PUBLISHER: Allied Market Research | PRODUCT CODE: 1396991
PUBLISHER: Allied Market Research | PRODUCT CODE: 1396991
The global online gaming market is anticipated to reach $231.4 million by 2032, growing from $85.9 million in 2022 at a CAGR of 11.1% from 2023 to 2032.
Online games are those that are played over a computer network, most commonly the Internet. Online games can range from simple text-based games to games with intricate graphics and virtual worlds populated by multiple players at the same time.
The rising popularity of e-sports is one of the primary factors driving the online gaming market expansion. Some of the e-sports championships that give live broadcasts are the League of Legends World Championship and the Federation International de Football Association (FIFA) Interactive World Cup. E-sports tournaments draw a large number of people from all around the world to compete in video game competitions.. Many individuals throughout the world watch the tournaments live online. For instance, The League of Legends World Championship Finals drew 43 million viewers, while the NBA final game drew 31 million. With the growing popularity of e-sports, more vendors are likely to offer e-sports services, driving the global online gaming market growth during the forecast period.
The growing prevalence of addiction among gamers is a key impediment to the expansion of the online gaming sector. As online gaming becomes more popular, there is growing concern about excessive and compulsive gaming behavior leading to addiction. Individuals, particularly the younger generation, are affected by this issue, which has an impact on their physical and emotional well-being, social interactions, and academic or professional success. The surge in addiction instances has led to an increase in awareness among regulators, legislators, and parents, leading to requests for responsible gaming practices and the introduction of anti-addiction measures. Addiction treatment is critical for the long-term growth and sustainability of the online gaming sector.
Advent of novel technologies such as 5G, cloud gaming, virtual and augmented reality are expected to create opportunities in the online gaming industry in the upcoming years. The rollout of 5G networks has dramatically improved the speed and reliability of Internet connections. This has reduced latency, making online gaming more responsive and enjoyable. Gamers can now play high-definition games on their mobile devices without noticeable lag. Cloud gaming services like Google Stadia, NVIDIA GeForce Now, and Xbox Cloud Gaming (formerly known as Project xCloud) have gained popularity in recent times. These platforms allow gamers to stream games from remote servers, eliminating the need for high-end gaming hardware. Players can enjoy AAA titles on lower-end devices, opening up gaming to a wider audience. VR technology has made gaming more immersive than ever. With VR headsets like Oculus Rift, HTC Vive, and PlayStation VR, players can step into virtual worlds and interact with the environment in a whole new way. Games designed for VR offer a level of immersion that traditional gaming cannot match.
The spread of COVID-19 had a favorable impact on the online gaming business. People turned to Internet entertainment, particularly gaming, for leisure and social connection as a result of the lockdowns and movement limitations. Therefore, the number of active players increased, as did gaming revenue. During the pandemic, online gaming platforms saw increased user engagement. Furthermore, the closure of real entertainment facilities and the cancellation of live events led to an increase in demand for virtual gaming experiences. The pandemic has accelerated the acceptance of online gaming as a preferred source of entertainment, altering the business and bringing up new avenues for growth and innovation.
The key players profiled in this report include Tencent Holdings Ltd., Microsoft Corporation, Apple Inc., Sony Interactive Entertainment Inc., Activision Blizzard, Inc., Electronic Arts Inc., Nintendo Co., Ltd., Capcom Co., Ltd., SEGA, and Rovio Entertainment Corporation.
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