Gaming Market size is set to grow by USD 117.2 billion from 2024-2028, Growing adoption of AR and VR games boost the market, Technavio

NEW YORK, June 12, 2024 /PRNewswire/ -- 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, and Zeptolab UK Ltd..

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Market Driver

The global gaming market is set to expand with the rise of cloud gaming technology. Cloud gaming allows users to access and play games on remote servers through Internet-connected devices, eliminating the need for new hardware and complicated setups. Its click-to-play simplicity and any-device compatibility offer a cost-effective solution for non-core gamers, particularly those using social media and mobile devices. Grid computing enables high-quality, low latency streaming, making cloud gaming an attractive alternative to traditional console gaming. This shift towards cloud gaming is expected to drive market growth during the forecast period. 

The gaming market is currently experiencing significant growth, with mobile games and consoles leading the trend. Crafting and role-playing games are also popular, offering unique experiences for users. The use of cloud technology and multiplayer functionality adds to the appeal. Advertising and sponsorships are key revenue streams, with brands recognizing the value of reaching this large and engaged audience.

The industry continues to innovate, with advancements in graphics, storytelling, and interactivity driving consumer interest. The future looks bright for the gaming market, with new technologies and business models set to shape its evolution. 

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Market Challenges

• The global gaming market confronts regulatory challenges regarding loot boxes. Loot boxes are virtual items bought with real money for random in-game rewards. While enhancing gaming experience for some, they've been criticized for resembling gambling and exploiting vulnerable individuals, including children. In response, governments like the UK and Belgium have classified and regulated loot boxes as gambling or banned them. Developers and publishers may need to adapt, potentially impacting player behavior and market growth.
• The gaming market is experiencing significant growth with increasing user interest. However, this sector faces several challenges. One major challenge is the need for advanced technology to create realistic and engaging games. Another challenge is the intense competition among game developers to capture market share.
• Additionally, maintaining user engagement and retention is a continuous effort. Furthermore, regulatory compliance and ethical considerations are crucial in the gaming industry. Lastly, the global nature of the market necessitates localization and cultural sensitivity. Addressing these challenges requires innovative solutions and strategic planning.

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Segment 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 Casual gaming-  The casual gaming market is expanding due to the rise of mobile gaming and the preference for easy-to-access, time-efficient games. Casual gamers do not invest heavily in gaming hardware and opt for mobile devices instead. Online gaming on mobile devices allows players to enjoy their favorite games from anywhere at any time. The accessibility and social interaction features of casual games attract a wide range of players. For instance, PUBG, an online multiplayer battle royale game, offers social interaction opportunities through voice chat, enhancing the gaming experience for players.

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Research Analysis

The gaming market encompasses various forms of entertainment, including video games, designed to provide stress relief, foster teamwork, and offer a sense of achievement and self-satisfaction. This market caters to diverse demographics, such as kids, older adults, and the youth population.

Home entertainment systems, including tablets, mobile phones, TV/console, PC/MMO, and iPad, offer a wide range of gaming options. 5G technology enhances the gaming experience with traction-worthy features like tactical missions, 3D realistic graphics, and education courses. Shooter, action, sports, and role-playing games cater to different preferences. Social anxiety can be addressed through gaming, making it an essential form of indoor entertainment. The gaming industry continues to evolve, offering joy and innovation to its global audience.

Market Research Overview

The gaming market encompasses a vast array of products and services, including console games, PC games, mobile games, and online gaming platforms. These offerings cater to diverse demographics, from casual gamers to hardcore enthusiasts. The market is characterized by its rapid evolution, driven by technological advancements and innovative game designs. Gamers seek immersive experiences, leading to the popularity of virtual and augmented reality games.

The market also includes gaming peripherals, such as controllers, headsets, and gaming chairs, that enhance the overall gaming experience. Additionally, the market offers various monetization models, including free-to-play, subscription-based, and pay-to-play, catering to different consumer preferences. Overall, the gaming market is a dynamic and ever-growing industry that continues to captivate audiences worldwide.

Table of Contents:

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

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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Website: www.technavio.com/

SOURCE Technavio