📈Market overview
Last updated
Last updated
The growth of the market can be attributed to the need for a secure, transparent, and decentralized gaming ecosystem. Blockchain technology enables transparency in the gaming market by providing a public ledger of all transactions. This allows players to track the ownership and transfer of their in-game assets and ensures that all transactions are fair and transparent. It provides players with ownership of their game assets and transactions, allowing them to conduct secure transactions without intermediaries.
Asia Pacific region dominated the market in 2022 and accounted for more than 26.0% global revenue share. The growth can be attributed to the growing interest in cryptocurrency and high internet and mobile penetration. There is an increasing interest in cryptocurrency among consumers and investors in the Asia Pacific region, resulting in a growing participation in the cryptocurrency market.
This creates a favorable environment for blockchain gaming, which utilizes cryptocurrency and other digital assets. For instance, in January 2023, Asia Blockchain Gaming Alliance (ABGA), a non-profit organization focusing on blockchain technology in the gaming industry, launched USD 45 million eco fund. The eco fund would be dedicated to supporting and enhancing the development of game developers and companies.
North America is expected to witness significant growth over the forecast period. The region's growth can be attributed to the presence of prominent industry players such as Splinterlands, Uplandme, Inc., Mythical Inc., and ROKO GAME STUDIOS and its large tech-savvy population. This has encouraged the development of blockchain gaming platforms.
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global blockchain in gaming market report based on game type, platform, device, and region:
Type Insights The online gaming segment is expected to witness a growth of more than 12% by 2030. Technological trends like augmented reality (AR), virtual reality (VR), and mixed reality (MR) have inclined people towards gaming. The growing number of esports events and multiplayer gaming has transformed the online gaming segment.
Additionally, multiplayer modes keep gamers involved through social engagement and a feeling of achievement among players. Players are interested in making in-app purchases and pay only to stay in the game.
Substantial growth in the development of augmented reality (AR) and VR-related products, such as Head Mounted Displays (HMD) and Head-Up Displays (HUD), has remarkably enhanced gaming experience, making it more engaging. The emerging trend of game-based learning is anticipated to boost the adoption of video games in the academia vertical, as it not only helps in improving digital literacy but also facilitates skill development and cognitive growth.
The global augmented reality market size was valued at USD 38.56 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 39.8% from 2023 to 2030. The surge of interest among leading market players such as Google LLC, Microsoft Corporation, Apple, Inc., and others in employing augmented reality (AR) in numerous applications is creating new opportunities.
