You may not have noticed, but internet gaming is gradually taking over the world. Experts estimate the global online gaming business to reach a staggering $27.97 billion by 2024 and expect it to continue growing in the coming years. How did this happen? We take a peek.
Gaming is popular in 2024, as it has been for several years. By comparison, the entertainment category this year values the film industry at $42.4 billion, the global online gambling market at $107.30 billion and continues to grow rapidly, offering many opportunities for players to check here luck, and the gaming industry at $145.7 billion.
Online gaming is certainly popular at the moment. The question is: How did this happen? How did a once-obscure online pastime become so popular?
What is the online gaming industry?
Online gaming is a massive industry with several areas, each with their own specialization. The industry includes game producers, streaming services, distribution, and retail companies, as well as mobile and internet games.
The online gaming business includes all game creators and distributors, as well as any game that can be played on the internet or with a mobile device. Multiplayer Battle Royale is the most popular online gaming format. These games allow players to team up to battle a shared opponent.
Mobile gaming represents the greatest section of the online gaming industry. Mobile games have grown in popularity due to their unique accessibility. As mobile connectivity has increased, smartphone use allows online gamers to play without the need for specialized gaming consoles, memberships, or PCs.
Even if you don’t consider yourself a gamer, you’ve probably heard of some of the most popular mobile games. Candy Crush, Roblox, and Pokemon GO were among the highest-grossing smartphone games in recent years.
Now that you’ve had some context, let’s dig into online gaming statistics:
- Globally, around 1 billion people play online games, with China, South Korea, and Japan having the largest online gaming populations.
- The current valuation of the global games market is approximately $183.9 billion, with an expected increase to $207 billion by 2026.
- Mobile games lead the industry, accounting for the greatest revenue of $89.9 billion across all sectors.
Better games
You cannot win over the people with subpar offerings. The online gaming industry is thriving because it produces high-quality games that people want to play. The industry attracts some of the most creative and hardworking people, and they collaborate to create games that rival anything found in other forms of entertainment.
Everyone has the hardware
Of course, if no one had the necessary hardware to play the games, it would limit the gaming industry’s profitability. However, while this was once true (not everyone could afford a PlayStation, for example), it is no longer so. Smartphone ownership has skyrocketed in recent years, with nearly everyone now owning an Android or iOS handset. This essentially means that they own a gaming gadget. It’s possible that internet gaming could have taken over the world all along, but the necessary technology is now in place to make it happen.
Expanded selection of games available
The world of online gaming is now nearly as large as non-online gaming, but this was not always the case. In recent years, technical advancements have made it feasible to play a diverse selection of games online. A smartphone user could be playing Wildz casino games, competing against friends in the latest FIFA, or battling in Fortnite. Originally, mobile gaming consisted of simple games that even novices found challenging to interact with. Today, you can play any kind of game whenever you want.
There is a game for each mood
Another advantage of smartphone games over other sorts of games is that there is a game for any mood and circumstance. There’s a game for when you only have five minutes until your train arrives. There’s a game for those who wish to immerse themselves in a more serious, narrative-driven experience. There are also engaging social games that you wish to play with your friends and family at home. The online gaming industry is well aware that gaming can improve many situations in life.
Serious and sustainable investment
Perhaps the most important reason we’re hearing so much about online gaming these days is that there has been a constant investment over many years. The online gaming industry is currently undergoing a positive cyclical loop. More people are playing games, which leads to increased profit. This profit is then reinvested into the games, generating even more profit, and so on. The online gaming industry is unique in that it rarely sits on its revenues, instead investing them back into its products, allowing it to generate even better games.
The future
So what about the future? The online gaming industry is currently in a dominant position, which appears unlikely to change in the next few years. With more investment and unique concepts emerging, we can expect many exciting days ahead in the realm of online gaming.
