The last 18 months have been absolutely huge for online gaming. To say that it’s conquering the world isn’t even an understatement. Globally, the market registered revenues of $18 billion in 2020. The total number of gamers? 932 million.
Online gaming is exploding. And this is only the beginning. There are so many growth opportunities that it’s mind-boggling. Here’s why.
The leading markets have so much room for growth
The reason why the market is seeing such a momentous upswing is simple: There is still so much room for growth. Even the biggest markets are babies in the grand scheme of things.
The biggest gaming markets are undoubtedly in Asia and North America. China leads the line in terms of revenue, with the United States just behind. These are mature markets, but there’s so much left in the tank. In the United States, for example, a lot of households still do not have access to high-speed connections.
Canada’s online gaming market is also quickly gathering pace. One of the reasons is undoubtedly a relaxation of online gambling laws among other things (like the rise of Twitch and online streaming, and overall gaming popularity). Gaming in online casino Canada is now possible without having to use a VPN or other workarounds, giving the industry a much-needed injection of activity.
Africa and South America have a burgeoning online gaming market, but the lack of smartphone penetration is astounding. Imagine how much the industry could grow if everyone had a smartphone in their hands.
Playing AAA games is the pinnacle of gaming for a lot of people. Titles like Last of Us II and Ghosts of Tsushima have captured the imagination of many. The problem is that you need a Playstation or another expensive console, and downloading the game can literally take hours (even if you have a solid connection).
Online gaming, however, gives you more options. Many games are super lightweight and can run on your browser or smartphone. You can load these up right away, without having to go through the torture of waiting. Seriously, who has time for the loading screen these days?
Become part of a community
Humans are social creatures. We are tribal; we want to feel like we’re part of something. Playing single-player mode is fun, of course, but you’re on your own. When you play online, you’re one of the gang.
For example, some online games allow you to build teams. In Red Dead Redemption 2, you can join a squad with either your buddies or people you meet online. Even the camaraderie lasts for only as long as a single game, playing as part of a team is just that little bit more fun.
Expect further growth
The exciting thing about online gaming is that in many ways, the industry is still in its infancy. We’re only just getting access to high-speed 5G connections, and much of the world still struggles to get reliable internet access.
But the demand is clearly there. People want to play online. Once high-speed connections become ubiquitous, there’s no stopping online gaming. Expect to see stratospheric growth in the next decade.