With the numerous scientific breakthroughs being made in the technology sector, many innovations have been brought to light, even in the gaming sector. There are now better, and more efficient ways to game, regardless of whatever game you’re playing. Virtual reality and live streaming have now been incorporated into games in the industry, making for a realistic experience. Live dealers are also being used in online casino games, on reliable sites with the most bonuses. Putting everything into consideration, are more people now gaming online than they were before in the past?
Gaming generates the largest portion of market income in the worldwide digital media market, which has been steadily expanding. A record 21.9 percent growth over the prior year was achieved by the worldwide online gaming market in 2020, which saw revenues of almost 21.1 billion US dollars. This increase was undoubtedly brought about by the global COVID-19 pandemic, which made many individuals stay at home, rely on digital entertainment, and seek out new social media platforms.
Gamer numbers have increased worldwide
There are billions of gamers playing video games globally, which is driving the growth of the video gaming business. In terms of market share, the mobile video game sector is the most well-liked, followed by console gaming and PC gaming.
Recently, the industry and the playing of video games have both increased significantly. Video game companies currently make more money than the combined music and film industries. But for those taking part, it’s not just about the money. Thanks to cell phones and some consoles’ cheaper entry prices, anyone may start playing video games, and you can also socialize while gaming online. Because of this, more and more people are playing video games in their spare time.
Video games used to exclusively be played on consoles or in arcades. Video games can now be played online thanks to the development of the internet. A recent survey found that 43% of players only engage in online gaming, making it the most widely used gaming format worldwide.
Market expansion has happened due to various factors
Due to increased internet accessibility, falling prices for smartphones and computers, and rising levels of disposable income among the general public, the online gaming sector has experienced a tremendous expansion in recent years.
Additionally, there is a huge market for online gaming, which is being greatly supported by the world’s youth, who play, spend, and engage in lucrative side businesses. A key and recent trend in the online gaming industry that has increased demand worldwide is the growth of world leagues. Many young people’s interest in gaming has been stoked by the huge prize money, international recognition, and significant sponsorship these events have garnered. This has led to a new trend in the online gaming industry: an increase in the number of game streams.
In 2020, there were 2.69 billion gamers globally. In 2023, the number will increase to 3.07 billion based on an expected growth rate of 5.6%. In 2020, the global games market generated $159.3 billion in revenue, with the Asia Pacific region accounting for nearly half of that total.