Malaysia has one of the world’s biggest Gaming industries, with it continuing to grow year on year and is projected to continue to climb to new heights in the years to come.
Malaysia’s Booming Gaming Industry
The Asian nation has recently been found to have recorded figures of $290.9 million in 2017 and over the next ten years is predicted to grow to a significant $806.1 million in 2027; a compound annual growth rate (CAGR) that is of around 10.7% over the decade.
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Among the reasons for the continued escalation of the growth being experienced is the demand that Malaysian consumers have for video games. This number, though, does not take into account other forms of gaming that have also proven incredibly popular throughout the region. iGaming is experiencing its own growth as casino games are legal, and with sites like the T10 comparison platform available, players are able to find ways to best enjoy it in a budget-friendly manner.
Why has Gaming Boomed and Enjoyed Huge Growth?
There are numerous factors available that can help everyone understand why Malaysia has become an attractive opportunity for companies operating within the gaming sector. While the CAGR rate will be extremely appealing, there are other benefits that can be obtained…
1. Tech Advances
Technology across Malaysia might not be as advanced as other places in the world, but it is quickly starting to catch up with first-world countries. High-speed internet connectivity and access to better devices is now possible throughout the region, meaning it is easier for Malaysians to enjoy their favorite games and play when they want.
2. Economic Developments
More of the country’s population are starting to find that they have more disposable income in their pockets. With gaming being a popular pastime for many, a lot of them are spending it on playing the games that are made available. The economic development to have been experienced is predicted to improve, too, meaning more money is likely to be spent in the future.
3. New Behaviors and Local Gaming Companies
As a result of a change in consumer behavior toward video games, there has been an emergence of local gaming companies being started up. Gaming for many has become more than just an enjoyable pastime, with some enjoying it more than other leisure activities. This has led to the Gaming Industry being developed across the country, thus helping to create a haven for gamers in Malaysia.
4. Government Support
Given the popularity that gaming is experiencing around the country, it should not come as a shock to learn that the government is looking to capitalize on it and help it to continue grow through support, They have implemented various initiatives and other investments to help encourage game development in the country and keep it as a burgeoning Industry; one which could attract foreign investment, too.
These factors have helped to drive the expansion that has been experienced across the region, and are among the many reasons why the market is projected to increase by 10.7% over the course of 2017-27.
Final Thoughts
Malaysia could well be considered to be a gaming hub and one that needs to be kept an eye on closely by those in the industry, as its market continues to experience a sizable amount of growth that others are finding hard to replicate.
