HomeGamingOnline Gaming Industry: The Rise of a Multi-Billion Dollar Market

Online Gaming Industry: The Rise of a Multi-Billion Dollar Market

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The global online gaming market has been one of the fastest industries to grow across the world. Over the last decades, the online gaming industry market has exploded with popularity, with North America and Asia being the biggest gaming regions globally and accounting for 78% of the global revenue.

It is clear that it’s only going to get bigger as technology advances. In fact, it is expected to hit $196 billion in revenue by 2022.

The history of gaming

People have been known to appreciate entertainment in the form of games throughout history. Whether it was betting games, card games, or sports, we have always loved a fun challenge. Online gaming started growing in popularity in the 1990s, which is directly connected to increased Internet availability. By 2015, around 1.5 billion people were gaming around the world.

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Online casino games

Casino games are some of the oldest games that have been expanded to online platforms. They were popular among many people even before the Internet made its entrance to the gaming industry. Thanks to one of the industry pioneers, JackpotCity online casino, people can now enjoy plenty of classic and new games from the comfort of their homes. With 20 years of experience behind them, JackpotCity were the ones to introduce a large variety of games to many audiences all over the world with custom made sites.

Online casino games offer players a different type of experience than the regular casino. The selection of games is huge, and with it the jackpots, bonuses, and special features that make the experience more exciting.

Esports

Esports is a world of competitive video gaming that typically provides a multiplayer experience for individuals or teams. Many of these games are watched and followed around the world mainly through streaming services. Tournaments attract so many viewers that the numbers could easily be compared to traditional sports events.

Overall, this is an impressively big market that has proven lucrative for the players, brands, and game developers.

Video games

Less than a decade ago, most video games were sold in physical form, but that has changed drastically. According to some reports, in 2018, 83% of all computer and video games were sold in digital form. That does not come as a surprise, because as we know, the online gaming industry has been blooming across all of its subcategories, including video games. That’s because online games are not only easily accessible but also affordable.

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What’s more, there are cloud gaming services available that allow gamers to play without a console. It works because it runs video games on remote servers and then streams them into the player’s device. Many people choose this option because they don’t need to download the games but instead just start playing. In addition to that, the games are easily accessed from a vast range of devices, including PC, laptops, smartphones, tablets, and digital media players.

Bottom line

The faraway future innovations that we could only imagine ten years ago are now the reality. And as the number of players keeps growing and technology evolving, it’s undeniable that the online gaming industry’s prospects have no limits.

Photo credit: The feature image has been taken by Nizamudeen Latheef. The “Pac-Man” photo has been done by Lucas Lorizio. The picture “girl playing video games” was prepared by Ada Ruiz.
Source: Andrew Beattie (Investopedia) / Statista 1,2, 3

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