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Mobile Device Boom Propels Online Gaming Market Growth: Strengthening the Growth Trajectory of the Online Gaming Market
Online Gaming
What Is the Expected CAGR for the Online Gaming Market Through 2025?
In the past few years, the size of the online gaming market has experienced significant growth. It is projected to increase from $98.6 billion in 2024 to $109.68 billion in 2025, with a compound annual growth rate (CAGR) of 11.2%. The historic increase can be credited to advancements in mobile gaming, the expansion of digital distribution platforms, broader gaming demographics, and the adoption of free-to-play models.
What's the Projected Size of the Global Online Gaming Market by 2029?
The digital gaming market is forecasted to experience substantial expansion in the upcoming years, with an estimated value of $159.49 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.8%. The factors contributing to this growth over the forecast period are the rise of metaverse and virtual realities, advancements in augmented reality (AR) and virtual reality (VR), personalization of gaming experiences and dynamic content, along with the globalization of video games. Predominant trends projected for this period include an increase in cloud gaming services, promotion of cross-platform gaming, escalation in esports and competitive gaming, introduction of blockchain and NFTS in gaming platforms, and discovery within the metaverse.
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Top Growth Drivers in the Online Gaming Industry: What's Accelerating the Market?
The growth of the online gaming market is anticipated to be spurred by the increasing utilization of mobile devices. These compact, portable electronic devices are designed for mobility and can execute a variety of tasks. Factors such as unmatched convenience, connectivity, affordability, and socio-cultural aspects contribute to the growing use of mobile devices. Online gaming on these devices caters to a broad spectrum of preferences and playstyles, offering varied experiences. As per data from the World Bank, a financial institution based in the US, there were 108 mobile cellular subscriptions per 100 people globally in 2022, a slight increase from 107 in 2021. Consequently, the increased adoption of mobile devices is propelling the expansion of the online gaming market.
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What Trends Will Shape the Online Gaming Market Through 2029 and Beyond?
The key players in the online gaming sector are focusing on creative developments such as PvP strategy online games to draw players, remain competitive, and satisfy gamers' ever-changing needs. These online games pertain to a type of video game genre where strategic battles or conflicts enable players to go head-to-head. The gameplay largely involves battling other human players as opposed to computer-generated adversaries. To illustrate, in August 2023, Krafton Inc., a video game publisher headquartered in South Korea, introduced a brand new online mobile game called Road to Valor Empires in India. This game, which enables real-time PvP strategy, allows players to vie against others worldwide while they command mythical gods, beasts, and heroes. Moreover, the game integrates a blend of ancient and mythical elements, so players can design their own strategy, build their mythical army, and participate in grand battles complete with lifelike graphics.
What Are the Main Segments in the Online Gaming Market?
The online gaming market covered in this report is segmented -
1) By Type: Action, Adventure, Arcade, Sports, Puzzle, Other Type
2) By Gamer Type: Social Gamers, Serious Gamers, Core Gamers
3) By Age group: Less Than 10 Years, 11-24 Years, 25-44 Years, 45 Years And Older
4) By Platform: Mobile Phone, Personal Computer (PCs), Consoles, Other Platforms
Subsegments:
1) By Action: Shooter Games, Fighting Games, Platformers
2) By Adventure: Narrative-Driven Games, Exploration Games
3) By Arcade: Classic Arcade Games, Casual Games
4) By Sports: Simulation Sports, Racing Games
5) By Puzzle: Match-3 Games, Logic Puzzles
6) By Other Type: Role-Playing Games (RPG), Strategy Games, Multiplayer Online Battle Arena (MOBA)
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Which Top Companies are Driving Growth in the Online Gaming Market?
Major companies operating in the online gaming market are Microsoft Corporation, Sony Corporation, Tencent Holdings Limited, Nintendo Co. Ltd., NetEase Inc., Valve Corporation, Bandai Namco Entertainment Inc., Activision Blizzard Inc., Epic Games Inc., Electronic Arts Inc., Take-Two Interactive Software Inc., Zynga Inc., Nexon Co. Ltd., Square Enix Holdings Co. Ltd., Ubisoft Entertainment SA, Konami Holdings Corporation, NCSoft Corporation, Riot Games Inc., Unity Technologies SF, GungHo Online Entertainment Inc., Capcom Co. Ltd., Supercell Oy, GREE Inc., Gameloft SE, CD Projekt S.A., Miniclip SA
Which Regions Will Dominate the Online Gaming Market Through 2029?
Asia-Pacific was the largest region in the online gaming market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online gaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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