Global Gaming Market Expected to Reach USD 171.93 Billion by 2028, With a CAGR Of 6.2% | Growth Market Reports
PUNE, India, Sept. 3, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "Global Gaming Market by Devices (Computer, Console, and Mobile), Types (Online and Offline), and Regions: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market size was valued at USD 97.75 billion in 2020 and is estimated to reach USD 171.93 billion by 2028, expanding at a CAGR of 6.2% during the forecast period, 2021 – 2028. The growth of the market is attributed to technological advancements and innovations in software and hardware. Gaming displays specialized applications known as video games or electronic game consoles like PlayStation and X-box on personal computers. The word "gaming" was created as a synonym for "gambling"; however, most video games today do not involve gambling in the traditional sense.
Key Market Players Profiled in the Report
- Sony Corporation
- Microsoft Corporation
- Bluestack Systems Inc.
- Nintendo Co. Ltd.
- PlayJam Ltd.
- Rovio Entertainment Corporation
- Valve Corporation
- NVIDIA Corporation
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Gaming Market
Based on Devices, the global gaming market is segregated as computer, console, and mobile devices. The console segment was valued at USD 36.62 billion in 2017. The growth of the segment is attributed to features such as high-end sound and display systems that offer enhanced experience to customers. The mobile device segment is expected to expand at a robust CAGR during the forecast period, owing to rising penetration of smartphones worldwide. Tablets are expected to drive the mobile device segment, due to benefits such as large screens and improved viewing experience.
On the basis of Types, the global gaming market is bifurcated into online and offline. The market for online games is growing, as the demand for multiplayer games is increasing. This is attributed to provision of in-game communication. Social networking platforms play a significant role in providing a virtual forum for the expansion of online games. Market participants working on gaming consoles are focusing on taking advantage of the opportunities provided by online gamers. For example, Microsoft Corporation's Xbox Live and Sony Corporation's PlayStation Network gained popularity through online platform.
In terms of Regions, the global gaming market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The growth of the market in Asia Pacific is attributed to introduction of China as the world's top gaming capital after it overtook the US in 2016. Increasing demand for entertainment and growing smartphone penetration in China is estimated to boost the regional market. Tencent Holdings Limited emerged as a major player, owing to inorganic growth strategies such as acquisition of Supercell OY and Riot Games, programmers of famous games such as Clash of clans and Leagues of Legends. Company growth is a major factor boosting the market. The market in South Korea was valued at USD 4.15 billion in 2017. The market in South Korea is projected to expand at a high CAGR during the forecast period, owing to its major focus on multiplayer online and e-sports games.
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Market Trends, Drivers, Restraints, and Opportunities:
- Increasing internet penetration, along with easy availability and access to online gaming, is expected to drive the market during the forecast period.
- Changing preference from physical games to online games led industry players to concentrate on hardware efficiency and compatibility, which is expected to fuel the market.
- Massive Multiplayer Online (MMO), Free2Play (F2P), and multiplayer games gained prominence and are expected to expand during the forecast period.
- Growing popularity of social media gaming is expected to boost the market.
- Availability of games in various genres, such as role play, action, simulation, and strategy, has a significant impact on consumer attraction.
- Privacy and copyright issues are projected to hamper the market growth.
- Issues related to fraud during gaming transactions are anticipated to hinder the market growth.
- Increasing health-related issues and problems due to video games are projected to restrain the market growth.
Read 193 Pages Research Report with Detailed ToC on "Gaming Market by Devices (Computer, Console, and Mobile), Types (Online and Offline), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"
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Segments Covered in the Report:
The global gaming market has been segmented on the basis of
Devices
- Computer
- Console
- Mobile
Types
- Online
- Offline
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
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Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, and secondary research & consumer surveys.
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