Since the rise of smart devices and the availability of the internet, a lot has changed in the gaming industry. The various gaming platforms are available to access the options to play games such as poker, casinos, sports, and bingo. These include desktop PCs and laptops, mobile apps for android and iOS devices, and social media platforms that encourage players to link their profiles through these platforms. There are also online streaming services that utilise live internet onto gaming channels that users can watch.
The iGaming industry reached $173 billion in 2021. iGaming is expected to grow rapidly in popularity in the coming years. A global research firm, predicts that the global online gaming market will be $314 billion by 2027. This represents a compound annual growth rate (CAGR) of 9.7% between 2022 and 2027. By the end of 2022, the global online gaming industry is expected to reach $200 billion in revenue, making it one of the fastest-growing industries worldwide.
This article explores the growth of online gaming, which has increased dramatically in the past decade.
The global online gambling market has played a significant role in the growth of the iGaming industry as they are worth $57 billion in 2021. Technologies such as online gaming and mobile wagering have advanced rapidly in recent years, giving them new opportunities to attract customers. Additionally, they are improving how games are created, thus providing users with a more satisfying gaming experience.
The increased use of the internet, the rise of smartphone use, and the creation of high bandwidth network connectivity, such as 5G internet, have led to further growth in the demand for video games. The GSMA, a leading global association of mobile operators, reported that as of November 2021, numerous mobile operators had launched commercial 5G services. This will, in theory, help to open the door for mobile companies to introduce 5G smartphones within the market.
Internet usage increased by 7.7% in 2021 in regard to the number of people connecting to its services, according to DataReporal's latest report. The report also showed that Internet use totalled 4,950 million in January 2022, which is 4% greater than the users reported in January 2021.
Indeed, it can now be argued that the best years of real money casino entertainment have now arrived, as punters are able to enjoy a number of technological advances and the result of improved accessibility to high-speed internet.
The most popular form of iGaming around the globe has been found to be via mobile devices. A new market report says that mobile game consumer spending reached $93.2 billion in 2021 — surpassing more conventional and traditional forms of gaming.
One of the primary reasons for mobile gaming's popularity is that it can be played anywhere. The majority of people now have mobile devices such as smartphones that are capable of playing high-quality games. There has been an increase in demand for mobile games, which has led to various technological advancements and improvements occurring, including augmented reality (AR), virtual reality (VR), cloud gaming, and 5G. Furthermore, 3 billion people were gaming on their mobile devices in 2021. The growth of the mobile gaming industry can be attributed to its cohesive and innovative user experience that includes exciting features such as loyalty programs and in-app purchases.
The Asia Pacific region is expected to experience the most growth in the gaming industry, with China, Japan, and South Korea predicted to be the fastest-growing markets.
The male population is estimated to make up a more significant market share of the iGaming industry due to the popularity of male-oriented games such as racing, sports and action. However, the female population is increasing as more females are becoming involved in online gaming, such as Twitch, which allows them to gain followers.
Finally, as blockchain technology becomes more mainstream, game companies will increasingly look to integrate it into their platforms. We expect this technology to become a standard feature on gaming consoles, enabling gamers to engage in in-game asset trading and peer-to-peer transactions. The increased adoption of blockchain technology by gaming companies will augment the overall gaming market size.Present-day trends in the games industry indicate that there will be immense interest in games in the future. Opportunities to engage users, deliver various gaming experiences, and maintain a high level of interaction will lead to increased interest from players and new opportunities for developers.