Pune, India, April 10, 2023 (GLOBE NEWSWIRE) -- The global gaming market size was valued at USD 203.12 billion in 2020. The market is projected to grow from USD 229.16 billion in 2021 to USD 545.98 billion by 2028, exhibiting a CAGR of 13.20% during the forecast period.
The impact of COVID-19 on the world has been unprecedented and overwhelming, and the sector has experienced a surge in demand across all regions as a result of the pandemic. According to our study, the global market will increase spectacularly by 38.24% in 2020. After the pandemic, the market is anticipated to resume its growth to pre-pandemic levels. Gaming is a popular form of amusement for adults all over the world. Video game play is a stress reliever. Also, it serves to offer players a sense of accomplishment and the experience of working in a team. So, it is anticipated that such a sense of joy and self-satisfaction will gain more traction. It also serves as a valuable tool for entertaining older folks who have more spare time and calm down energetic children. The rising cost of home entertainment systems across the globe serves as a catalyst for the market’s expansion. Fortune Business Insights presents this information in their report titled "Global Gaming Market, 2021-2028."
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Gaming Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 13.20% |
| 2028 Value Projection | USD 545.98 Billion |
| Base Year | 2020 |
| Gaming Market Size in 2020 | USD 203.12 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Segments Covered | By Game Type, By Device Type, By End-User, By Region |
| Gaming Market Growth Drivers | The inclination of Youth Towards Gaming Favor Growth |
| Mobile Users Increasingly Inclined Towards Gaming to Spike Demand. |
Fortune Business Insights™ lists out all the gaming market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Microsoft Corporation (Washington, U.S.)
- Nintendo Co., Ltd. (Kyoto, Japan)
- Rovio Entertainment Corporation (Espoo, Finland)
- Nvidia Corporation (California, U.S.)
- Valve Corporation (Washington, U.S.)
- PlayJam Ltd. (London, U.K.)
- Electronic Arts Inc. (California, U.S.)
- Sony Group Corporation (Tokyo, Japan)
- Bandai Namco Holdings Inc. (Tokyo, Japan)
- Activision Blizzard, Inc. (California, U.S.)
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Youth’s Preference for Gaming Favors Development
Video games are becoming one of the main methods by young people to pass their time. It has been crucial in accelerating market expansion. For instance, according to data published by the American Association of Advertising Agencies.Org in February 2019, 91% of males in generation-Z play video games regularly, compared to 84% of millennials. Also, the worldwide youth unemployment rate is gradually declining, which has increased purchasing power and sped up consumption. For instance, according to data made public by the World Bank.Org, the rate of young unemployment worldwide in 2018 was 15.19%, down from 15.37% from the previous year. These factors attribute to the increased global gaming market share.
On the contrary, kids who play video games get addicted which results in social anxiety and poor performance in studies which may hamper the global gaming market.
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Segments:
Realistic Graphics in Games to lead the Shooter Segment
Based on game type the market is divided into shooter, action, sports, role-playing, and others.
The shooter genre is expected to have a significant gaming market share because most shooter games have 3D realistic graphics, frequently include multiplayer capabilities, attractive characters, and weaponry, and feature obnoxious, difficult tactical tasks. As a result, these are essential in encouraging more players to play this kind of game.
Growing Consumer Demand for Smartphones will Lead the Segment
By Device type, the market is classified into PC/MMO, tablet, mobile phone, TV/Console.
Due to the growing number of smartphone owners, it is projected that the mobile phone segment will continue to dominate. Several game creators are refocusing their efforts on boosting game development, especially for mobile devices.
Male Category Leads the Segment as More Games are Male Centric
By End-User the market is bifurcated into male and female.
Due to the enormous variety of games available on the market, like racing, sports, action, and others, created to be more male-oriented than females, the male segment is anticipated to have a larger market share.
COVID-19 Impact:
Lockdown-Induced Indoor Stay led to Worldwide Demand for Internet Gaming
The steps taken by the majority of people worldwide to protect themselves from the coronavirus, a substantial number of people were fostered and spent the majority of their time at their homes. The bleak circumstances made individuals stressed, anxious, and afraid. Aside from the fact that they were unable to participate in the event, they were unable to attend. All of these elements combined to operate as a driving force for the consumption of various online games, which helped people deal with a range of mental health difficulties. For instance, according to data from the World Economic Forum released in September 2020, sales of gaming units in the United States increased dramatically, by 37% year over year, reaching USD 3.3 billion.
Regional Insights
Asia Pacific Dominates the Market due to Increasing Popularity in Gaming Consoles
Asia Pacific had a market value of USD 86.96 billion in 2020 and is anticipated to hold the top spot throughout the projected period. Video game consoles have become increasingly popular with consumers in this area, which has had a big impact on the growth of the gaming business. For instance, Business Insider reported in May 2019 that PlayStation 4 sold 6.91 million units and Nintendo Switch sold 8.12 units in Japan.
In addition, the urban population is expanding quickly, raising knowledge of popular video games that are being released and sold in the market and boosting consumption rates.
Competitive Landscape
Major Players Concentrate on Using VR technologies to Expand their Business horizons
The major players are increasingly concentrating on developing a virtual reality gaming system. Such technologies are anticipated to have a favorable effect on market growth in the ensuing years as they provide a more realistic gaming experience. For instance, according to information provided by the Indian Express in February 2020, Sony is preparing to release a virtual reality headset for the PlayStation 5. Important companies like Tencent Holdings are also ways working to enhance the visuals and display of video games for a variety of devices.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Gaming Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Game Type (Value)
- Shooter
- Action
- Sports
- Role Playing
- Others
- By Device Type (Value)
- PC/MMO
- Tablet
- Mobile Phone
- TV/Console
- By End-User (Value)
- Male
- Female
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Game Type (Value)
TOC Continued…!
Key Industry Development:
- December 2020: Microsoft declared the launch of the next generation Xbox video game console. The flagship will be launched along with its cheaper counterpart Xbox Series S.
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