Ottawa, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global online gaming market size accounted for USD 220.46 billion in 2023, According to Precedence Research. North America held the largest revenue share in 2022.
Online gaming refers to the act of playing video games or other digital games over the internet, often with other players from around the world. Online gaming can be played on various platforms, including personal computers, gaming consoles, and mobile devices. Online gaming has become increasingly popular in recent years, with millions of players participating in various online games, such as massively multiplayer online games, first-person shooters, and sports simulations.
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The integration of digital payment gateways onto real money gaming platforms has proven to be beneficial by making transactions quick and easy. The COVID-19 pandemic and subsequent government-imposed lockdowns forced people to stay indoors, leading to an increase in online gaming. These games became an important aspect of people's social lives in the virtual world. Further, as blockchain technology continues to evolve, it can provide a higher level of trust, which can be advantageous for real money gaming. Additionally, blockchain technology is opening up new revenue streams for real money gaming platforms through NFTs.
Key Insights:
- Asia-Pacific seeks lucrative growth opportunities during the forecast period.
- The action & adventure games segment has held the biggest revenue share in 2022.
- The mobile segment held the major market share in 2022.
Growth Factors of Online Gaming Market
The year saw a rapid increase in e-sports participants and wide adoption of e-sports, which is likely to support the growth of the online gaming market during the forecast period. E-sports have enormous market demand and are propelling industry expansion in India and around the world. Video game competitions are known as esports. E-sport competitions use popular multiplayer online games like Counter-Strike, Halo, and Call of Duty, and the winners receive cash or hardware.
The graphics and plot of many companies' games are being developed to appeal to players and be compatible with a variety of devices. The widespread adoption of smartphones has increased online gaming sales to their highest level. Consoles are being created by businesses so that players can have a better experience. Gamers may now find games from many publishers, including Arcade and Stadia, due to the cloud gaming service that online gaming businesses have launched.
Report Highlights:
- By Game Type, the sports games segment is expected to grow at a significant CAGR in the global online gaming market during the forecast period. This is owing to the advent of multiple sporting leagues across various economies along with the presence of various stars and the continuous interest of investors in this segment of the market.
- By Business Model, the play-to-earn segment is expected to grow at a considerable CAGR during the forecast period. This is one of the recent developments in the online gaming. This model offers financial benefits to every player that is been involved in the online gaming. The developers of the model offer the players with ownership of the NFTs i.e. in-game digital assets which is likely to support the growth of the segment in the years to come.
Online Gaming Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 220.46 Billion |
| Market Size by 2032 | USD 440.89 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 7.97% |
| Largest Market | North America |
| Fastest Growing Market | Asia-Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
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Regional Stance:
North America held a considerable revenue share in 2022. US held largest share in the region. This is attributable to the increase in regulated sports betting along with presence of significant players in the region. Further, the rising technological advancements to constantly improvise and evolve the games in this region are also likely to support the growth of the market across the region. Additionally, the increasing consumer spending is also expected to contribute to the regional growth of the market during the forecast period.
Asia Pacific is expected to grow at a fastest CAGR during the forecast period. The increasing adoption of advanced technologies such as blockchain along with the integration of 5G in the developing economies such as China and India is likely to contribute to the growth of the market in the region. Furthermore, the presence of large population of gamers coupled with increasing sponsorships and tournaments are also expected to support growth of the market in the region within the estimated timeframe.
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Market Dynamics:
Drivers
Growth of Cloud Gaming
"Cloud gaming" is the practice of accessing faraway servers in data centers to play video games. The need to download and install games on a console or system is no longer necessary with cloud gaming. The delivery of data to a web browser or program running on the device that is receiving it, in contrast, depends on streaming services having a constant internet connection. Users must pay a monthly fee to use the sophisticated infrastructure used by cloud gaming businesses in order to broadcast content. The adoption of cloud technology has revolutionized the creation and usage of video and mobile games. With cloud gaming, players can use the newest games from anywhere, regardless of their hardware or location, as long as they have a reliable internet connection.
In contrast to game consoles, cloud-based games transfer the content execution from the console to the cloud. For example, Microsoft has altered to Xbox cloud gaming services from its Xbox consoles that utilize virtual Xbox boards on server farms, improving performance and facilitating streaming on larger devices. In a similar vein, in October 2020, Amazon unveiled Luna, a cloud gaming service, Luna reduces input lag in games by using a supplementary gamepad controller and a different Wi-Fi connection. In addition to this, there are rumors that Netflix would shift its attention to the gaming industry. Additionally, Google's Stadia merges its cloud architecture with the Google Cloud Platform (GCP). Consequently, this is likely to support the growth of the market within the estimated timeframe.
Restraint
Concerns with Identity Theft and Data Breaches
In order to create profiles of their potential targets, cybercriminals gather personal information. When playing online games with strangers, the chat function is one potential risk, as it enables communication with other players. Sensitive information like name, phone number, and home address can be obtained by criminals through the chat function. It is crucial to be cautious about the information shared during gaming.
Further, game publishers are vulnerable to attacks from hackers. If they manage to breach a publisher's systems, they can access various kinds of information ranging from source codes and games to the personal details stored in players' accounts. One of the well-known instances of such a breach was the one at Zynga, where hackers stole login information, such as usernames, passwords, and email addresses, of Draw Something and Words With Friends players. This breach compromised more than 172 million accounts and has been one of the largest data breaches ever recorded. As a result, these factors are likely to restrain the growth of the market during the forecast period.
Opportunities
Integration of 5G technology
When paired with virtual reality (VR) and augmented reality (AR), 5G can offer innovative mobile gaming solutions with real-time online capabilities. Cloud gaming is already expected to replace traditional gaming, and the arrival of 5G will provide consumers access to high-end console-like gaming experiences. The youthful population, rising smartphone adoption, and 5G will all contribute to mobile gaming becoming a billion-dollar industry.
Extended reality (XR) gaming experiences will be more realistic due to 5G's high bandwidth and low latency, which will also make multi-user experiences possible. Additionally, it will make it possible to organize sizable, platform-neutral events and social activities like in-game concerts where users may engage in fluid conversations with other gamers. High-quality mobile gaming will be made possible by 5G, which will also increase availability and levels the playing field for new gamers. These advancements are likely to create immense opportunities for the growth of the online gaming market in the years to come.
Challenges
Lack of Standardization
The problem of game duplication is one of the main obstacles to IP protection in online gaming. Cloned games are produced by one firm and sold as the work of another, a practice known as game cloning. This violates the original game's intellectual property and might damage both the games and the firm that created its reputation. Cloning of games is particularly common in the mobile gaming sector, where low entry hurdles and easy access to development tools make it simple for businesses to produce copies of popular games. Cloning games could lead to consumer or user confusion and a loss of money for the creators of the original game. The original game's reputation suffers as a result of such imitation. In rare instances, game cloning can also result in unfavorable reviews and falling ratings for the original game, which can negatively affect that game's commercial performance and success. As a result, this is likely to hamper the growth of the market growth in the years to come.
Related Reports:
- Mobile Gaming Market: The global mobile gaming market size surpassed USD 184.4 billion in 2022 and is expected to attain around USD 775.69 billion by 2032, growing at a CAGR of 15.5% throughout the projection period 2023 to 2032.
- Simulation Software Market: The global simulation software market size accounted for USD 16.55 billion in 2022 and is expected to hit around USD 40.5 billion by 2030, growing at a remarkable CAGR of 11.83% during the forecast period 2022 to 2030.
- eSports Market: The global eSports market size was estimated at USD 4.4 billion in 2022 and it is projected to hit around USD 33.38 billion by 2032 and is expected to grow at a CAGR of 22.47% during the forecast period 2023 to 2032.
Recent Developments:
- In February 2023, NVIDIA and Microsoft entered into a ten-year alliance to make the Xbox PC games available to the NVIDIA GeForce NOW cloud gaming service. The gaming service has a user base of more than 25 million members and a presence in over 100 countries. Through this collaboration, players will be able to stream Xbox PC games from GeForce NOW to a variety of devices including PCs, Chromebooks, macOS, and smartphones. Additionally, after the completion of the acquisition of Activision by Microsoft, players will also be able to play Activision Blizzard PC games, such as Call of Duty, through the GeForce NOW service.
- In February 2022, Aristocrat Leisure Ltd. unveiled a new corporate sector called Real Money Gaming (RMG), which will be overseen by Mitchell Bowen. The new RMG division will work alongside Bowen's previous segment, Aristocrat Gaming. The company is planning to invest in developing its own online RMG platform infrastructure and will also consider selective partnerships, M&A, and talent acquisitions to expedite progress wherever suitable.
Key Players:
- Tencent Holding Limited
- Activision Blizzard, Inc.
- Nintendo of America Inc.
- Microsoft Corporation
- Valve Corporation
- Electronic Arts Inc.
- Sony Corporation
- Take-Two Interactive Software, Inc.
- Square Enix Holdings Co., Ltd.
- Amazon.com, Inc.
- Gameloft SE
- King Digital Entertainment Ltd.
Market Segmentation
By Gaming Type
- Action & Adventure Games
- Racing Games
- Simulation Games
- Strategy Games
- Sports Games
- Others
By Platform
- PC
- Console
- Mobile
- Others
By Business Model
- Free-to-play
- Pay-to-play
- Subscription-based
- Play-to-earn
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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