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Online Gaming Market to be Worth $431.87 Billion by 2030 - Exclusive Report by Meticulous Research®
Online gaming can be referred to the games played through the internet or over a computer network. Online games can be played on devices such as dedicated video game consoles like PlayStations, Xboxes, and Nintendo Switches. Furthermore, smartphones and tablets are portable gaming devices. People can also access games for every age and interest through web browsers and apps.
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The growth of this market is driven by the rise in the popularity of online gaming, a surge in the use of smartphones for online gaming, and the gradual establishment of internet infrastructure in developing countries. However, a lack of standards and regulations can restrain the market growth.
In addition, the creation of new monetization models and in-game advertisements and sponsorships are expected to offer significant opportunities for the growth of this market.
Impact of COVID-19 on the Online Gaming Market
The outbreak of the COVID-19 pandemic compelled people across the globe to spend more time at home, with many turning to online gaming for entertainment. As a result, the gaming industry witnessed an unprecedented surge in consumer demand and faced various challenges. Young people spent more time gaming as the medium was a convenient way to get through the lockdowns while maintaining social distancing. American telecommunications company Verizon reported a 75% increase in online gaming traffic during peak hours, compared to a 12% increase in digital video traffic and a 20% increase in web traffic.
Apart from the COVID-19 lockdowns, people's increased interest in online gaming was attributed to the anticipated launch of new titles and next-generation consoles. According to WeForum, Asian gaming giants Nintendo (Japan) and Tencent (China) saw increased sales during the COVID-19 pandemic, while Tencent witnessed a year-on-year increase of 31% in revenue from its online games. Gaming companies had to adjust rapidly to this unprecedented growth as further growth is expected in the coming years. Thus, the gaming industry proved resilient during the COVID-19 pandemic due to the significant increase in demand for online gaming.
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The online gaming market is segmented by model (free-to-play games and pay-to-play games), genre (action/adventure, sandbox, simulation and sports, role-playing, player vs. player, multiplayer online battle arena, real-time strategy, shooters, racing, puzzlers and party games, survival horror and other genres), revenue stream (advertisements & sponsorships, game publisher fees, media & broadcasting rights, ticket sales and merchandise sales), platform (mobile platforms (smartphone games and tablet games), PC (boxed/downloadable PC games and browser PC games), console, other platforms) streaming (live streaming, and on-demand streaming) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on model, the global online gaming market is segmented into free-to-play games and pay-to-play games. In 2023, the free-to-play segment is expected to account for the larger share of the global online gaming market. However, the pay-to-play segment is expected to register the highest CAGR during the forecast period due to the increasing number of internet users and the growing spending on entertainment during the COVID-19 pandemic. In addition, the streamlining of regulations instead of prohibitions is expected to support the growth of this segment in the future.
Based on genre, the global online gaming market is segmented into simulation and sports, role-playing, player vs. player, multiplayer online battle arena, real-time strategy, shooters, racing, puzzlers and party games, survival horror and other genres. In 2023, the action-adventure segment is expected to account for the largest share of the global online gaming market during the forecast period. However, the shooters segment is projected to register the highest CAGR during the forecast period due to increasing internet usage, live game streaming, and the wide range of open-source capture and broadcasting technologies.
Based on revenue stream, the global online gaming market is segmented into game publisher fees, media & broadcasting rights, tickets sales, advertisement & sponsorship, and merchandise sales. In 2023, the advertisement & sponsorships segment is expected to account for the largest share of the global online gaming market. However, the game publisher fees segment is slated to register the highest CAGR during the forecast period. The rising need for game production financing, a surge in marketing of finished games, and the growing number of gamers via various community blogs such as YouTube and other social media boost the growth of this segment.
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Based on platform, the global online gaming market is segmented into mobile platforms, PCs, consoles, and other platforms. In 2023, the mobile platforms segment is expected to account for the largest share of the global online gaming market and is slated to record the highest CAGR during the forecast period. The increasing penetration of high-performance smartphones; availability of high-speed internet connectivity; development of free-to-play online games; and the growing availability of phones with better screen resolution, refresh rate, and touch sampling rate boost the growth of this segment.
Based on streaming, the global online gaming market is segmented into live streaming and on-demand streaming. In 2023, the live streaming segment is expected to account for the larger share of the global online gaming market. However, the on-demand streaming segment is slated to record the highest CAGR during the forecast period. The incorporation of advanced technologies in the digital media industry and the increasing adoption of smartphones boost the growth of this segment.
Based on geography, the online gaming market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). In 2023, the Asia-Pacific region is expected to account for the largest share of the online gaming market. The large market share of Asia Pacific is mainly attributed to the high focus of gaming companies on game development in China, Japan, South Korea, and India and the deployment of multiple tactics and strategies by China's game developers to attract users and integrate social media networks with games. In addition, eSports are a highly competitive and rapidly expanding form of video gaming, mainly among professional players. Asian countries have a massive presence in eSports. Asia-Pacific is rapidly becoming the world's most important eSports and online video gaming hub. The increasing number of smartphone users and high internet penetration in Asia-Pacific also contribute to the growth of the online gaming market in APAC.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the online gaming market are Microsoft Corporation (U.S.), Activision Blizzard, Inc. (U.S.), Apple Inc. (U.S.), Electronic Arts Inc. (U.S.), Nintendo Co., Ltd. (Japan), Capcom Co., Ltd. (Japan), SEGA (U.S.), Rovio Entertainment Corporation (Finland), GungHo Online Entertainment (Japan), Ubisoft Entertainment (Japan), Sony Interactive Entertainment Inc. (Japan), SQUARE ENIX HOLDINGS CO., LTD. (Japan), Gameloft (France), iTechArt (U.S.), Amazon.Com, Inc. (U.S.), and Tencent Holdings Ltd. (China).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/online-gaming-market-5460
Scope of the report:
Online gaming Market, by Model
Free-to-play Games
Pay-to-play Games
Online gaming Market, by Genre
Action/Adventure
Sandbox
Simulation and Sports
Role-playing
Player VS. Player
Multiplayer Online Battle Arena
Real-time Strategy
Shooters
Racing
Puzzlers and Party Games
Survival Horror
Other Genres
Online gaming Market, by Revenue Stream
Advertisements & Sponsorships
Game Publisher Fees
Media & Broadcasting Rights
Ticket Sales
Merchandise Sales
Online gaming Market, by Platform
Mobile Platforms
Tablet Games
Smartphone Games
PCs
Browser PC Games
Boxed/Downloadable PC Games
Consoles
Other Platforms
Online gaming Market, by Streaming
Live Streaming
On-demand Streaming
Online gaming Market, by Geography
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Netherlands
Denmark
Rest of Europe
Asia-Pacific
China
Japan
India
Singapore
Malaysia
South Korea
Taiwan
Thailand
Vietnam
Philippines
Rest of Asia-Pacific
Latin America
Middle East & Africa
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