Online gaming market is anticipated to reach $18.5 billion by 2025 with a CAGR of 4.1% in the Forecast period 2020-2025. Owing to the increased spending on online games and the growing penetration of smartphones & tablets. In addition, availability of high-speed internet connectivity and reliable network is also one of the key factors fuelling the demand for online gaming solutions and services. Moreover, constant improvements in network connectivity and advancements in AR, VR, and XR technologies are estimated to provide key growth opportunities for the iGaming market in forecast period 2020-2025.Key Takeaways
North America dominated the [FURL=https://www.industryarc.com/Report/19284/online-gaming-market.html]Online Gaming Market[/FURL] size with more than 42%. Owing to rise in investments, internet usage and government support
Smart phone online gaming market is anticipated to grow at a CAGR of 6.5% in the forecast period 2020-2025. Owing to high smartphone and internet penetration across the globe, the market is projected to grow rapidly in the forecast period.
Virtual reality in online gaming is growing at a highest CAGR in the forecast period. Most of the virtual reality input devices are prototypes, and companies are investing heavily in Research & Development (R&D) to build consumer versions which can be connected to consoles, desktops, and smartphones.
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By Geography - Segment Analysis
In 2019, North America dominated the online gaming market share with more than 42%. Owing to rise in usage of smartphone and internet. In 2019, internet penetration in the region reached 88% and the average time spent across digital media by an adult has increased. For instance, in 2019, time spent on mobile devices has also officially outpaced that of television by eight minutes and is predicted to increase to more than 30 minutes by 2021. Moreover, with the increasing number of 5G connections in the region, the market is expected to witness further growth. For instance, in June 2019, Hatch gaming company announced partnership with Sprint’s 5G technology to leverage the latent demand for a new and better mobile gaming experience to showcase the potential of 5G to as many consumers as possible. Hence these benefits are analyzed to drive the market for online gaming in the forecast period 2020-2025.
Drivers – Online Gaming Market
Growing Support from the government
Emergence of AI in online gaming
Online gaming top 10 companies include Ubisoft, Activision Blizzard, Zynga Inc., Microsoft, Betsson AB, Konami, Sega, Sony Corp., Tencent, and Wargaming.
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