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Yahoo! Finance released a comprehensive report detailing the economics of the gaming industry for 2024 and beyond. According to detailed research, the global online gaming market peaked at $137.6 billion in 2023. By 2032, the value of the global online gaming market is expected to hit $348.85 billion, an increase of $211.25 billion. This phenomenal growth is largely attributed to the accelerated adoption of computing technology, particularly smartphones, tablets, and phablets, alongside ready access to high-speed Internet. Based on the current figures, the Compound Annual Growth Rate (CAGR) is 10.89% for 2024-2032. Online gaming is a broad term detailing video game play over the Internet. In this regard, players typically engage in multiplayer action in a virtual setting. Naturally, multiple gaming genres are included in the analysis, notably massively multiplayer online games (MMO), where participants from different geographic locations congregate in a virtual platform in a competitive setting. By all accounts, the global online gaming market is growing rapidly. High income streams, coupled with widespread engagement are fuelling this growth. But it's also the technological prowess of Internet connectivity and the IoT. Notable among the key growth drivers is the unprecedented uptick in eSports. Many popular video games are now being contested by players in eSports tournaments. The likes of Call of Duty, Fortnite, League of Legends, Dota-2 and Counter-Strike are popular with players. Social Games Drive Up Revenues in the Gaming Industry Unlike many industries post-pandemic, the social casino market shows consistent and steady growth every single year. Notable in the stats is the strong revenue generated by leading social casino segments Zynga, with its Zynga Casino and Zynga poker attractions. Players are drawn to the magnetic allure of participating in the world's most popular online free poker games, replete with jackpots, tables and tournaments. Among others, ranking social gaming hubs like these provide free daily chip gifts to players, since no real money is needed to get started. Social gaming encompasses the best of traditional online gaming with immersive, interactive, and engaging social elements. These include player versus player interaction, access to forums, blogs, chat functionality, player game guides, tournament leaderboard challenges, and social sharing of player performance. For example, Zynga Poker features prominently on Facebook, X.com, Instagram, and YouTube. Players can showcase their skills, abilities, and attributes when playing in poker tournaments on any of these social media channels. Of course, variety is the spice of life and that's precisely what helps the economics of the gaming industry. More games equals more choices for players. In this vein, social casino games encompass a wide variety of slots – classic slots, video slots, and jackpot slots, in addition to poker games like Pineapple Poker, Texas Hold'em, Omaha Poker, and others. Published Growth Stats: Actual & Forecast The rise of social games is equally important in the global gaming industry. J. Clement published a global social casino revenue report on Statista (2014 – 2026) which shows extraordinary growth in the industry. Over the ten-year period 2014 – 2026, actual and forecast GGR (Gross Gaming Revenue) presents as follows:
- 2014 – $3 billion
- 2015 – $3.4 billion
- 2016 – $4 billion
- 2017 – $4.3 billion
- 2018 – $4.7 billion
- 2019 – $4.9 billion
- 2020 – $6.2 billion
- 2021 – $6.3 billion
- 2022 – $6.8 billion
- 2023 – $7.1 billion
- 2024 – $7.5 billion
- 2025 – $7.9 billion
- 2026 – $8.3 billion
- eSports features 3000 competitors in the US alone
- 55% of males comprise the global gaming community
- Global gaming encompasses 3.09 billion active players
- By the end of 2024, some 3.32 billion players will be involved in the global gaming community
