https://arab.news/m9mn5
RIYADH: Saudi Arabia is poised to take a leading role in the gaming and Esports industry as consumption is projected to reach $6.8 billion by 2030, up from $959 million in 2020, according to a Boston Consulting Group report.
The report expected an average annual compounded growth rate of 22 percent for the Saudi gaming consumption.
“Despite the Kingdom being a relatively recent entrant to this space, the industry is vibrant and fast-growing, nevertheless,” Povilas Joniskis, a partner at BCG, said.
“Passionate gamers are primarily powering its growth and popularity at present, and it is more than feasible for them to embark on full-time careers and become involved on the international stage,” he added.
Saudi Arabia accommodates 23.5 million gaming enthusiasts, amounting to 67 percent of the national population, the report showed.
Despite the growth potential of the Kingdom, challenges await due to the landscape being in an early development stage compared to other international markets.
The report also revealed that lack of funding to compete full-time, scarcity of local competition, no clear pathway for gamers to become professional, and social stigma associated with choosing a career in gaming and Esports, constitute key barriers to the industry.