The global gaming industry size was valued at USD 249.55 billion in 2022. The market is poised to expand from USD 281.77 billion in 2023 to USD 665.77 billion by 2030, exhibiting a CAGR of 13.1% over the study period. The rise is on account of the surging product popularity and the surging expenditure on home entertainment systems.
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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.
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.
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.
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 for strengthening their industry footholds.
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.
Competitive Landscape:
Key Companies Ink Partnership Deals to Strengthen Industry Foothold
Many industry players are designing and launching new products for strengthening 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.
List of Key Players Mentioned in the Report:
Microsoft Corporation (U.S.)
Nintendo Co., Ltd (Japan)
Rovio Entertainment Corporation (Finland)
Nvidia Corporation (U.S.)
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.)
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