The last few years have played a pivotal role in the expansion of online gaming. From both a playability and profitability standpoint, the sector has reached new-found levels of marketability following the rise of digitalisation. Not only is the industry currently enjoying a period of expansion and participation, but the future looks set to guarantee further progression. With that, let’s analyse the numbers behind the long-term growth of online gaming.
Lucrative Sectors with Unprecedented Potential
Interestingly, online gaming is something of a blanket term covering a whole host of different gaming streams. While many believe that the concept predominantly relates to traditional video game developments, that isn’t the case, and that’s a primary reason behind the sector’s profitable future. In the 21st century, it’s impossible to overlook casino gaming when exploring the upcoming direction of web-powered offerings.
According to figures from Grand View Research, the online gambling sector is forecast to record a compound annual growth rate of 11.5 percent between 2020 and 2027. Should such a growth rate occur, the industry will reach a market size of around £93.6 billion. Fascinatingly, this showcases the popularity of casino gaming across the globe.
One country that illustrates the pending progression within this online gaming market is India. The entertainment stream is one of the fastest-growing activities within the South Asian country, and it’s clear to see why. For example, on the Genesis Casino website, prospective players can choose from an extensive library of games, which features live casino, digital versions of traditional table games, and video slots, such as Reactoonz. This immersive variation is at the heart of online gaming future’s, and it played a pivotal role in India’s gaming industry receiving approximately £257.3 billion in investment between 2014 and 2020, as per The Economic Times. In 2021, funding will likely continue. Fundamentally, this is due to the fact that the ever-growing nature of the industry makes it a lucrative investment opportunity.
Figures Point to Long-Term Success
Of course, online gaming isn’t limited to just casino platforms. Given the progression that the multiplayer entertainment stream has made since the turn of the millennium, it’s unsurprising to hear that the industry has established itself as one of the fastest-growing markets in the world, according to Visual Capitalist. It’s a testament to the bright future that online gaming has in store that its market value will reach almost £190 billion by 2025, doing so at a CAGR of 9.17 percent.
Fundamentally, the scale of the industry has come on leaps and bounds over the past two decades. Now, gamers have a choice as to how they immerse themselves in online gaming. Along with traditional consoles and PCs, mobile gaming’s rise indicates that web-powered offerings will reach new heights during the coming years. As per Marketing Dive, smartphone players will account for 22.5 percent of the market share by 2024. In terms of players, this equates to over 1.7 billion people.
A Future of Genuine Promise
Although gamer habits and developer creations will continue evolving, the depth of variation regarding genre and platform availability ensures that online gaming will enjoy a bright future. As evident from the above data, the market is only heading in one direction, and it doesn’t look like slowing down during the 2020s.