The global gaming market size was valued at USD 97.75 billion in 2020 and is estimated to reach USD 171.93 billion by 2028, expanding at a CAGR of 6.2% during the forecast period, 2021 – 2028. The growth of the market is attributed to technological advancements and innovations in software and hardware.
Gaming displays specialized applications known as video games or electronic game consoles like PlayStation and X-box on personal computers. The word "gaming" was created as a synonym for "gambling"; however most video games today do not involve gambling in the traditional sense.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing internet penetration, along with easy availability and access to online gaming, is expected to drive the market during the forecast period.
- Changing preference from physical games to online games led industry players to concentrate on hardware efficiency and compatibility, which is expected to fuel the market.
- Massive Multiplayer Online (MMO), Free2Play (F2P), and multiplayer games gained prominence and are expected to expand during the forecast period.
- Growing popularity of social media gaming is expected to boost the market.
- Increasing usage of various gaming stimulators for different gaming platforms can drive the global market.
- Availability of games in various genres, such as role play, action, simulation, and strategy, has a significant impact on consumer attraction.
- Privacy and copyright issues are projected to hamper the market growth.
- Issues related to fraud during gaming transactions are anticipated to hinder the market growth.
- Increasing health-related issues and problems due to video games are projected to restrain the market growth.
Scope of the Report:
The report on the global gaming market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Global Gaming Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Devices (Computer, Console, and Mobile), Types (Online and Offline), and Regions
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Sony Corporation, Microsoft Corporation, Bluestack Systems, Inc., Nintendo Co., Ltd., PlayJam Ltd., Rovio Entertainment Corporation, Valve Corporation, and NVIDIA Corporation
Market Segment Insights:
The console device segment held a major market share of the total revenue in 2017
Based on devices, the global gaming market is segregated as computer, console, and mobile devices. The console segment was valued at USD 36.62 billion in 2017. The growth of the segment is attributed to features such as high-end sound and display systems that offer enhanced experience to customers.
The mobile device segment is expected to expand at a robust CAGR during the forecast period, owing to rising penetration of smartphones worldwide. Tablets are expected to drive the mobile device segment, due to benefits such as large screens and improved viewing experience.
The online segment is expected to expand at a rapid pace during the forecast period
On the basis of types, the global gaming market is bifurcated into online and offline. The market for online games is growing, as the demand for multiplayer games is increasing. This is attributed to provision of in-game communication. Social networking platforms play a significant role in providing a virtual forum for the expansion of online games.
Market participants working on gaming consoles are focusing on taking advantage of the opportunities provided by online gamers. For example, Microsoft Corporation's Xbox Live and Sony Corporation's PlayStation Network gained popularity through online platform.
The market in Asia Pacific held a major share of more than 45% of the total revenue in 2017
In terms of regions, the global gaming market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The growth of the market in Asia Pacific is attributed to introduction of China as the world’s top gaming capital after it overtook the US in 2016. Increasing demand for entertainment and growing smartphone penetration in China is estimated to boost the regional market. Tencent Holdings Limited emerged as a major player, owing to inorganic growth strategies such as acquisition of Supercell OY and Riot Games, programmers of famous games such as Clash of clans and Leagues of Legends. Company growth is a major factor boosting the market.
The market in South Korea was valued at USD 4.15 billion in 2017. The market in South Korea is projected to expand at a high CAGR during the forecast period, owing to its major focus on multiplayer online and e-sports games.
The global gaming market has been segmented on the basis of
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the global gaming market include Sony Corporation, Microsoft Corporation, Bluestack Systems, Inc., Nintendo Co., Ltd., PlayJam Ltd., Rovio Entertainment Corporation, Valve Corporation, and NVIDIA Corporation. These players are primarily focused on creating interactive gaming content and developing next generation consoles.
Major gaming consoles produced by these players include Xbox One by Microsoft Corporation, Wii U by Nintendo Co., Ltd. and PlayStation4 by Sony Corporation. Market players are primarily focused on providing product differentiation and creativity to increase their market share.
Players in the market are focusing on enhancing customer experience by providing products with multi-utility features that allows users to play games while browsing the Internet. These multi-purpose gaming consoles are expected to fuel the market during the forecast period.