Gaming Market , 53% of Growth to Originate from APAC, Technavio

NEW YORK, Dec. 16, 2024 /PRNewswire/ -- The global gaming market size is estimated to grow by USD 117.2 Billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 9.56% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. Asia
4. Rest of World

1. APAC - APAC is estimated to contribute 53%. To the growth of the global market. The Gaming Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.  The gaming market offers an form of home entertainment for individuals of all ages, providing graphics-rich experiences that transport players into new worlds. Video games offer various forms of entertainment, from stress relief through relaxing activities like painting and crafting, to intense gaming sessions featuring tactical missions in first-person shooter or action games. Teamwork and a sense of achievement are key elements in many games, offering self-satisfaction and joy. The youth population and older adults alike find solace in gaming as a form of indoor leisure activity. With advancements in technology, mobile games and 4G connectivity enable gaming on the go, making it accessible to a wider audience. However, concerns regarding addiction issues persist, particularly with intense gaming and social anxiety. Graphics have evolved significantly, with 3D realistic graphics becoming the norm in many games. Gameplay caters to diverse interests, including sports, role-playing, and strategic missions. Home entertainment systems and mobile cellular subscriptions have made gaming a popular pastime, offering a wide range of options for family game time and personal enjoyment.

The gaming market is a significant business sector, attracting numerous investors and companies. In 2020, the global gaming market revenue reached USD159.3 billion. Consumers spend on gaming hardware, software, and subscriptions. Popular genres include action, adventure, sports, and strategy games. The market's growth is driven by technological advancements, increasing internet penetration, and the rising popularity of esports. Companies focus on creating engaging games, enhancing user experiences, and expanding their reach through various platforms.

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Segmentation Overview

1. Type 
• 1.1 Casual gaming
• 1.2 Professional gaming
2. Platform 
• 2.1 Online
• 2.2 Offline
3. Device 
• 3.1 Mobile gaming
• 3.2 Console gaming
• 3.3 PC gaming
4. Geography 
• 4.1 APAC
• 4.2 North America
• 4.3 Europe
• 4.4 Middle East and Africa
• 4.5 South America

1.1 Fastest growing segment:

The casual gaming market refers to the segment of video games that do not demand extensive time commitment from players. Casual gamers are individuals who enjoy playing games without investing significant resources or time. Companies providing casual gaming services generate revenue by licensing gaming software to end-users. The casual gaming sector is expanding due to the rising popularity of mobile gaming. Unlike dedicated gamers, casual gamers do not invest in gaming peripherals. They prefer mobile devices over PCs and consoles due to easy access to games. Many casual gamers opt for online mobile gaming, enabling them to play their preferred games from anywhere at any time. The accessibility of casual games, their ease of use, and their compatibility with various devices have made them popular among a broad audience. Additionally, the social interaction aspect of casual games, where players can engage with friends or family, adds an extra layer of enjoyment. For instance, Player Unknown's Battlegrounds (PUBG) is a successful online multiplayer battle royale game that offers social interaction opportunities. Players can communicate using voice chat, enhancing the gaming experience, particularly when playing with friends. This social element contributes to the overall growth of the casual gaming market.

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Research Analysis

The gaming market is a thriving industry that provides endless entertainment for people of all ages and backgrounds. With the rise of home entertainment systems, video games have become a popular form of stress relief and a source of joy for kids and older adults alike. For the youth population, gaming offers a sense of achievement, self-satisfaction, and social connection through teamwork and multiplayer games. The market caters to various genres, including shooter, action, sports, role-playing, and educational courses, with 3D realistic graphics and tactical missions adding to the experience. The advent of mobile phones, tablets, and 5G technology has made gaming more accessible than ever before, according to the latest GSMA report. Whether it's for family game time, indoor activities, or a way to combat social anxiety, gaming offers something for everyone.

Market Overview

The gaming market is a vibrant and ever-evolving industry that offers a world of entertainment for people of all ages. From kids to older adults, video games provide a sense of joy, achievement, and self-satisfaction. They serve as an excellent stress reliever and a way to foster teamwork and social connections. With the rise of home entertainment systems and advanced technology, gaming has become a popular leisure activity for individuals and families. Indoor games, including painting, crafting, and mobile games, have gained significant traction, especially during the pandemic. The youth population and internet users are particularly drawn to mobile gaming, with smartphones and tablets becoming essential tools for accessing games. However, concerns around addiction issues and intense gaming can lead to negative consequences, such as social anxiety and isolation. Technology advancements, including 4G connectivity, mobile cellular subscriptions, and the emergence of 5G, have revolutionized the gaming landscape. Cloud gaming services and mobile gaming have become increasingly popular, with new genres and game worlds offering experiences. Game developers continue to push the boundaries of storytelling, graphics, and gameplay, incorporating virtual reality (VR) and augmented reality (AR) into their creations. The game creation process has become more accessible with cloud platforms and online gaming platforms, enabling individuals to design and develop their games. The gaming industry is constantly evolving, with new trends, technologies, and genres emerging regularly. Whether it's action, sports, role-playing, or tactical missions, there's a game for every preference and skill level. Attractive weapons, multiplayer functionality, and 3D realistic graphics add to the overall gaming experience. Education courses and game design programs also offer opportunities for individuals to learn and grow within the industry.

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Key Topics Covered:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation
7. Customer Landscape
8. Geographic Landscape
9. Drivers, Challenges, and Trends
10. Venodr Landscape
11. Vendor Analysis
12. Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio