Market Insights Digital Digital Media Video Games

Online Games - Cyprus

Cyprus

The projected revenue in the Online Games market in Cyprus is expected to reach US$2.28m by 2024.
This represents a significant growth rate with an annual compound annual growth rate (CAGR) of 7.60%.
As a result, the projected market volume is expected to reach US$2.84m by 2027.
In terms of user base, the number of users in Cyprus Online Games market is projected to reach 139.9k users by 2027.
This indicates a user penetration rate of 10.8% in 2024, which is expected to increase to 11.1% by 2027.
When compared globally, it is worth noting that China is anticipated to generate the most revenue in the Online Games market, with a projected revenue of US$6,532.00m in 2024.
Furthermore, the average revenue per user (ARPU) in the Cyprus Online Games market is projected to amount to US$17.05 in 2024.
This metric provides insights into the average spending of each user in the market.
Cyprus has seen a surge in the popularity of online games, with a growing number of local gamers embracing virtual reality technology.

Key regions: China, Europe, France, India, South Korea

Market

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Analyst Opinion

Thanks to high smartphone penetration across the globe, gaming is increasingly happening on the go. Mobile games of all kinds are becoming more and more popular and attract players with additional premium contents or functionalities. Thus, traditional online games slowly lose attractiveness to its usual audience. Only recent phenomena like the Battle Royale hits Fortnite and PUBG are still driving the market’s growth and shape online gaming in general.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Video Games market. Digital video games are defined as fee-based video games distributed over the internet. These include online games, download games, mobile games, and gaming networks. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.