Global Online Gaming Market is estimated to grow at a CAGR of 17.5% over the Forecast Period, Owing to Upsurge in Immersive and Competitive Gaming on Mobile Devices, says Absolute Markets Insights

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PUNE, India, April 17, 2020 /PRNewswire/ -- An astounding number of people, especially millennials, across the globe are engaging themselves with some kind of online games on a regular basis. Most among them are casual gamers and have been attracted to the online gaming world by social or free-to-play games through new and convenient platforms such as tablets or smartphones. Thus, the increasing adoption of smartphones and tablets coupled with internet penetration among developing and developed economies is influencing the growth of global online gaming market.  The spread of COVID-19 has accelerated the growth of online gaming market, globally. The significant suppression directions including business shutdowns and travel restrictions are contributing towards the same, since a large number of people are spending a substantial part of their time on online games among other modes of entertainment. A U.S. based telecom firm, Verizon found that gaming traffic increased by 75% during the lockdown enforced due to COVID pandemic. In addition, it was also reported that the average time spent on online gaming constitutes 11% of total entertainment per day. Several gaming companies are profusely diverting their efforts towards the development of new games and upgrading existing versions to cater most efficiently towards this burgeoning demand. These companies have witnessed an enormous increase in user-base in this duration. For instance, the Japanese versions of Dragon Ball Z Dokkan Battle and Monster Strike generated a sizeable amount of revenue in the month of February alone. Activision Blizzard, a global publisher, and developer of interactive entertainment content, released its Call of Duty: Warzone online game as a free-to-play version, compatible across PC and game consoles on March 10, 2020. The company revealed that the game was downloaded about 15 million times within the duration of three days. A considerable proportion of this population downloading online games comprise of teenagers and school-going children, who are forced to stay put under such circumstances, with very limited accessible activities. A similar trend is being observed across other prominent online publishers, who are considering launching new and upgraded versions of online games around this time. Such strategic initiatives are driving the growth of the global online gaming market.

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The increase in the number of smartphone users is expanding at a significant rate, which in turn is boosting the mobile gaming market globally. The dependency on smartphones and tablets is giving a considerable thrust to the global online gaming market. The online multiplayer games like PUBG, Call of Duty Mobile, CS Go have gained immense attention due to the presence of social elements, where players can team up with other players, irrespective of their locations, globally. Multiplayer formats engage gamers by providing an opportunity for social interaction and a sense of achievement over other gamers. In addition, the concept of mixed reality in gaming is also mounting by enabling gamers to experience the real world with virtual objects. For instance, Niantic, a software company, introduced a real-time multiplayer with AR technology named -Codename: Neon with a multi-tenant control plane that supports zero-touch provisioning of edge cloud resources. Thus, increasing demand for real-time multiplayer gaming with advanced technology is propelling the growth of the global online gaming market in the forecast period.

In terms of revenue, global online gaming market was valued at US$ 67.67 Bn in 2018 and is anticipated to reach 286.44 Bn by 2027, growing at a CAGR of 17.5% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries

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The detailed research study provides qualitative and quantitative analysis of online gaming market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

• The online gaming market is estimated to grow at a compound annual growth rate of 17.5% over the next eight years.
• On the basis of platform, the mobile segment witnessed the maximum share in 2018 and is expected to show the maximum growth over the forecast period. Growing adoption of smartphone is anticipated to further supplement the growth of online gaming market.
• On the basis of pricing model, the freemium segment is expected to show maximum growth over the forecast period.
• North America accounted for the highest share in the global online gaming market in 2018. This can be attributed to the presence of a large number of professional players in the region.
• Some of the players operating in the online gaming market are Blizzard Entertainment, Inc., CAPCOM CO., LTD., CD Projekt S.A. , Electronic Arts Inc., Gameloft, Microsoft, Nazara Technologies Ltd., Sony Interactive Entertainment Inc., Ubisoft Entertainment SA, Rovio Entertainment Corporation amongst others.

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Global Online Gaming Market:

• By Platform
• PC
• App-based
• Web-based
• Mobile
• Console
• By End Users
• Social Gamers
• Serious Gamers
• Core Gamers
• By Pricing Model
• Freemium
• Subscription-based
• Monthly
• Annually
• By Genre
• Action Games
• Sport Games
• Battle Royale Games
• Action-Adventure Games
• Racing Games
• Fighting Games
• Board Games
• Others
• By Region
• North America
• U.S
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America 

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SOURCE Absolute Markets Insights