Gaming Market Size to Worth USD 665.77 Billion by 2030 | With a 13.1% CAGR
Fortune Business Insights
Updated 6 min read
Fortune Business Insights
Pune, India, July 19, 2023 (GLOBE NEWSWIRE) -- The global gaming market size was valued at USD 249.55 billion in 2022 and is expected to grow from USD 281.77 billion in 2023 to USD 665.77 billion by 2030, exhibiting a CAGR of 13.1% over the study period. The rise is on account of the surging product popularity and the surging expenditure on home entertainment systems.
Fortune Business Insights™ provides this information in its research report, titled “Gaming Market, 2023-2030”.
The report gives comprehensive coverage of the major trends boosting the global industry scenario over the forecast period. It further offers insight into the key factors propelling market expansion over the ensuing years. Additional aspects of the report comprise an overview of the pivotal steps undertaken by major market participants for strengthening their industry footholds.
Drivers and Restraints:
Growing Inclination of Youth toward Gaming to Fuel Industry Expansion
One of the major factors propelling gaming market growth is the soaring inclination of youth toward video games. The industry expansion is further propelled by the increasing indulgence of youth in indoor games and other leisure activities.
However, the industry growth could be affected by an increase in the number of intense gamers, which may turn into an addiction or lead to social anxiety issues.
COVID-19 Impact:
Industry Growth Propelled by Surge in Product Demand Amid COVID-19 Pandemic
The coronavirus pandemic resulted in an increase in product demand. The enforcement of lockdown restrictions led people to spend most of their time at home. In addition, the pandemic affected people’s participation in social gatherings or outdoor activities. This boosted product adoption, driving market expansion to a considerable extent.
Segmentation:
Shooter Segment to Gain Traction Driven by the Incorporation of 3D Realistic Graphics
On the basis of game type, the market is segmented into sports, action, shooter, role-playing, and others. The shooter segment is slated to hold a dominating share, exhibiting remarkable expansion over the forecast period. The expansion is impelled by the incorporation of 3D realistic graphics in most shooter games.
Mobile Phone Segment to Lead Impelled by Growing Smartphone Penetration
Based on device type, the market is subdivided into PC/MMO, mobile phone, tablet, and TV/console. The mobile phone segment is expected to register considerable expansion over the study period. The surge is propelled by the rising penetration of smartphones across the globe.
Male Segment to Register Considerable Growth Owing to Availability of an Array of Games
On the basis of end-user, the market is fragmented into male and female. The male segment is set to dominate the market with a substantial CAGR over the estimated period. The growth is driven by the availability of an array of games with more male-oriented designs.
Based on geography, the market has been analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Asia Pacific to Emerge Prominent Impelled by Rapid Growth in Urban Population
Asia Pacific gaming market share is estimated to register substantial expansion throughout the forecast period. The expansion is due to the soaring awareness regarding the launch of video games in the market.
The Europe market is poised to expand at a lucrative rate over the study period. The surge is driven by increasing government investments in the development of the gaming sector.
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Overview of the Parent Market
Industry SWOT Analysis
Recent Industry Developments
Supply Chain & Regulatory Analysis
Qualitative Analysis (In Relation to COVID-19)
Impact of COVID-19 on the Market
Supply Chain Challenges
Potential Opportunities due to COVID-19 Pandemic
Global Gaming Market Analysis, Insights and Forecast, 2019-2030
Key Findings / Summary
Market Analysis, Insights and Forecast – By Game Type
Shooter
Action
Sports
Role Playing
Others
Market Analysis, Insights and Forecast – By Device Type
PC/MMO
Tablet
Mobile Phone
TV/Console
Market Analysis, Insights and Forecast – By End-User
Male
Female
Market Analysis, Insights and Forecast – By Region
Key Companies Ink Partnership Deals to Strengthen Industry Foothold
Many industry players are designing and launching new products for strengthening their positions in the market. This is in tandem with the adoption of several strategic steps for the expansion of their geographical footprints. Some of the other initiatives comprise an upsurge in research activities for enabling the rollout of superior solutions.
Key Industry Development:
April 2021 – Electronic Arts Inc. entered an agreement for the acquisition of Glu Mobile Inc. The move was aimed at expanding the company’s footprint in the mobile gaming sector.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
