Is Online Gaming Still Gaining Popularity?

Online Gaming as We Know it Now

Online gaming has been and continues to be a fast-growing market with innovative new games and websites coming out every year. From games involving jackpot slots to those involving tanks and planes, there are endless possibilities at the touch of your computer keyboard. Online gaming refers to any video game with which players can interact with another player on the internet. Despite the constant presence of online games, we often don’t realize the value of the online gaming field is worth billions of dollars. Despite the high numbers in online gaming, is it still growing?

The Growth of Online Gaming

In recent studies, it was found that the size of the online gaming market is expected to reach 132 billion dollars by 2030 because of huge investments in the gaming sector. The biggest factor in that estimation is the growing number of online gaming players. Between 2020 and 2021 the number of online gamers went from 2.6 billion people to 2.8 billion. Whether simple textual games or complex graphics-based games, the growing creation of online games with vast virtual worlds attract multiple players worldwide. This high-earning market begs the question; how did that market grow so much?

Recent world health issues are one of the answers to that question. With every shop, school, and institution closing its doors, and everyone forced to stay inside, billions of people turned to the internet and online games for fun. Despite economies worldwide having huge downturns, the gaming industry is one of the only ones that went up. The market continuously grew with rising numbers of available online games. In 2020 alone, 80 billion online video games were downloaded globally. However, with our sights on 2023 and the end of lockdowns in most countries, will the online gaming platform still continue to grow?

However, other recent studies have estimated that if the growth continues steadily, then the online gaming market could reach 321 billion dollars by 2026. This ambitious number is not so unrealistic in truth as the market experiences tremendous growth with every passing year. Taking into account that online gaming includes PC games, console games, social gaming, and integrated video game advertising, the global gaming industry is vast.

With this recent large growth, game prices on online games have increased and with higher prices and an end to lockdowns, demand could reduce. Big companies in the online gaming sector like Bwin, NCSOFT, Sony Corporation, Peak Games, Playdom, Riot Games, Electronics Arts, GungHo Online, King Digital Entertainment, Giant Interactive, Gree, Tencent, and Zynga, will have to adapt to this new market. The market dynamics of online gaming are important details to keep in mind.

From improved internet access to more open access to lower technological prices, the online gaming industry has been able to experience quick and strong growth in the past decade. With these changes, more and more people, especially the younger generations have been able to play, earn and spend money on online games. Other incentives like global leagues, prize money, fame, and sponsorship have motivated more people to start playing online games. With online gaming becoming increasingly popular, people have even started to stream themselves playing on websites like YouTube and Twitch, with thousands, if not millions, of viewers. By doing so, the online gaming industry attracts even more players.

There are some aspects to consider before predicting the growth of online gaming. One of them is the issues with data security and privacy. Although the internet offers endless possibilities, it can also be used for identity theft, phishing, and weak authentication, which are problems that the online gaming industry has to face if it wants to continue its growth. The United Nations even published guidelines for the online gaming sector which are used to inform and support online gaming companies in taking into account and integrating the rights of minors into their online activities. This will reduce the number of dangers associated with online gaming and stabilize the online gaming market.

The online gaming industry is still growing, from North America, Asia, and South America to Europe, the Middle East, and Africa, the online gaming market is expanding at an incredible rate. Whether that is through digital games or through streaming, users are gaining more access. The market is largely dominated by the Asia-Pacific region in 2021 which accounted for over 50% of the total market share. This is due to increased internet access, growth of the youth population, and rising gaming industries. Countries in Europe and North America are also experiencing high demand growth for online gaming because of technological developments, an established gaming industry, and heavy investments in the sector. Online gaming growth doesn’t seem to be stopping any time soon, and there is great excitement as to what will be on the market in the years to come.

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