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Online Gaming Market Trends

Report ID: GMI10296
Published Date: Jul 2024
Report Format: PDF

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Online Gaming Market Trends

In light of the popularity of games such as "Among Us," which became widely known as it was available on smartphones and tablets, mobile gaming has experienced tremendous growth. The game's straightforward gameplay and multiplayer options made it a hit with players of all ages, which helped it spread its popularity and have a significant cultural impact. Its popularity draws attention to the rich prospects in mobile gaming and encourages developers to make captivating games specifically for these devices.

For instance, in October 2021, "Genshin Impact" by miHoYo became a global phenomenon, showcasing the potential of mobile gaming with its open-world gameplay and multiplayer features across iOS and Android platforms. The game's success highlighted the increasing capability of mobile devices and the growing demand for high-quality, immersive gaming experiences on smartphones and tablets.

With competitions such as the League of Legends World Championship, which pits the best teams in the world against one another for a multi-million-dollar prize pool, eSports have become more widely known. Millions of people watch the tournament's live-streamed matches, indicating the growing popularity and commercialization of professional gaming. These events raise the bar for audience reach and engagement in the gaming industry by showcasing the talent and commitment of professional gamers and increasing engagement through online platforms such as Twitch and YouTube Gaming.

For instance, in August 2020, the "League of Legends" World Championship (Worlds 2020) took place, attracting millions of viewers globally through live streaming platforms such as Twitch and YouTube Gaming. The tournament featured top eSports teams competing for the prestigious Summoner's Cup and demonstrated the massive audience engagement and commercial opportunities in competitive gaming. This event underscored the rise of eSports as a mainstream entertainment phenomenon with significant cultural and economic impact.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of online gaming reached USD 97.38 billion in 2023 and is set to witness 18% CAGR between 2024 to 2032, due to the rise of mobile gaming platforms.

The free-to-play games segment in the online gaming industry is expected to reach over USD 350 billion by 2032, owing to the wider and more varied player base for promoting active communities and extended user engagement.

Asia Pacific market accounted for over 35% share in 2023, due to the growing population of gamers.

Tencent, Sony Interactive Ent., Microsoft, Activision Blizzard, Electronic Arts (EA), Nintendo, and Ubisoft