Global Gaming Market Size & Share to Surpass $682 Billion by 2030 | Vantage Market Research
Vantage Market Research
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WASHINGTON, Nov. 22, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Gaming Market is estimated to be valued at USD 682 Billion by 2030 at an exponential growth of 13.6% in the next seven years.
The main factors propelling the global Gaming Market are the changing demographics of gamers, the costly installation and updates of hardware and software, and the growing demand for high-speed Internet access.
The Report Provides Insights on the Following Pointers
Market Penetration: Provides comprehensive information on the market offered by the key players,
Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets,
Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments,
Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation,
Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players,
Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
Continuous advancements in technology within the Gaming sector are having a significant impact on the industry's expansion. These advancements are transforming the game creation process and enhancing the overall user experience during gameplay. Also, game developers from developing countries strive to improve the gameplay experience by developing and modifying codes for Gaming platforms such as PlayStation, Windows PC, and Xbox. These codes are later incorporated into a comprehensive product delivered to gamers through a cloud platform.
Factors Affecting the Growth of the Gaming Industry
The expansion of mobile Gaming and the rise of online Gaming platforms have made games more accessible to a larger audience. The availability of games across various devices, including smartphones, tablets, and Gaming consoles, allows people to play games anytime and anywhere, contributing to the industry's growth.
The growth of the Gaming industry is heavily influenced by technological advancements, such as improved graphics, virtual reality (VR) and augmented reality (AR) capabilities, and more powerful Gaming consoles or PCs. These advancements attract more players and enable developers to make more immersive and engaging Gaming experiences.
The COVID-19 pandemic has significantly boosted the development of the Gaming industry. With people spending more time at home due to lockdowns and social distancing measures, Gaming has become a popular form of entertainment and a way to connect with others virtually.
Gaming industry growth also relies on innovation in game design and the introduction of new genres. Developers constantly strive to create new and unique Gaming experiences to attract and retain customers. Launching innovative games that push the boundaries of storytelling, graphics, and gameplay can drive significant growth.
Gaming is no longer limited to a specific age group or gender. The industry has witnessed a growing number of female gamers and older players, broadening the overall player base. Additionally, Gaming is now more socially accepted, leading to increased participation and growth.
Key Highlights
The Asia Pacific region is experiencing notable growth, with a significant growth rate in 2022,
North America displayed its dominance in the market by attaining a considerable portion of revenue in 2022,
By Device Type, the TV/Console segment is anticipated to witness major growth in the market during the forecast period,
By End-User, the Male segment is observing maximum market growth in 2022, i.e., 65.9% market share.
Prominent Players in The Global Gaming Market Report Scope:
One of the top market trends in the Gaming market is the increase in mobile Gaming. The exponential growth of smartphones and the increasing accessibility of high-speed internet contributed to the popularity of mobile Gaming. The convenience and ease of playing games on mobile devices have made it the largest segment in the Gaming market.
The rising demand for Esports is another noteworthy trend. Esports, or competitive video Gaming, has grown tremendously in recent years. With the rise of streaming platforms such as Twitch and the increasing number of esports tournaments, esports has become a significant part of the Gaming industry.
Key Strategies in the Gaming Market
To stand out in the highly competitive Gaming market, developers create a game that offers something new and innovative, such as a unique gameplay mechanic, an engaging storyline, or stunning graphics.
Social media platforms like Twitch, YouTube, and Instagram have become influential marketing tools for the Gaming industry. Developers leverage these platforms to build a strong online presence, interact with their target audience, and collaborate with influencers to increase visibility and awareness.
In-game purchases and microtransactions have become a prevalent monetization strategy in the Gaming industry. Developers offer attractive and optional in-game items or features that enhance the gameplay experience and provide value to players.
Staying ahead of the curve and embracing imminent technologies such as AR and VR provide a competitive advantage in the Gaming market. Developers explore these technologies and identify opportunities to create unique and immersive Gaming experiences.
In February 2023, Vi and Gamerji partnered to enter the e-sports arena. Under the parent company Vi Games, Vi established an e-sports platform on the Vi App in collaboration with e-sports startup Gamerji.
September 2022, A three-year agreement was inked by Fnatic and ASOS to unite the Gaming and fashion industries. As part of the agreement, both businesses will create and implement a number of offline and online activations that combine the Gaming and fashion industries.
Gaming Market Segmentation
By Game Type
Shooter
Action
Sports
Role Playing
Other Game Types
By Device Type
PC/MMO
Tablet
Mobile Phone
TV/Console
By End User
Male
Female
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Highlights From Segments
Game Type Analysis
The Shooter Games segment contributed to the most significant market growth in 2022.
This is because most shooter games possess visually immersive 3D graphics, demanding strategic missions, alluring weaponry, and the ability to play with multiple players. Consequently, these features play a vital role in enticing a larger audience towards this particular genre.
Device Type Analysis
The TV/Console Gaming category is expected to dominate market growth during the projected timeframe.
This is due to the availability of advanced displays and audio systems that enhance users' experience significantly throughout the projected timeframe.
End User Analysis
The male segment in the global Gaming market continues to dominate, with a significant portion of gamers being male.
They tend to enjoy multiple genres, such as action, adventure, and sports games. Male gamers also have a strong presence in competitive Gaming and often engage in multiplayer online games.
Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Gaming Market Forecast Report (2023-2030).
Regional Analysis
The Asia Pacific Gaming market has experienced tremendous growth in 2022 and has established itself as one of the world's largest and most lucrative Gaming markets.
The region is home to many gamers, with nations such as China, South Korea, and Japan leading the way. China dominates the market, with more than half of the region's Gaming revenues coming from the country. The rise of mobile Gaming has been a major driver of growth in China, with a large number of gamers accessing games through their smartphones.
Scope of the Report:
Report Attributes
Details
Market Size in 2022
USD 245.9 Billion
Revenue Forecast by 2030
USD 682 Billion
CAGR
13.6% from 2023 to 2030
Base Year
2022
Forecast Year
2023 to 2030
Key Players
Microsoft Corporation, Nintendo, Rovio Entertainment Corporation, NVIDIA Corporation, Valve Corporation, PlayJam Ltd., Bluestack Systems Inc., Sony Corporation
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