According to a recent report by Market Research Future, the gaming accessories market is one of the most profitable and only growing. It had a market value of $2.14 billion in 2018 and is expected to reach $4 billion by the time 2025 rolls around. That’s a rather impressive annual growth rate of more than 9%.
Source: Unsplash
Boosts in digital entertainment
The demand for gaming accessories has certainly increased in recent times along with the popularity of online entertainment like online gaming. However, while there seems to be various products available for video games, this is not the case with other industries within the entertainment sector, like with online casinos. Regardless, as internet access becomes more prominent around the world, many digital entertainment sectors, like online casinos, are enjoying a boost in revenue. Especially in the United States as revenue was up by 31% to a staggering $61.8 billion in 2020.
In past history, it was the UK that led the charge with regards to online casinos. Now, even US players have jumped on board the iGaming train too, all looking for opportunities to play at some of the best American online casinos. In fact, the industry is keen to attract as many players as possible, meaning that various offers and bonuses are on offer for players to use. While the recent years have proven to be game-changing for digital entertainment and media, more breakthroughs are expected in 2021 and beyond, setting the stage for one of the most lucrative industries to continue to thrive in years to come.
In addition, advances in technologies will certainly bolster interest in online gaming as more and more players look for interactive and VR-type experiences like never before. Key players in the gaming accessory market like Razer Inc., Cooler Master, Hyper X, Logitech International SA, Mad Catz, Turtle Beach and Reddragon will surely take advantage of this as numbers continue to climb and players demand new and exciting ways to experience gaming from the comfort of their home or while on the move.
Source: Unsplash
Increased numbers of gamers and online gaming platforms grow market revenues
The rapid advancements in technology have also meant more players have access to their favourite online games from their mobile device, which is further expected to increase the gaming accessories’ market size. Developments in technologies like virtual reality and artificial intelligence also promise high returns and interest from a new generation of gamers and are set to be major trends in the coming years. That’s not even considering the increased screen times across the board.
USA dominates the market
As it stands, North American dominates the global gaming accessories market. The presence of key players like Razer, Turtle Beach, Mad Catz and Corsair in the country certainly helps drive this growth. The online gaming community continues to evolve and grow.
Some would say its growth is faster than many other industries. This means that the demand for gaming accessories and fast and reliable internet connectivity will be greater than ever before. As such, developers and gaming studios are hustling to meet demands and outplay their competitors in this incredibly lucrative market.
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