The global gaming market is projected to grow at a CAGR of 13.1% during the forecast period from 2023 to 2030, reaching a value of $665.77 billion. This information comes from a research report by Fortune Business Insights™ titled “Gaming Market, 2023-2030”. The market size was valued at $249.55 billion in 2022 and is expected to witness significant growth in the coming years.
Several key players are leading the gaming market, including Valve Corporation, PlayJam Ltd, Electronic Arts Inc., Sony Group Corporation, Bandai Namco Holdings Inc., Tencent Holdings Ltd., Activision Blizzard, Inc., Microsoft Corporation, Nintendo Co., Ltd, Rovio Entertainment Corporation, and Nvidia Corporation.
The report provides a comprehensive analysis of the market, including forecasted revenue, company profiles, competitive landscape, growth factors, and the latest trends. It segments the market by game type, device type, end-user, and region.
The gaming market is driven by various factors. The growing inclination of youth towards gaming is one of the major drivers of market growth. Additionally, the increasing number of mobile users engaging in gaming activities has also contributed to the surge in demand for gaming products.
The COVID-19 pandemic has further accelerated the growth of the gaming market. With people spending more time at home due to lockdown restrictions, the demand for gaming products has increased significantly. This trend has led to a considerable expansion of the market.
Technological advancements play a crucial role in driving the applications of the gaming market. Continuous improvements in hardware, graphics, and processing power have enabled developers to create more immersive and visually stunning games. The accessibility of gaming has also increased, with games designed for a wide range of devices, from high-end gaming PCs and consoles to smartphones and tablets. Furthermore, global connectivity has connected gamers worldwide, fostering a sense of global community. The ability to play games across different platforms and the rise of streaming services and esports have also contributed to the growth of the market.
The market is segmented based on game type, device type, and end-user. Shooter games are expected to gain traction, driven by the incorporation of 3D realistic graphics. The mobile phone segment is projected to lead in terms of device type, thanks to the growing penetration of smartphones. In terms of end-users, the male segment is expected to register considerable growth due to the availability of a wide array of male-oriented games.
Geographically, Asia Pacific is set to emerge as a prominent region in the gaming market, with rapid growth in urban population leading to increased awareness and demand for video games. Europe is also expected to experience substantial expansion, supported by government investments in the gaming sector.
The gaming market is highly competitive, with players entering into partnerships and launching new products to strengthen their positions. The industry is witnessing an increase in research activities to develop superior solutions.
Overall, the global gaming market is poised for significant growth in the coming years, driven by various factors such as technological advancements, accessibility, global connectivity, cross-platform play, streaming services, mobile gaming, and the rise of esports.
Sources:
– Fortune Business Insights™ (no URL provided)
