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Online gaming market is anticipated to reach $18.5 billion by 2025 with a CAGR of 4.1% in the Forecast period 2020-2025. Owing to the increased spending on online games and the growing penetration of smartphones & tablets. In addition, availability of high-speed internet connectivity and reliable network is also one of the key factors fuelling the demand for online gaming solutions and services. Moreover, constant improvements in network connectivity and advancements in AR, VR, and XR technologies are estimated to provide key growth opportunities for the iGaming market in forecast period 2020-2025.
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By Type- Segment Analysis
Smart phone online gaming market is anticipated to grow at a CAGR of 4.5% in the forecast period 2020-2025. High smartphone and internet penetration across the globe is enhancing the markets to grow rapidly in the forecast period. Online Mobile games are becoming more popular and attract players with additional premium contents or functionalities. Games such as Battle Royale hits Fortnite and PUBG are still driving the market’s growth and shape online gaming in general. With the rapid penetration of these online games, several gaming companies have been investing heavily for the development of Battle Royale and other online mobile games. In 2019, Tencent invested $90 million in Pocket Gems and $126 million in Glu Mobile. In May 2018, hyper-casual mobile gaming studio Voodoo announced a $200 million investment from Goldman Sachs for development of online mobile games. Hence these investments help the gaming industries to develop innovative smartphone and other games thereby accelerating the market in the forecast period 2020-2025.
By game genre – Segment Analysis
Battle royal in online gaming is growing at a highest CAGR in the forecast period. Significant development of new mechanisms, gameplay features and other are enhancing this genre to grow in the forecast period. Battle royal games such as PUBG Mobile / Game for Peace in China and Asia Pacific, Garena Free Fire in Latin America, and Fortnite, Apex Legends in the United States have been witnessing a strong growth in their respective region in the forecast period. Similarly PUBG Mobile, Game for Peace had reached 100 million players and is anticipated to witness stronger growth in the forecast period. In addition to this in 2019, PUBG has generated more than $1 billion. Similarly Fortnite has generated more than $3 billion each of the last two years. Moreover companies such as Tencent and Ubisoft have invested heavily for development of games in this genre. A number of leading FPS games have also had a battle royale mode launched over the last couple of years including Call of Duty (Activision), Counter Strike (Valve) as well as a number of independent game titles focused on this sector. Hence these developments are analyzed to drive the market in the forecast period 2020-2025.
By Geography – Segment Analysis
In 2019, North America dominated the online gaming market share with more than 42%. Owing to rise in usage of smartphone and internet. In 2019, internet penetration in the region reached 88% and the average time spent across digital media by an adult has increased. For instance, in 2019, time spent on mobile devices has also officially outpaced that of television by eight minutes and is predicted to increase to more than 30 minutes by 2021. Moreover, with the increasing number of 5G connections in the region, the market is expected to witness further growth. For instance, in June 2019, Hatch gaming company announced partnership with Sprint’s 5G technology to leverage the latent demand for a new and better mobile gaming experience to showcase the potential of 5G to as many consumers as possible. Hence these benefits are analyzed to drive the market for online gaming in the forecast period 2020-2025.
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Drivers – Online Gaming Market
In recent years, Governments across several countries are realizing the potential and reach of the online games and providing incentives for gaming studios to develop and retain their creative, technology and employees locally as well as programs that aim to attract foreign talent. In 2019, government of Germany has allocated $60 million of its 2019 budget for the creation of online games. In Sweden, Sweden Game Arena, a public-private partnership that helps students develop games using government-funded offices and equipment, was set up. Similarly countries such as U.S, U.K and other are providing several investments and funding to support these industries. Hence with the growing support from the government of several countries, online gaming sector is analyzed to grow in the forecast period 2020-2025.
Emergence of AI in online gaming is boosting the market in the forecast period. The use of artificial intelligence in online gaming is significantly increasing owing to the advantages. Several gaming industries have been using AI-techniques in their online games to minimize the chances of cheating and facilitate a fair gaming trend. Similarly AI determines the player’s behavior in gaming and take actions accordingly. Hence these advantages are analyzed to drive the market in the forecast period 2020-2025.
Challenges –Online Gaming Market
The threat of malicious activity is growing in online gaming where fraudulent transactions can translate to millions of dollars in losses. With more players, more bets, and more financial transactions, the online frauds have been increasing in the forecast period. Although online gaming has a global audience, the laws governing licensing and legal activities vary widely by region, country, and state jurisdictions. On the other hand growing competition among established companies, start-ups, and independent developers to entice new customers with “play-for-free” offerings partially subsidized by ad revenue, in the hopes of transitioning them to more lucrative “pay-to-play” games. To maintain existing revenue streams and create new revenue sources, gaming companies are making sizable, ongoing investments in product development and technology infrastructure. Hence the increasing investments will in turn raise the pressure on these industries and hamper the market growth in the forecast period.
Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Online gaming market. In 2019, the market of Online gaming market has been fragmented by several companies vying for top share. Online gaming top 10 companies include Ubisoft, Activision Blizzard, Zynga Inc., Microsoft, Betsson AB, Konami, Sega, Sony Corp., Tencent, and Wargaming.
Acquisitions/Technology Launches
Key Takeaways
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