Enjoy complimentary customisation on priority with our Enterprise License!
The Gaming Market size is estimated to grow by USD 102.13 billion between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 9.12%. Prominent factors driving the market growth are the growing adoption of AR and VR games, the rising popularity of e-sports, and the increasing number of strategic partnerships and acquisitions.
This gaming market report extensively covers market segmentation by type (casual gaming and professional gaming), platform (online and offline), device (mobile gaming, console gaming, and pc gaming), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
To learn more about this report, Request Free Sample in PDF
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of upcoming trends and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growing adoption of AR and VR games is a major factor driving the gaming market share. AR/VR gaming is the integration of gaming visual and audio content with a users environment in real time. With the rising awareness of AR gaming, the adoption of AR/VR devices is likely to increase during the forecast period. Therefore, game developers prefer AR and VR devices to traditional gaming devices. Companies such as Sony and Microsoft are developing gaming platforms using cutting-edge three-dimensional (3D) technologies. In addition, developers have started developing AR games for HoloLens, a product of Microsoft. For instance, in January 2022, Microsoft HoloLens 2 was launched in India, which includes sensors that enable head and eye tracking and is designed to allow users to interact with holograms.
The affordability and wide availability of mobile AR games are driving the growth of the global gaming market. For instance, in November 2021, Niantic Inc. partnered with Fold, a cryptocurrency debit card company, and launched a new game dubbed FoldAR. The game is a part of the metaverse and is similar to Pokemon GO. Thus, the rising adoption of AR and VR games will drive the growth of the global gaming market during the forecast period.
The increasing emergence of cloud gaming is an ongoing trend in the gaming market share. Cloud gaming can be accessed through Internet-connected devices for free or through paid subscriptions. Cloud gaming technology enables users to stream video games from the web. The increasing popularity of social media and mobile gaming is supporting the growth of cloud gaming. Cloud gaming services have the potential to reach non-core gamers that play games on social media and mobile devices because of the cost-effective price structure of cloud gaming.
Furthermore, cloud gaming eliminates the need for high-quality graphic cards in PCs and mandatory PC upgrades and offers an enhanced gaming experience on any device that has average processing capability. Therefore, it allows users to access these games on PCs with less storage and processing capacity. Thus, the emergence of cloud gaming will drive the growth of the global gaming market during the forecast period.
Regulation of loot boxes is a major challenge restricting the growth of the market. Loot boxes are virtual items that players can purchase with real money in order to obtain randomized in-game rewards. While they can enhance the gaming experience for some players, they have also been criticized for promoting gambling and exploiting vulnerable individuals, particularly children. Regulators in various countries have been taking action to address these concerns. For example, in 2020, the UK government announced that loot boxes would be classified as gambling and regulated accordingly. Similarly, the Belgian Gaming Commission has banned loot boxes altogether, while other countries such as Australia and the Netherlands have also taken steps to regulate them.
These regulations can have significant implications for game developers and publishers, who may need to modify their games or business models in order to comply. They may also affect player behavior, as some may be less willing to purchase loot boxes if they are subject to stringent regulations, which will restrict the growth of the market in the forecast period.
The market share growth by the casual gaming segment will be significant during the forecast period. The term casual gaming refers to games that don't require a great deal of time to be played, won, and earned. Casual gamers are gamers who don't spend a lot of time playing video games. Casual gaming service providers generate revenue by licensing gaming software to end users. The casual games segment is growing with the spread of mobile games. Casual gamers don't spend money on gaming peripherals. Most casual gamers prefer mobile devices over PCs and consoles because of easy access to the games. In addition, casual gamers play games online on their mobile devices, as it is easy for them to play games of their choice from anywhere at any time.
Get a glance at the market contribution of various segments View the PDF Sample
The casual gaming segment was valued at USD 83.44 billion in 2017 and continued to grow until 2021. The casual gaming segment has become increasingly popular, driven by a number of factors such as its accessibility, where the games are easy to pick up and play, and they can be played on a variety of devices, including smartphones, tablets, and PCs. This makes them accessible to a wide range of players, and another such drive can be its social Interaction model, where many casual games are designed to be played with friends or family members, either locally or online. This social element adds an extra layer of fun and engagement to the gaming experience, which can drive the casual gaming segment in the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC is considered the center of pro gamers. The prevalence of e-sports in developing countries such as Taiwan, Malaysia, and Singapore will contribute to the growth of the market in APAC during the forecast period. Major digital gaming companies operating in the region include China-based Tencent and GungHo Online Entertainment. In addition, most hardware suppliers, including Sony and Nintendo, are based in Japan, so most innovations in gaming technology are adopted in Japan. China dominates the market in this region. The country has over 700 million active internet users. These factors have increased the popularity of online gaming in the country.
In 2020, the COVID-19 outbreak led to a severe lockdown, with people confined to their homes and a need for leisure activities such as games. Therefore, lockdown measures increased the acceptance of online gaming in 2020. New gaming applications were introduced by market vendors driving the growth of the market in 2020. Therefore, the post-Covid scenario is expected to boost the growth of the gaming industry due to the increasing adoption of online games in different countries in the world. Increasing gaming industry penetration is expected to drive the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Gaming Market Customer Landscape
Comapnies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Microsoft Corp.- The company offers various games such as Asphalt 9, Hill climbing racing games, Minecraft, and Robolox games.
The report also includes detailed analyses of the competitive landscape of the market and information about 10 market comapnies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The gaming market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Gaming Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
182 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 9.12% |
|
Market growth 2023-2027 |
USD 102.13 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
8.51 |
|
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 53% |
|
Key countries |
US, China, Japan, South Korea, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Activision Blizzard Inc., Apple Inc., Bandai Namco Holdings Inc., Bowlmor AMF, Chicago Gaming Co., DeNA Co. Ltd., Electronic Arts Inc., Epic Games Inc., GungHo Online Entertainment Inc., Microsoft Corp., NetEase Inc., Netmarble Corp., Niantic Inc., Nintendo Co. Ltd., Rovio Entertainment Corp., Sony Group Corp., Square Enix Holdings Co. Ltd., The Walt Disney Co., Ubisoft Entertainment, and Zeptolab UK Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Platform
8 Market Segmentation by Device
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
