Online gaming has been around in Europe for many years now. The development and growth of the industry have led to a recent market assessment, where the key drivers and restraints of the sector were studied. The report also analyzed the market’s competitive landscape and explored investment, brand building, and M&A activity trends.
The online gaming industry in Europe
The European online gaming industry is one of the most exciting and fastest-growing in the world, with market size of over €24 billion in 2016. According to an EY analysis, it is expected to reach €47 billion by 2024.
The online gaming industry in Europe has been proliferating in recent years, driven by the increasing popularity of mobile and online games and the rise of eSports. It has resulted in a highly competitive market with many large and well-established players and several smaller startups.
The online gaming industry in Europe is one of the world’s most well-developed and competitive markets. Cyprus is home to a few of the industry’s most significant online casinos offering players games and services.
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Several factors are driving the growth of the online gaming industry in Europe, including:
- The increasing popularity of mobile and online games: Mobile and online games are becoming increasingly popular with European consumers, with 45% of Europeans playing mobile games and 43% playing online games.
- The rise of eSports: eSports is also becoming increasingly popular in Europe, with 29% of Europeans interested in watching eSports tournaments. It is particularly true among younger consumers, with 41% of millennials (aged 18-34) interested in eSports.
- The growing popularity of streaming services: Streaming services such as Twitch and YouTube Gaming are also gaining popularity among gamers in Europe, with 22% of European gamers using Twitch and 21% using YouTube Gaming.
- The increasing availability of broadband: Broadband internet is becoming increasingly available across Europe, with 78% of households now having access to a broadband connection. It makes it easier for gamers to access online games and connect with other players.
The online gaming industry in Europe is highly competitive, with several large and well-established players such as Activision Blizzard, Electronic Arts, and Ubisoft, as well as several smaller startups.
The European market is also characterized by a high level of fragmentation, with no single player accounting for more than 10% of the market. This fragmentation is mainly because the online gaming industry is still in its early stages of development in Europe, and there is no clear leader yet.
The online gaming industry in Europe is expected to increase in the coming years, owing to the growing demand for mobile and online games, the rise of eSports, and the increasing availability of broadband internet.
Market Assessment
The European online gaming market was worth €10.6 billion in 2020, with a CAGR of 5.5% between 2016 and 2020. The region is the third largest in the world, behind Asia-Pacific and North America.
However, the European online gaming market faces several challenges that may hinder its growth. These include a lack of clarity around regulation, as well as concerns over the sustainability of the business model. Furthermore, more investment in infrastructure and expertise is required.
Regardless of these obstacles, the European online gaming sector will likely expand in the following years. The above expansion will be fueled by the growing popularity of mobile gaming and the rise of eSports.
Success factors for the expansion of Europe’s online gaming sector
As the online gaming industry continues to grow in popularity, several factors are driving this growth. Here are some crucial success elements for developing Europe’s online gaming sector.
- The increasing penetration of broadband internet connections: To play most online games, users need a fast and reliable internet connection. Cable broadband connection coverage in Europe makes it easier for people to access online games.
- The growing popularity of mobile gaming: More and more people are playing games on their smartphones and tablets. Mobile devices are an attractive platform for on-the-go gaming due to their portability and convenience.
- The rise of social media and streaming sites: Platforms such as Twitch and YouTube have enabled gamers to broadcast their gameplay to a larger audience. It has helped to increase the popularity of online gaming, as people can watch others playing and learn about new games.
- The availability of free-to-play games: Many popular online games are free-to-play, meaning people can try them out without spending any money. It has helped to increase the number of people playing online games, as there is no barrier to entry.
- The increasing prize money for eSports tournaments: Competitive gaming, or eSports, is becoming increasingly popular, and there is now a large amount of prize money up for grabs. It attracts more people to play online games competitively, as they have the chance to win big prizes.
Conclusion
The online gaming industry in Europe is booming, with a market assessment indicating that it is worth billions of euros. It is good news for gamers and game developers, as it means a growing demand for gaming products and services.
The online gaming industry in terms future in Europe looks bright, so now is the time to get involved if you’re considering starting a gaming-related business.