Online Gaming Market to grow at a CAGR of 14.55% during 2024-2028
The Online Gaming Market is expected to grow at a CAGR of 14.55% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 75.2 billion. The freemium model, or free-to-play model, is a business strategy employed by gaming service providers to attract users by offering games at no cost. This approach enables players to engage with virtual goods and currencies through microtransactions. Virtual currencies serve as payment for purchasing a range of virtual items, including avatars, weapons, and houses. In certain instances, users opt for real money transactions to acquire virtual products, such as coins, magic wands, and houses. For example, League of Legends offers gamers the option to purchase riot points for additional game benefits. The freemium model aims to convert free users into premium, paid users by restricting access to advanced game levels or exclusive features.
Get more information on Online Gaming Market by requesting a sample report
Technavio analysts predict that the Action subsegment will lead the Type segment during 2024 and 2028 The action gaming market encompasses a diverse range of titles, each catering to distinct gameplay dynamics and audience preferences. Notably, the action genre can be segmented into three primary subcategories: First-Person Shooter (FPS), Third-Person Shooter (TPS), and melee combat games. FPS games, such as Call of Duty and Counter-Strike, are renowned for their immersive multiplayer modes, while TPS games, like Gears of War and The Division, provide unique perspectives and gameplay styles. The thematic elements within these games are a significant growth driver for the action gaming market.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising popularity of e-sports
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Online Gaming market has seen significant growth in recent years, with various game genres such as Sports simulations, First-person shooters, and 3D games gaining popularity. This trend is driven by advancements in technology, making it possible to play high-quality games on Gaming consoles, Personal computers, Mobile devices, and Smartphones. The Internet has played a crucial role in the growth of Online gaming, enabling players to connect with each other through platforms like gaming networks, Voice chat, and In-game chat. According to survey results and third-party studies, Online gaming is no longer just a pastime for the young. Consumer spending on Digital games, Download games, and Online games reached an all-time high in 2020, with B2C enterprises reaping the benefits. Esports, a form of competitive Online gaming, has emerged as a lucrative industry, attracting millions of viewers and sponsors. Mobile games, in particular, have seen exponential growth, accounting for a significant portion of the Online gaming market. The Video Games market is expected to continue its upward trajectory, with the potential for even more innovation and engagement.
According to Technavio, the global online gaming market is a segment of the broader global interactive home entertainment market, which falls under the larger umbrella of the media and entertainment industry. This market encompasses businesses providing offerings in advertising, broadcasting, cable and satellite, publishing, movies and entertainment, interactive home entertainment, and interactive media and services. Specifically, the global interactive home entertainment market encompasses firms specializing in the development and distribution of interactive gaming products, such as mobile applications, as well as educational software primarily utilized in residential settings. Technavio determines the size of the global interactive home entertainment market by aggregating the revenues generated by companies involved in the provision of media, entertainment, and interactive media and services.
The Online Gaming Market is experiencing significant growth, fueled by the rising popularity of e-sports. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/