January 24 2023

How Big Is the Gaming Industry in Singapore?

It is already known that the COVID-19 pandemic has affected several sectors around the world, but not this one: the gaming industry. Actually, the pandemic boosted this sector, which now has around 2.7 billion users and revenues three times higher than streaming. Globally, the market is huge, being valued at USD 195.65 billion in 2021. The expected growth is at a compound annual growth rate (CAGR) of 12.9% from 2022 to 2030. 

Asia is the largest gaming market, accounting for 45% of international gamers. Among them, Singapore is a booming market. Growth of the industry in the city-state is expected as it has government support, an excellent internet structure, the growing popularity of eSports players, and especially blockchain technology, which has made online transactions much more transparent and secure.

So, how big is the gaming industry in Singapore? According to All Correct Games, it’s estimated that 21% of Singapore’s urban online population watches eSports. The largest gaming group in Singapore is time fillers, representing 23% of the gamers. This group only plays games on their smartphones, just to pass the time.  

Singapore has 220 game developers, ranging from huge studios to small companies. Some of their games have gained international attention, such as The Gentlebros’ Cat Quest series.

During the pandemic, research published by Euromonitor showed that the local demand for games had increased by 7.8%, reaching the enormous amount of 439.5 million USD.

Also, something that makes the Singapore gaming industry special is the variety of online casino games and online betting in sports and eSports. However, not everything is liberated, as the government has issued gaming licenses to only two companies, the Singapore Pools, and Singapore Turf Club. These same companies are also in charge of organizing the betting system.

Recently, Singapore hosted the first offline global e-Sporting event held in Southeast Asia, organized by MOONTON in collaboration with Singapore’s Cybersports and Online Gaming Association (SCOGA) and supported by the Singapore Tourism Board (STB).In this event, top eSports teams from around the world will come together at the Shangri-La Singapore to battle it out for the S$300,000 prize pool.

If you are interested in e-games, you probably should keep an eye on Singapore’s gaming industry, as this industry promises to show great growth, supported by the public and private sectors in the city-state. 

Singapore has a lot to offer besides technology, urban safety, and excellent infrastructure. It is a place of many opportunities and a lot of fun too! If you are planning to visit this place, don’t do anything without first checking the [iVisa] website! You can trust their team of travel experts with the task of handling your application for a Singapore Electronic Visa Online and preparing all the necessary travel documentation so that your trip runs perfectly smoothly! We wish you an excellent trip and lots of luck with your games! 


Tags


{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Author

Kyrie Mattos