The Metaverse Effect on the Gaming Industry Explored

MetaversePlanet August 16, 2024Last Updated: August 16, 2024

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The metaverse is significantly influencing the gaming industry, driving many companies to focus on metaverse-oriented developments.

Over the past decade, the popularity of digital games has surged globally. The gaming industry continues to expand at an unprecedented rate. From 2024 to 2029, the gaming market is projected to grow at a compound annual growth rate of 9.32%. We anticipate that it will increase from an estimated $272.86 billion in 2024 to $426.02 billion by 2029. What factors are fueling this growth?

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Metaverse is shaping the gaming industry

The rise of esports has been fueled by several factors, including the popularity of live streaming platforms and the growth of mobile gaming. Additionally, the surge in digital games has played a significant role. As access to digital games increases, so does the demand for reliable and fast internet infrastructure.

This has led to a heightened focus on the need for advanced, stable, and dependable network connectivity. Since digital gaming is fundamentally about player experience, connectivity is crucial. Any lag can ruin the user experience and diminish the enjoyment of gameplay.

Telecom and cloud providers have a prime opportunity to enter the gaming industry, allowing organizations that offer cloud gaming services to capitalize on the gaming market and expand their business offerings.

But what has been the real impact of this explosive growth in the gaming industry on networks?

Global Market Trends and Projections for Gaming

The global video game market is projected to grow from 2023 to 2030 at a compound annual growth rate of 13.4%, reaching an estimated $583.69 billion.

By the end of 2024, it is expected that there will be 3.32 billion gamers worldwide. Asia leads with 1.48 billion players, followed by Europe with 715 million.

Approximately 50% of Saudi Arabia’s internet population are regular gamers. As part of its Vision 2030 plan, Saudi Arabia aims to have 250 gaming companies by 2031 and produce over 30 games that rank in the top 300 worldwide. The metaverse appears to be leading the transformation in the gaming industry.

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