If you are wondering how big the online gaming industry is, you’ve come to the right place. This article provides some facts on the industry’s growth, size and revenue. In addition, you can find out how many players there are and the revenue generated from microtransactions. Read on to learn more about these figures and find out what’s next for the industry.
Growth of online gaming industry
There is no doubt that the online gaming industry is booming. According to a recent report by Accenture, the global games market is worth more than $300 billion. In fact, it has more revenue than the movie and music industries combined. In the coming years, this industry is expected to surpass $2 trillion in revenues. And by 2020, the global gaming industry is expected to have three billion users. At present, the industry is comprised of two kinds of consumers: veteran players and newbies.
A younger population, cheaper internet data, increasing number of smartphones and tablets, and other factors have contributed to the gaming boom. The gaming industry in India has witnessed an incredible rise in the last few years and is predicted to grow at a triple digit CAGR by 2025. As a result, India is on track to become the largest gaming market in the world by 2025.
Size of global online gaming market
The Size of the Global Online Gaming Industry is a complex market that spans over six regions. The Asia-Pacific region will account for over 50% of the market by 2021, largely due to the large and rapidly growing youth population, high internet penetration, and the growing Chinese gaming industry. However, Europe and North America are also growing, largely due to technological advancements and existing gaming infrastructure.
The growth of this sector is being driven by a variety of factors, including technological advances and increasing smartphone penetration. The size of the market will rise significantly, with the Asia-Pacific region projected to have the largest percentage growth rate. In particular, the demand for multiplayer gaming will continue to grow.
Number of players
According to the ESA, there are 226.6 million people who play video games. And this number is increasing every year. By 2021, the number of video game players is expected to surpass two billion. A recent study has revealed that the video gaming audience has gotten younger and more diverse. The majority of them are between the ages of 18 and 34.
Online gaming is growing in popularity. Some video game titles have millions of players each month. The most popular games, such as World of Warcraft and League of Legends, have around 100 million active monthly players. Other games, such as Overwatch and CS:GO, have between thirty and forty-six million players each month. There are also many free-to-play games, and players can have as many accounts as they want.
Revenue generated by microtransactions
Microtransactions are an important part of the online gaming industry. In addition to providing developers with a steady revenue stream, microtransactions can help the companies grow their franchises and add new features. While this type of revenue model can give developers a competitive edge, it also has some disadvantages.
Microtransactions allow game developers to tap into the financial resources of their most invested customers and generate revenue long after the game is released. The revenue that is generated by these transactions is based on the number of customers who actively play the game. This revenue model is completely different from the traditional revenue model, which rewards developers based on the number of new games sold.
Impact of COVID-19 pandemic on global online gaming market
After COVID-19 struck the world, nearly half of the population turned to gaming as a way to pass the time. The number of online games is expected to reach 80 billion by 2020, driving the growth of the global online gaming market. As more people get involved with online games, more revenues are generated. However, it will take aworldwide crisis to duplicate COVID-19’s growth rate.
Gamers are playing video games at a record-high level. A survey by Nielsen Games shows that, since March 23, 2020, more than half of U.S. gamers reported that they played more video games than usual. That number is higher than anywhere else,Pragmatic Play and it is also higher than that of French and German gamers.
Impact of cloud gaming on global online gaming market
Cloud gaming is a new way to play games. Unlike traditional video games, cloud gaming allows gamers to play in real-time, on any device, at any time. In addition, it eliminates the need for gamers to download updates. This makes cloud gaming ideal for casual gamers, who play mostly on smartphones.
With the proliferation of 5G mobile networks, cloud gaming is expected to be even more popular around the world. With increased bandwidth and reduced latency, mobile gamers will be able to experience more immersive experiences, like virtual and augmented reality. The new technology will also make it possible to play games on the go, without having to purchase new equipment.