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Video gaming market
Out of the 8 billion worldwide population, 3.1 billion people play video games. That is about 40% of the world population. A billion more than just five years ago.
Source: © Statista 2021
Asia has the highest level of gamers at 1.42 billion paying game consumers. Europe is second with 668 million paying game consumers, then Latin America with 383 million consumers, and then finally North America with 261 million.
Source: © Global Games Report 2021
The number of active gamers has risen rapidly over the past decade or so, with the introduction of esports, game streaming via Twitch, mobile gaming to name a few. Gaming continues to grow each year and has even overtaken the music and film industry, making more money than both combined.
The global gaming market reached a value of $ 180 Billion in 2020. The gaming market is poised to grow by $119.07 billion during 2020-2024, progressing at a CAGR of 12% during the forecast period.
Source: © Technavio Research, Business Wire 2020
The integration of blockchain technology in traditional gaming has enabled players to trade in-game virtual assets through contracts or other competing players. Also, blockchain platforms use powerful data encryption technologies such as private keys and public keys to ensure secure crypto token transactions.
This enables game service providers or game developers to monetize their gaming services properly. Such benefits are encouraging gaming companies to integrate blockchain technology into their products.