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Online Gaming Market Size Through [2021-2029]


  • berrycake
    Participant

    @berrycake

    The global digital media market has been growing consistently, with gaming accounting for the biggest share of market revenues. And therefore, the online gaming market is incredibly competitive.

    Gaming is booming and is expected to keep growing.

    Online gaming is the practice of playing video games with other players. No of their age, people of all ability levels enjoy it now. As a result, many online games fail to generate a sizable profit, making it impossible for the parent organisations to continue maintaining the servers.

    Sports, arcades, action, and adventure games are just a few of the different genres of online games. The three most common platforms for online gaming are computers, game consoles, and mobile devices. Players can cooperate or compete with one another to complete missions or objectives.

    During the projected period, of 2019-2029, the global market for online gaming is anticipated to expand at a CAGR of 10.7%. By 2029, the market’s value is predicted to increase to $450.8 billion from its current $137.9 billion value.

    In 2020, the global online gaming market generated approximately 21.1 billion U.S. dollars in revenues, which translates to a record 21.9 percent growth compared to the previous year. This boost was of course due to the global COVID-19 outbreak, which forced many people to stay at home and turn to digital avenues of entertainment and find new channels to connect with others. Currently, there are an estimated 1 billion online gamers worldwide with China, South Korea, and Japan having the biggest online gaming reach among the population. In 2025, online gaming audiences are projected to surpass 1.3 billion.

    The internet gaming market is expected to grow dramatically during the next ten years. The rise in players worldwide increased disposable incomes, and technical developments that have made gaming more immersive than ever are all factors contributing to this quick expansion. Electronic Arts, Activision Blizzard, Nintendo, Microsoft, and Sony are a few of the major companies in the online pinup gaming industry. In order to maintain player interest, these businesses frequently innovate and roll out new games and features. They also make significant investments in marketing and advertising in an effort to entice new participants.

    The forecast period is expected to have the biggest CAGR rise in the action category. Because they are exciting, fast-paced, and provide players with a chance to show off their talents, action games are immensely popular among gamers. Additionally, new action video online pin up games are regularly released, which is fueling this market’s expansion.

    Some games were boosted by perfectly timed launches. Nintendo’s Animal Crossing: New Horizons came out in March 2020 and sold 13.4 million units in its first six weeks. It has gone on to become one of the best-selling Nintendo Switch games of all time.

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