Online Gaming Market Dynamics
The online gaming industry has seen rapid growth in recent years as a result of improved internet access, lower Smartphone and computer prices, and rising population disposable income. Furthermore, massive demand from the world's youth who play, spend, and earn money and fame is significantly supporting the growth of the online gaming market. The growing number of world leagues is a significant and recent online gaming market trend that has fueled global demand. The large prize money, global fame, and massive sponsorship earned by these events have piqued the interest of many young people, driving their interest in gaming. As a result, the growing number of online gaming streams is a new trend in online gaming industry. While online gaming streaming websites like Twitch continue to grow in popularity, content creators in the online gaming industry are progressively using YouTube to publish pre-gaming recorded content in order to attract audiences.
The market is facing a downturn on account of the data security and privacy. Weak authentication, child identity theft, and phishing are amongst the major factors that are restricting the market growth. In addition, on June 2020 - UNICEF published a list of guidelines for the online gaming industry that are designed to inform and support online gaming businesses as they integrate child rights considerations into their business activities. This factor might also stabilize the flourishing the online gaming market value.
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The increasing number of gamers all over the world is the primary factor driving up the online gaming market revenue. According to online gaming industry analysis, there were more than 2.6 billion gamers in the world in 2020, and this figure accounted to around 2.8 billion by 2021. Online gaming refers to any video game that allows players to interact with one another over the internet. Online games can vary from simple text-based games to games with complex graphics and virtual worlds occupied by multiple players at the same time.
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Online Gaming Market Players
Some key online gaming companies covered in the industry include Bwin, Electronics Arts, GungHo Online, Giant Interactive, Gree, Tencent, King Digital Entertainment, NCSOFT, Sony Corp., Peak Games, Playdom, Riot Games, and Zynga.
Online Gaming Market Segmentation
The global market has been divided into three categories: type, age group, and region. The segmentation is based on type and includes mobile games, free-to-play games, pay-to-play games, and pay-in-play games. Mobile games sub-segments accounted for a sizable portion of the online gaming market. Gaming, particularly mobile gaming, is continuing its phenomenal growth in the entertainment industry. According to our research, mobile gaming accounts for more than half of total gaming revenue. Furthermore, Asia-Pacific is the biggest and fastest growing regional mobile gaming market.
Furthermore, the age group segment is split into less than 10 years, 11-24 years, 25-44 years, and 45 years and older. Out of these, the 11-24 year age group gathered a sizable online gaming market share because this age group is more involved in gaming due to a better understanding of games and is ideal for learning and becoming a professional in their respective interest of games.
Online Gaming Market Regional Outlook
North America, Asia-Pacific, Europe, Latin America, the Middle East, and Africa are the regional classification of the Online Gaming market. In terms of market share, Asia-Pacific region accounted for more than 50% of the market share in 2021. This is ascribed to the growing base of youth population, increasing internet penetration, rising Chinese gaming industry, and presence of high number of professional gamers in countries like China, Singapore, India, Indonesia, South Korea, etc.
Furthermore, North America and European countries are also witnessing a significant growth due to the increasing technological advancements, presence of well-established gaming infrastructure, and massive investments in the gaming industry.
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