Pune, India, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The global gaming market size was valued at USD 249.55 billion in 2022 and is anticipated to grow from USD 281.77 billion in 2023 to USD 665.77 billion by 2030, exhibiting a CAGR of 13.1% during the forecast period (2023-2030).
Fortune Business Insights™ provides this information in its research report, titled “Gaming Market, 2023-2030”.
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Leading Players Featured in the Research Report:
Companies leading the gaming market are Valve Corporation (U.S.), PlayJam Ltd (U.K.), Electronic Arts Inc. (U.S.), Sony Group Corporation (Japan), Bandai Namco Holdings Inc. (Japan), Tencent Holdings Ltd. (China), Activision Blizzard, Inc. (U.S.), Microsoft Corporation (U.S.), Nintendo Co., Ltd (Japan), Rovio Entertainment Corporation (Finland), Nvidia Corporation (U.S.), and more players, and more.
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 13.1% |
| 2030 Value Projection | USD 665.77 Billion |
| Market Size in 2022 | USD 249.55 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 180 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
|
| Gaming Market Growth Drivers | Inclination of Youth toward Gaming to Favor Market Development |
| Increasing Inclination of Mobile Users Toward Gaming to Spike the Product Demand |
Report Coverage:
The report gives comprehensive coverage of the major trends boosting the global industry scenario over the forecast period. It further offers insight into the key factors propelling market expansion over the ensuing years. Additional aspects of the report comprise an overview of the pivotal steps undertaken by major market participants to strengthen their industry footholds.
Drivers and Restraints:
Growing Inclination of Youth toward Gaming to Fuel Industry Expansion
One of the major factors propelling gaming market growth is the soaring inclination of youth toward video games. The industry expansion is further propelled by the increasing indulgence of youth in indoor games and other leisure activities.
However, the industry growth could be affected by an increase in the number of intense gamers, which may turn into an addiction or lead to social anxiety issues.
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COVID-19 Impact:
Industry Growth Propelled by Surge in Product Demand Amid COVID-19 Pandemic
The coronavirus pandemic resulted in an increase in product demand. The enforcement of lockdown restrictions led people to spend most of their time at home. In addition, the pandemic affected people’s participation in social gatherings or outdoor activities. This boosted product adoption, driving market expansion to a considerable extent.
What are the factors driving applications of the Gaming Market?
- Technological Advancements: Continuous improvements in hardware, graphics, and processing power enable developers to create more immersive and visually stunning games. Technologies like virtual reality (VR), augmented reality (AR), and ray tracing are pushing the boundaries of gaming experiences.
- Accessibility: The gaming market has become more inclusive and accessible, with games designed for a wide range of devices, from high-end gaming PCs and consoles to smartphones and tablets. This accessibility expands the potential player base.
- Global Connectivity: High-speed internet and the proliferation of online multiplayer games have connected gamers worldwide. Gamers can compete or collaborate with friends and strangers from different parts of the world, fostering a sense of global community.
- Cross-Platform Play: The ability to play games across different platforms (e.g., console players competing with PC or mobile gamers) has become more common. This feature boosts engagement and extends the reach of multiplayer games.
- Streaming Services: Platforms like Twitch, YouTube Gaming, and Facebook Gaming have facilitated game streaming and content creation. Gamers can broadcast their gameplay, build communities, and generate income through advertisements and donations.
- Mobile Gaming: The ubiquity of smartphones has led to explosive growth in mobile gaming. Games like "Fortnite" and "PUBG Mobile" have gained massive player bases, and the mobile platform continues to evolve with new gaming experiences.
- Esports: The rise of esports has transformed gaming into a spectator sport. Esports tournaments attract large audiences, sponsorships, and media attention, driving the growth of competitive gaming.
Segmentation:
Shooter Segment to Gain Traction Driven by the Incorporation of 3D Realistic Graphics
On the basis of game type, the market is segmented into sports, action, shooter, role-playing, and others. The shooter segment is slated to hold a dominating share, exhibiting remarkable expansion over the forecast period. The expansion is impelled by the incorporation of 3D realistic graphics in most shooter games.
Mobile Phone Segment to Lead Impelled by Growing Smartphone Penetration
Based on device type, the market is subdivided into PC/MMO, mobile phone, tablet, and TV/console. The mobile phone segment is expected to register considerable expansion over the study period. The surge is propelled by the rising penetration of smartphones across the globe.
Male Segment to Register Considerable Growth Owing to Availability of an Array of Games
On the basis of end-user, the market is fragmented into male and female. The male segment is set to dominate the market with a substantial CAGR over the estimated period. The growth is driven by the availability of an array of games with more male-oriented designs.
Based on geography, the market has been analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
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Regional Insights:
Asia Pacific to Emerge Prominent Impelled by Rapid Growth in Urban Population
Asia Pacific gaming market share is estimated to register substantial expansion throughout the forecast period. The expansion is due to the soaring awareness regarding the launch of video games in the market.
The Europe market is poised to expand at a lucrative rate over the study period. The surge is driven by increasing government investments in the development of the gaming sector.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Recent Industry Developments
- Supply Chain & Regulatory Analysis
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges
- Potential Opportunities due to COVID-19 Pandemic
- Global Gaming Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Game Type
- Shooter
- Action
- Sports
- Role Playing
- Others
- Market Analysis, Insights and Forecast – By Device Type
- PC/MMO
- Tablet
- Mobile Phone
- TV/Console
- Market Analysis, Insights and Forecast – By End-User
- Male
- Female
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued...!
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Competitive Landscape:
Key Companies Ink Partnership Deals to Strengthen Industry Foothold
Many industry players are designing and launching new products to strengthen their positions in the market. This is in tandem with the adoption of several strategic steps for the expansion of their geographical footprints. Some of the other initiatives comprise an upsurge in research activities for enabling the rollout of superior solutions.
Key Industry Development:
- April 2021 – Electronic Arts Inc. entered an agreement for the acquisition of Glu Mobile Inc. The move was aimed at expanding the company’s footprint in the mobile gaming sector.
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