LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global massive multiplayer online (MMO) games market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The report further segments the global MMO games market by genre (MMORPG, MMOFPS, MMORTS, and others), by revenue model (F2P and P2P), and by geography (APAC, the Americas, and EMEA).
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Technavio analysts highlight the following top three market drivers that are contributing to the growth of the global MMO games market:
- Availability of several payment services in the online gaming industry
- Popularity of online gaming as a concept
- Ability to role-play
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Availability of several payment services in the online gaming industry
There are several MMO games available with in-app purchases. These purchases encourage the user to make payments to collect points and get rewards besides overpowering the opponent player. There are several innovative payment solutions available in the gaming industry. This has assisted specialists in maximizing the revenue generated from these games apart from attracting new players. One Click Payment is one such payment option. It is a unique payment service that provides a convenient way to recharge user accounts with a single click.
According to Ujjwal Doshi, a lead analyst at Technavio for gaming research, “Payouts is another option that offers a wide range of payment modes. In this method, clients can facilitate the transactions using most popular payment systems and bank cards such as China Union Pay, MasterCard, Neteller, QIWI, VISA, and WebMoney. A team of payment experts follows the latest trends and innovations within the payments industry while ensuring a high level of client services at the same time providing advanced technologies and solutions. The availability of such payment solutions has increased the revenue generated by the MMO gaming industry.”
Popularity of online gaming as a concept
The gaming industry is one of the largest economic sectors in the world. It attracts a diverse audience while generating billions of dollars in revenue. Online gaming is one of the most substantial sectors of the global gaming market, and it is becoming increasingly popular. Online games are gaining traction because of the growth and popularity of digital content. Many software companies are actively using various traditional and non-traditional media such as TV, press advertising, and promotional activities to target new players and promote online gaming.
“Multiplayer games, which is a category in online games contribute a major share in the gaming industry. This is primarily because of the growth in online gaming and its popularity across the world. MMO gaming is developing rapidly, thereby displacing gaming consoles and handheld devices. Apart from this, cross-platform multi-functionality is also driving the success of MMO gaming,” says Ujjwal.
Ability to role-play
There are several reasons for MMO games gaining popularity across the world. These games are preferred widely by audiences for their ability to role-play. The role-playing aspect is very creative and imaginative. Here, the player has the power to customize an avatar. For instance, the gamer chooses what clothes he/she will wear while depicting a real-life character. It gives the power to the user to play an uninhibited game in a virtual environment.
Gamers can also experiment with several activities such as playing minigames, going for quests, indulging in crafts, building their own house, or riding mounts. There are several such options that are available. Thus, the players usually do not get bored. Competitiveness within MMORPG gives the player the option to fight more than others and get to the top of the leaderboards.
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