The increasing demand for decentralized games and assets, the growing interest in blockchain gaming, and the technological advancements in smartphone technology are the major factors expected to drive the global blockchain in gaming market.
Wilmington, DE, Nov. 15, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Blockchain in Gaming Market by Game Type (Role Playing Games, Open World Games, and, Collectible Games), by Platform (ETH, BNB Chain, Polygon, and Others), by Device Type (Android, Web, and iOS), by Industry Vertical (IT and ITES, Healthcare, Utilities, BFSI, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. The global blockchain in gaming market is envisioned to generate $818.5 bisllion by 2032. The market accounted for $4.9 billion in 2022 and is expected to showcase a CAGR of 66.5% from 2023 to 2032.
Dynamics of the market:
The growing interest in blockchain gaming, the increasing technological advancements in smartphone technology, and the growing demand for decentralized games and assets are the vital factors predicted to bolster the growth of the global blockchain in gaming market. Furthermore, the increasing demand for virtual assets is predicted to create extensive growth opportunities for the market over the analysis timeframe. However, the lack of technical expertise and regulatory clarity may impede the growth of the market.
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Report coverage & details:
|Market Size in 2022||$4.9 billion|
|Market Size in 2032||$818.5 billion|
|No. of Pages in Report||290|
|Segments covered||Game Type, Platforms, Device Type, and Region.|
|Drivers||The rising interest in blockchain gaming
Rise in demand for decentralized games and assets
Technological advancements in smartphone technology
|Opportunities||Increase in demand for virtual assets|
|Restraints||Lack of technical expertise and resources
The lack of regulatory clarity
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The role-playing games segment to rule the roost over the analysis timeframe
By game type, the role-playing games segment generated the highest market share in 2022, contributing to around half of the global blockchain in gaming market revenue, and is predicted to hold the lion’s share during the analysis timeframe. This is mainly due to the rise of blockchain technology that enables developers to create cross-platform games that can be deployed on multiple devices and platforms. On the contrary, the collectible games segment is expected to exhibit a stunning CAGR of 72.2% from 2023 to 2032. This is mainly because of the increasing demand for immersive game worlds by players that feel like real, living environments. Such gaming platforms include more realistic graphics, and more dynamic non-player characters (NPCs), and more interactive environments.
The ETH segment to hold the highest market share during the forecast period
By platform, the ETH segment generated the largest revenue in 2022, providing nearly half of the global blockchain in gaming market share, and is predicted to lead the trail over the analysis the analysis timeframe. This is mainly because Ethereum (ETH) offers a secure and transparent system for creating and trading blockchain-based game assets, including game tokens, and Non-Fungible Tokens (NFTs), and virtual currency. On the other hand, the polygon segment is expected to showcase a striking CAGR of 74.7% from 2023 to 2032, owing to the rapid growth in the number of decentralized gaming platforms being built on its network.
The web segment to dominate over the estimated period
By device type, the web segment held the biggest market share in 2022, generating more than two-fifths of the global blockchain in gaming market share. This growth is mainly due to the attainable and user-friendly gaming experience provided by the web. This further enables players to jump from a web browser to web-based games without downloading or installing software. On the contrary, the android segment is expected to manifest a fascinating CAGR of 70.4% from 2023 to 2032 and is expected to continue steady growth over the forecast period. This is mainly due to the increasing adoption of android devices among end users and the easy deployment of gaming platforms.
Asia-Pacific to hold the lion’s share by 2031
Region-wise, the Asia-Pacific region held the largest market share in terms of revenue in 2022, contributing to nearly two-fifths of the global blockchain in gaming market share. This region is expected to exhibit a striking CAGR of 70.3% from during the analysis period from 2023 to 2032, and is also expected to rule the roost over the forecast period. This is mainly due to the increasing use of NFTs for trading in-game assets such as avatars, weapons, and skins.
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Prominent market players:
- Animoca Brands Corporation Limited
- Sara Technologies Inc.
- Maticz Technologies Private Limited
- Lumighost Ltd.
Key Industry Development –
On November 2023: Australian Web3 game studio Immutable partnered with global game developer Ubisoft to create a new video game that will further unlock the potential of Web3, which will appear that game will leverage the blockchain in some form.
On October 2023: Immutable, a blockchain-based infrastructure for NFT games and applications partnered with Amazon Web Services (AWS), a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs to individuals, companies, and governments, on a metered, pay-as-you-go basis. Through this partnership companies intends to streamline blockchain gaming infrastructure for developers by tapping into valuable technical resources and support, boosting its capabilities in the blockchain gaming world.
On October 2023: Wemade, a prominent South Korean game developer partnered with Katnappe sp. z o.o., a Polish gaming company. Through this partnership the companies intends to integrate Katnappe’s blockchain game, Hoomeez, into WEMIX PLAY, Wemade’s globally recognized blockchain gaming platform, boasting a user base of over 9 million players. This partnership aims to diversify WEMIX PLAY’s expansive portfolio, which currently encompasses more than 100 diverse games.
On June 2023: Oasys, a blockchain-based game development platform partnered with MIXI Corporation. The partnership between Oasys and MIXI would bring together the expertise of two leading companies in the blockchain gaming space. The two companies believe that they can work together to create innovative and engaging blockchain games that will appeal to a wide audience.
On April 2023: Leading South Korean game developer Wemade partnered with Nine66, a Savvy Games Group company. This partnership builds upon the previously signed Memorandum of Understanding (MOU) between Wemade and Nine66 and is in line with both parties’ ambitions for the gaming industry in Saudi Arabia.
On January 2023: Gala Games acquired Ember Entertainment, a mobile game developer known for creating Gala’s Web3 title, The Walking Dead Empires. This acquisition aims to test and explore various genres and tactics in the space.
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