Gaming Market Size Moving Upwards to Hit USD 545.98 Billion by 2028
According to Fortune Business Insights™, the global gaming market size is expected to gain momentum by reaching USD 545.98 billion by 2028 while exhibiting a CAGR of 13.20 % between 2021 and 2028. Fortune Business Insight, in its report titled “Gaming Market, 2021-2028.”, mentions that the market stood at USD 203.12 billion in 2020.
The key players in the market are focusing on improvements and advancements to provide their users with premium quality games. To do so, they are working on hardware, software bandwidth, and mobile internet speed. Moreover, many key players are focusing on acquisitions. For instance, in September 2019, Microsoft acquired a video game Company named ZeniMax for USD 7.5 billion. These steps taken by major companies are expected to drive market growth during the forecast period.
The video game industry is flourishing worldwide, despite the pandemic. The worldwide economy faced unprecedented economic disruption due to lockdowns. However, people practiced social distancing and engaged themselves in the digital world to distract themselves from the horrific situation caused by the virus. Reports suggest that the Indians spent around 7-8 hours in a week playing games online, and their duration increased by 53% during the lockdown. Thus the gaming industry boomed, and the revenue witnessed a huge upsurge.
List of the Companies Profiled in the Global Gaming Market:
- Microsoft Corporation (Redmond, Washington, United States)
- Nintendo Co., Ltd (Kyoto, Japan)
- Rovio Entertainment Corporation (Espoo, Finland)
- Nvidia Corporation (California, United States)
- Valve Corporation (Washington, United States)
- PlayJam Ltd (London, United Kingdom)
- Electronic Arts Inc (California, United States)
- Sony Group Corporation (Tokyo, Japan)
- Bandai Namco Holdings Inc (Tokyo, Japan)
- Activision Blizzard, Inc (California, United States)
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Rising Cellular Subscription to Propel Market Growth
The growing mobile users, coupled with the rising 5G technology in smartphones are expected to promote the gaming market growth. For instance, in May 2020, the data released by World Economic Forum.Org stated that around 48 % of video game users come through mobile games. Moreover, the rising cellular subscription is also playing significant growth in spiking the demand for mobile games. According to the data reported by the World Bank.Org, stated that in 2019 the global mobile cellular subscription was 109.397 per one hundred people. These factors are expected to fuel the market growth during the forecast period.
Asia Pacific to Dominate Backed By Presence of Gaming Giants
Asia Pacific – The region is expected to hold the highest position in the market during the forecast period. This is attributable to the presence of gaming giants in the region, such as Sea and Tencent. Additionally, a report fromTech Collective suggests that Malaysia is leading the list in terms of revenue. The region’s revenue was USD 589.4 million in 2017. Furthermore, In October 2017, Singapore’s gaming giant Sea contributed USD 884 million for PC and mobile games. Moreover, it was the first Southeast Asian Technology Company listed on the New York Stock Exchange. The regional market stood at USD 86.96 billion in 2020.
Europe– The region is expected to showcase substantial growth during the forecast period owing to the flourishing esports in the region. A report by Ukie.Org. Uk suggested that in 2019 esports revenue in the UK was USD 76.53 million. Moreover, investment from government agencies is likely to fuel the demand. Another report from the Germany Games Industry Association data published in 2019 stated that USD 55.99 million was invested in promoting computer games in the region.
Based on game type, the market is divided into shooter, action, sports, role-playing, and others. By device, it is segmented into PC/MMO, tablet, mobile phone, TV/console. On the basis of end-user, it is bifurcated into male and female.
Based on the end-user, the male segment held a major gaming market share of about in 2020. This is attributable to the presence of a large number of games of their preference. Men usually like games that have action, battle games, racing, and sports. These games are more male-oriented than females. Hence, the men segment is dominant in the market.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Major Key Players Focus on Acquisitions to Strengthen Their Market Positions
The market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing and acquiring to flourish in the market. For instance, in December 2019, Facebook acquired Play Giga, a Spanish video game company. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period
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Key Industry Development
November 2020: Sony launched Playstation 5 in North America, Australia, Japan, and New Zealand.
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