The gaming market will hit $200B in 2024 – Report
Covid times have given us all the time in the world to indulge in our favorite games. Since the onset of the pandemic, the worldwide gambling community has expanded multifold. Reports suggest that the gaming world will be valued at $175.8 billion by the end of 2021. What’s more, is in 2024, the figures are likely to exceed the 2023 threshold of $200 billion. Having said that, let’s try to understand the factors contributing to this bright future of the global gaming world.
Surprisingly, more than half of gamers are pouring in from one region of the world. Here we are talking about the Asian Pacific region. Given that a large proportion of online users dwell in this part of the world, the numbers are relevant. Asia-Pacific is home to some regions with potential growth rates such as India as well as Southeast Asia.
On the other hand, a myriad of gaming giants are shifting their focus to potential revenue areas. Two nations, Europe and North America are collectively accountable for nearly 40% of the total revenues from the online gaming industry. However, the number of gamers is relatively small in these regions. The Middle East, Africa, and Latin America will witness a rise in the player base due to several reasons like cheaper internet plans, the introduction of enhanced digital infrastructure, and a rising number of gamers. Hence, these regions are targeted by game companies for business prospects.
In 2021, the number of gamers will grow to three billion. Considering that the highest gamer population is emerging from the Asian Pacific, the region with a wide market accessible, over 90 percent of gamers have moved to mobiles from PCs and consoles. That certainly means that PC and console users have seen a decline. If we go with the figures, 1.4 billion and 900 million gamers are still using PC and console respectively for their entertainment purposes.
In the lockdown period, a hundred thousand players became part of the digital space. It is right to conclude that more gamers will join in and make the global gaming community bigger and stronger. From the 2 billion mark in 2015 to an estimated value of 3.3 billion in 2024, the gaming industry is all set to achieve new milestones in terms of users and revenues. With changing times, players have become more flexible while playing online games and thus, the rules of the game are transforming rapidly with new gamers entering the market spaces.
Thus, today, games are not limited to a source of entertainment, they have become more of a virtual party with peers and close acquaintances in Covid times. This media has opened up doors for human connection and inter-personal and social experience which the world is bereft of amidst this global mayhem. As long as there are gaming platforms like Joker123 , people can make the most of their time indoors while letting go of all the worries and stress that have engulfed us lately.
Hence, there is so much to look forward to other than the revenue figures of the gaming industry. For instance, the metaverse trend that is going to shape the future of the gaming world. Stay tuned for more.
