• In 2014, the rapidly growing gaming market of China has surpassed $18 billion.

In 2014, the rapidly growing gaming market of China has surpassed $18 billion. (Photo : www.theguardian.com)

The number of online gamers in China has reached 517 million as of Dec. 2014, a figure that proves the country's fast-paced online gaming growth.

According to a Want Daily report, 70 percent of the country's massive population are willing to spend money on various online gaming features such as currency or level boosts and virtual treasures.

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An estimated 147 million of the populace are also regarded as heavy users who spend a huge fraction of their daily lives in playing online games. The report stated that 70 percent of the country's gaming industry can be attributed to these gamers.

In 2013, Chinese Internet giant Tencent raked in $3.9 billion from online gaming. This is tantamount to around 30 percent of the firm's total revenue.

Meanwhile, reports also surfaced that along with the rapid online gaming growth, there is also a rise in fraud surrounding in-game purchases.

Data shows that one out of 10 online gamers in the country has been a victim of virtual tools, items or currency scam purchases.

Last year, China's gaming industry revenue reached $18 billion, a year-on-year increase of 37.7 percent. Of the total revenue, $11.4 billion came from self-developed games. The figure posted a 52.5-percent increase from the 2014 statistic.

Experts predict that the market's revenue will see a 23.5-percent compound annual growth rate for the next four years.

According to the Vertical Industry Research and Consulting of IDC China, the country's online game market is likely to sustain a steady growth momentum. The firm added that this can be fueled by the fast-rising mobile game segment.