The gaming industry is one that has managed to boom all over the world, as various different niches and sectors within the overall market have each managed to achieve a significant amount of growth and reception over the years.
Indeed, the Canadian gaming market is one such industry that has also managed to achieve exponential growth in recent years. However, demand is also expected to continue to grow in 2022 as games will continue to want to be able to play their favorite games.
HOW LARGE IS THE CANADIAN GAMBLING INDUSTRY?
Naturally, one of the easiest ways in identifying how big and how valuable the country’s gaming market is to the nation is to look at how much it has managed to gross and how much it contributes to the gross domestic product (GDP).
Whilst the world’s total revenue grossed was almost US$160 billion in 2020, Canada had managed to become one of the leading consumers within the gaming market as the 2020 figures to have been released revealed that there had been a turnover of over US$5.5 billion, with that accounting for 23% of the country’s GDP figure.
Of course, this perhaps does not come as a huge shock, as it has been found that around 63% of Canadians had claimed to play some kind of electronic game by 2021, and there will have been a number of reasons why this had happened.
EXTERNAL INFLUENCES AND AN INCREASE IN TECHNOLOGY WILL HAVE PLAYED A HUGE ROLE
Indeed, there will have been a number of notable reasons that could highlight why the numbers outlined above were achieved, whilst these factors will also play a significant role in helping to support the claim that 2022 is set to be a huge year for the gaming industry.
One of the biggest reasons will have been the crisis that was experienced across the world in the last couple of years. As much of the Canadian population was forced into a lockdown that existed around the world, they would have looked at finding ways in which to help them pass the time whilst being at home.
Naturally, gaming became a primary source of entertainment for many, with gamers enjoying the video games that they had available, whilst there will have been families that would have decided to enjoy puzzle games and classic board games, too.
Another reason, though, is the fact that new regulations that legalized online gambling within certain areas of Canada will have had a significant impact on the industry and why there is evidence to support the idea that 2022 will be a year of huge demand on the gaming industry.
Bettors are now able to have better accessibility and protections when playing their favorite online wagering titles, with residents in the province of Ontario now able to enjoy the greatest gambling experiences available in the country.
This is because Canada’s most populous region recently made iGaming activities legal, which saw the launch of a number of live casino operators that can be used where punters are able to enjoy the best experiences possible. For instance, one of the most popular options players have these days are esports.
Esports has become an incredibly popular option for gamers, too, as they have provided them with an opportunity to watch others play the biggest and best titles around, whilst also being able to potentially win money at the same time! Furthermore, gamers are now interested in becoming professional players, as they have seen others do it and feel they have the opportunity to achieve the same thing themselves.
Technology will have played a role in helping this to happen, whilst it also played a significant role in making sure that the industry would be in a position to boom and experience the huge amount of growth that it has been able to achieve.
Gamers are now able to experience things such as virtual reality and the Metaverse; technological developments that were once only considered a dream and rather unviable just a few short years ago. These innovations have made the gaming industry explode as people understand that they are now able to get the most immersive of experiences possible; something that hardcore players continue to demand with each title released!
WHAT IS THE OUTLOOK FOR 2022?
As highlighted, 2022 is expected to be another huge year for the gaming industry and one that is believed to be the biggest yet.
If you take into account the figures to have been released based on recent years, it is evident that 2022 should be a rather strong year. Last year had shown that there was a year-on-year growth of 11.12%, with many suggesting that technology played a role.
Whilst we mentioned a number of innovations to have emerged in recent years, the biggest would have to be the development of smartphones and tablets. Gamers are now provided with a huge level of convenience that they previously never had, thus allowing them to game wherever they want. According to figures, Canada had managed to generate US$643 million across mobile gaming; almost half of the entire sector’s annual turnover in the country.
According to recent figures and estimates, though, it would seem the industry will explode even further. It has been projected that the video games segment of the industry will reach US$1.5 billion in 2022, whilst an annual growth rate of 9.17% (CAGR 2022-26) will make the market volume potentially reach US$2.13 billion by the end of 2026.
During this time, the market is expected to see around 15 million users of video games alone, whilst the mobile gaming segment already accounts for the largest revenues. In 2022, it was worth US$746 million.
Based on the data that has been projected above, it is clear that the gaming industry within Canada is about to boom further and experience an exponential amount of growth over the next couple of years, with 2022 being a huge year.