Yahoo Finance Gaming Market Size USD 177.8 Billion in 2020 and Expected to Expand Further at 8.6% CAGR Still 2030 - Report by Market Research Future (MRFR)
Rising advances in gaming platforms and cloud technology are expected to boost market growth, bringing about innovative gaming concepts with real-time access.
New York, US, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Gaming Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Gaming Market information by Device Type, by Game Type, Gamer Type and Region – forecast to 2030”. The global gaming industry is projected to garner fabulous traction by 2027, expanding at 8.6% CAGR during the assessment period (2021-2030). In 2020, the market valuation was settled at USD 177.8 billion.
Key Players Active in The Gaming Market Are:
Sony Corporation (Japan)
Microsoft Corporation (US)
Bandai Namco Entertainment Inc. (Japan)
Take-Tow Interactive Software Inc. (US)
Nexon Company (Japan)
Activision Blizzard Inc. (US)
Nintendo Co. Ltd. (Japan)
Ubisoft Entertainment SA (France)
Square Enix Holdings Co. Ltd. (Japan)
Tencent Holdings Ltd. (China)
EPIC Games (US)
Interactive Entertainment (US)
Electronic Arts (US)
NetEase Inc. (China)
Sega Games Co. Ltd. (Japan)
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Metaverse would Drive Investments and VR Sales
The increasing uptake of different gaming platforms by various organizations for recreational / entertainment purposes would foster the market share. Additionally, extensive usages of racing games in healthcare sectors to help patients indulge and encourage social interaction are anticipated to define the growing landscape of the market.
The gaming market is predominantly driven by the advent of 5G technology and the rising popularity of competitive games and numbers of gamers. Besides, extensive online games in the education and media & entertainment sectors have allowed the market to perceive high growth in recent years. The rising uptake of gaming in commercial and personal uses impacts the gaming market shares.
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Gaming Industry Trends
The gaming industry is emerging as the new social media, becoming more immersive, engaging, and viable networking and community building. With artistically curated virtual interaction, potential to capture youngsters’ imagination & attention, the gaming industry grew to new frontiers.
Social media platforms are breaking patterns and rambling to offer farraginous features that can boost monetization and live streaming, broadening avenues for social interactions to a level unimaginable. The gaming industry once merely served as a niche market now brings together gaming and socializing, giving grounds to the rise of the next new social media.
Gaming companies are working on transcending the gaming environment with its highly social environments, encouraging collaboration, and conversation & real-life connections. Text and voice chat features take center stage in the gaming experience, allowing gamers to connect with gaming communities worldwide. Plat-to-earn will become a more viable business model. Publishers might use blockchain tech to facilitate secure and legitimized player-to-player trading in a centralized game environment.
Some of the gaming trends to watch in 2022 are; Metaverse proliferation would drive investments and VR sales. Apple and Google would start opening their closed ecosystems. Game IP value would spike as transmedia becomes more relevant. Publishers would be putting more emphasis on building new game-related IP and crossing game IP into other media in 2022 and beyond. And gamers will have more choices.
COVID-19 analysis
COVID 19 pandemic has positively impacted the gaming market growth, increasing interest in gaming services. According to a survey conducted by Piplsay, 52% of gamers have become more interested in gaming due to the pandemic and subsequent lockdowns. Everyone is gaming more nowadays, and it seems that the coronavirus pandemic is helping gaming grow exponentially to meet that estimation.
Due to the increased use of various gaming services, the gaming market share has witnessed a constant uptick. Also, increasing investments are made by the service providers to foster R&D activities and help developers make mobile games from side projects to the next global sensation. They offer game developers the most secure and scalable public for their workloads and support fun game design and new monetization models.
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Segment Overview
The gaming market is segmented into device types, game types, gamer types, and regions. The device type segment is sub-segmented into PC (browser PC games, downloaded PC games, console, play station, Nintendo switch, others) and mobile (tablets and smartphones).
The game type segment is sub-segmented into real-time strategy (RTS), role-playing (RPG), multiplayer online battle arena (MOBA), sandbox, shooter (FPS and TPS), simulation and sports, and others. The gamer type segment is sub-segmented into casual gamers and professional gamers. The region segment bifurcated into North America, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.
Regional Analysis
North America is to retain its leading position in the global gaming market during the forecast period. The region is a hub for various gaming platforms and holds a huge gamers base. Besides, the market hike can be attributed to the strong presence of gaming platform providers and professional gamers.
The early adoption of advanced gaming technologies and gaming platforms than other regions boost the market size. Furthermore, increased government investments in computing & related technologies and increasing penetration of smartphones & high-speed Internet fuel the gaming market growth.
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Competitive Landscape
Highly competitive, the gaming market appears to be fragmented, with many well-established players forming a competitive landscape. Players focus on M&A activities and R&D investments to maintain their market positions. These players make substantial investments to drive R&D activities and expand their global footprints. Also, they incorporate strategies, such as mergers & acquisitions, collaboration, expansion, and product/technology launch to gain a larger competitive share.
For instance, recently, on Jan.14, 2022, Nvidia launched its latest game-ready driver that can improve the games’ image quality with a graphics card that can easily run, alongside optimizations for the new God of War PC port. This technology is called Deep Learning Dynamic Super Resolution (DLDSR). DLDSR was added to the latest driver for RTX cards. Nvidia says gamers can make most games look sharper by running them at a higher resolution than their monitor natively supports.
Related Reports:
Cloud Gaming Market Research Report by Type, Gaming System, Deployment, End User, by Region (North America, Europe, Asia Pacific, Middle East & Africa and South America) - Forecast till 2027
Mobile Gaming Market Research Report, by Type, Platform (Android, iOS, Windows), Device (Personal Digital Assistance, Smartphones, Tablets) and Region - Global Forecast till 2027
VR in Gaming Market By Hardware, By Software, By Compatibility (MMOs, Smartphones, Casual Web games, Console)- Forecast 2027
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