gaming market include Sony Group Inc., Alphabet Inc., Tencent Holdings Ltd., Sega Corporation, 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 Co., Ltd., Nexon Co., Ltd., Apple Inc., Take Two Interactive Software Inc., Gree, Inc., and NetEase Inc.
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Recent developments
In April 2023, Sony Interactive Entertainment LLC (“SIE”) entered into an agreement to acquire Firewalk Studios. Along with other elite development teams such as Haven Interactive Studios and Bungie, SIE aims to usher in a new era of live gaming services for PlayStation players with this agreement.
Market Segments
The study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights segments the global online gaming market based on the following segments:
Global online games market, by type
Action Adventure Arcade Sports Puzzle Other
Global online games market by platform
Global online games market by number of players
Single player Multiplayer MMO Other
Global online gaming market, regional analysis
North America 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 and Africa United Arab Emirates Saudi Arabia Qatar South Africa Rest of Middle East and Africa
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