The
global Gaming
Market size
is anticipated to reach USD 504.29 billion by 2030, exhibiting a CAGR of
10.2% during the forecast period, according to a new report published by
Grand View Research, Inc. growth prospects can be credited to the increasing
popularity of mobile gaming, esports and online streaming of games. Multiplayer
gaming has enhanced the gaming experience as it allows players to interact with
each other and has fueled the growth of the gaming industry.
COVID-19
boosted the gaming adoption owing to lockdown. The gaming offered an appealing
distraction for people at home eyeing social interaction. The companies
experienced massive growth in gaming time and sales in lockdown. For instance,
in 2020, Tencent Holdings Ltd. witnessed 31% growth in its online gaming segment
compared to 2019. Animal Crossing: New Horizons managed to sell 1.88 million
copies on its opening three days in Japan; despite the COVID-19 pandemic, the
company sold 392 000 consoles in Japan.
The
increasing demand for consoles has encouraged marketers to provide
technologically advanced and affordable consoles in the market. For instance,
in November 2020, Sony Interactive Entertainment LLC launched PlayStation 5;
the features include 4K/120 gameplay, 8K/60 support, AMD Zen 2 CPU, PS plus
collection, revolutionary controller haptics, fast new UI, and super-fast SSD
for faster load times. Sony Interactive Entertainment LLC had sold 17.3 million
units of PlayStation 5 by the end of December 2021.
The
technological developments in virtual reality (VR) and augmented
reality (AR) have offered various opportunities to enhance the gaming
experience. The increasing demand for free-to-play and multiplayer gaming is
attracting youth towards gaming. Institutes and universities have started
providing professional courses so that students can consider gaming as a
professional career. For instance, the University of Hertfordshire offers MA in
Games Art and Design, and the course can be studied on-campus or online.
The
Asia Pacific is expected to emerge as a significant region due to considerable
gaming countries such as China, Japan, South Korea, and India. The gaming
industry in these countries is rising due to increasing smartphone penetration,
esports events, mobile gaming, and an increase in the digital ecosystem. The
market in the Asia Pacific region is expected to increase with an approximately
12.0% CAGR from 2022 to 2030 in the forecasted period.
Related Press
Release@ Gaming
Market Report
Gaming Market Report Highlights
- In terms of
devices, the console segment is expected to witness a growth of around 9.0
% CAGR in the forecasted period. The driving factors such as technological
developments and high-end displays providing rich experience are expected
to fuel the market growth.
- The Asia
Pacific region is anticipated to experience the highest CAGR growth of
nearly 11.0%, owing to the increasing number of esports events and
smartphone penetration in the Asia Pacific region.
- In terms of
type, the online gaming segment is projected to witness a growth of around
13.0% CAGR. The increasing demand for multiplayer and free-to-play gaming
is expected to fuel the market growth.
List of Key Players in the Gaming Market
·
Nintendo
·
Microsoft Corporation
·
NVIDIA Corporation
·
Rovio Entertainment Corporation
·
PlayJam Ltd.
·
Valve Corporation.
·
Sony Group Corporation
·
Bluestack Systems, Inc.
Related Reports
Cloud Gaming Market
Virtual Reality In Gaming Market
Gaming Market Segmentation
Grand
View Research has segmented the global gaming market based on device, type, and
region:
Gaming Device Outlook (Revenue, USD Billion, 2018 - 2030)
- Console
- Mobile
- Computer
Gaming Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Online
- Offline
Gaming Regional Outlook (Revenue, USD Billion, 2018
- 2030)
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- South Korea
- Latin
America
- Brazil
- Middle East
& Africa (MEA)
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-95196
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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