Gaming Market projected to grow by USD 117.2 Billion (2024-2028), driven by AR and VR game adoption, report highlights AI's role in market evolution - Technavio

NEW YORK, Dec. 9, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global gaming market  size is estimated to grow by USD 117.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.56%  during the forecast period. Growing adoption of AR and VR games is driving market growth, with a trend towards increasing emergence of cloud gaming. However, regulation of loot boxes  poses a challenge. Key market players include Activision Blizzard Inc., Apple Inc., Bandai Namco Holdings Inc., Bowlero Corp., Chicago Gaming Co., DeNA Co. Ltd., Electronic Arts Inc., Epic Games Inc., GungHo Online Entertainment Inc., Microsoft Corp., NetEase Inc., Netmarble Corp., Niantic Inc., Nintendo Co., Ltd., Rovio Entertainment Corp., Sony Group Corp., Square Enix Holdings Co. Ltd., The Walt Disney Co., Ubisoft Entertainment SA, Zeptolab UK Ltd, NVIDIA Corporation; Valve Corporation.; PlayJam Ltd.; Bluestack Systems, Inc..

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Cloud gaming is a modern approach to access and play video games, which are hosted on remote servers and streamed to Internet-connected devices. This technology allows users to enjoy a vast library of gaming titles without the need for expensive hardware or complicated setups. With the increasing popularity of social media and mobile gaming, cloud gaming has gained significant traction. Grid computing facilitates the delivery of content to users via wired or wireless broadband connections. Cloud gaming offers several advantages over traditional console gaming. First, it eliminates the hassle of installing games, applying patches, or dealing with game discs. Second, it provides click-to-play simplicity, enabling users to access a wide range of titles with ease. Third, cloud gaming supports multi-device gaming, allowing users to play high-quality games on PCs, tablets, TVs, and smartphones with minimal latency. Moreover, cloud gaming eliminates the need for high-performance graphic cards and frequent PC upgrades. Instead, games are streamed continuously from the cloud, enabling users to access them on devices with less storage and processing capacity. This feature makes cloud gaming an attractive option for non-core gamers who primarily use social media and mobile devices. In conclusion, the emergence of cloud gaming will drive the growth of the global gaming market due to its cost-effective price structure, simplicity, and accessibility across multiple devices. Cloud gaming offers a convenient and hassle-free gaming experience, making it an attractive alternative to traditional console gaming. 

The gaming market is witnessing exciting trends in 2023. Painting and crafting games are popular, with 4G connectivity enabling mobile gamers to play on smartphones and tablets, including iPads. Mobile cellular subscriptions continue to rise, fueling the growth of mobile games, especially shooter, action, sports, role-playing titles with 3D realistic graphics and attractive weapons. Tactical missions and multiplayer game functionality are in demand. Education courses are integrating gaming into learning. Technology advancements like 5G and improved graphics are driving innovation. Game developers create on cloud platforms, offering online gaming through platforms and apps on Android and iOS. Addiction issues and social anxiety remain concerns. New genres like hypercasual games and virtual reality (VR) and augmented reality (AR) are emerging. Tencent leads the industry, and cloud gaming services are gaining traction. The game creation process is becoming more accessible, enabling a new generation of designers. 

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•         The global gaming market faces regulatory challenges regarding loot boxes, virtual items bought with real money for randomized in-game rewards. While enhancing gaming experience for some, they've been criticized for promoting gambling and exploiting vulnerable individuals, including children. In 2020, the UK government classified loot boxes as gambling, regulating them. The Belgian Gaming Commission banned them outright, while Australia and the Netherlands imposed regulations. These actions impact game developers and publishers, requiring modifications to comply. Player behavior may change, with some hesitant to buy regulated loot boxes. This could restrict market growth in the forecast period.

•         The gaming market is thriving with new challenges and opportunities. Hypercasual games continue to dominate Android and iOS apps, with Tencent leading the charge. Technology advancements have streamlined the game creation process, allowing for cloud platforms and online gaming on tablets. Improved graphics, virtual reality (VR), and augmented reality (AR) are revolutionizing game design and new genres. Storytelling, graphics, gameplay, and entertainment remain key drivers, providing stress relief, teamwork, sense of achievement, self-satisfaction, joy, and traction for players of all ages. From kids to older adults, gaming is a popular form of home entertainment, especially during leisure activities and family game time. Indoor games are increasingly popular, particularly for the youth population and those seeking indoor leisure activities.

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This gaming market report extensively covers market segmentation by

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 Casual gaming-  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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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.

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.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Casual Gaming
• Professional Gaming
• Platform
• Online
• Offline
• Device
• Mobile Gaming
• Console Gaming
• PC Gaming
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio