Video Gaming Market
Last updated
Last updated
According to recent estimates, around 40% of the world's population, or 3.1 billion people, play video games. This number has seen significant growth in recent years, with an increase of one billion people in the past five years alone.
Asia is the region with the largest number of paying game consumers, with a total of 1.42 billion. Europe comes in second with 668 million paying game consumers, followed by Latin America with 383 million and North America with 261 million.
The popularity of gaming has seen rapid growth in recent years, due in part to the rise of esports, game streaming platforms like Twitch, and the increasing prevalence of mobile gaming. As a result, the gaming industry has become larger than both the music and film industries combined, generating more revenue than both combined.
According to recent market data, the global gaming industry was valued at $180 billion in 2020. In the coming years, it is expected to continue growing at a rate of 12% per year, with a projected increase in value of $119.07 billion during the 2020-2024 period.
The integration of blockchain technology into the gaming industry is having a major impact on both players and game service providers. For players, it allows them to securely trade in-game virtual assets using contracts and other mechanisms, providing greater ownership and control over their virtual assets. For game service providers and developers, it enables them to monetize their services more effectively. This, in turn, is encouraging more gaming companies to incorporate blockchain technology into their products. As the technology continues to advance, we can expect to see even more widespread adoption of blockchain in the gaming industry.
