Gaming Market Size Worth $504.29 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Aug. 8, 2022 /PRNewswire/ -- The global gaming market size is anticipated to reach USD 504.29 billion by 2030, exhibiting a CAGR of 10.2% during the forecast period, according to a new report published by Grand View Research, Inc. growth prospects can be credited to the increasing popularity of mobile gaming, esports and online streaming of games. Multiplayer gaming has enhanced the gaming experience as it allows players to interact with each other and has fueled the growth of the gaming industry.

Key Industry Insights & Findings from the report:

• In terms of devices, the console segment is expected to witness a growth of around 9.0 % CAGR in the forecasted period. The driving factors such as technological developments and high-end displays providing rich experience are expected to fuel the market growth.
• The Asia Pacific region is anticipated to experience the highest CAGR growth of nearly 11.0%, owing to the increasing number of esports events and smartphone penetration in the Asia Pacific region.
• In terms of type, the online gaming segment is projected to witness a growth of around 13.0% CAGR. The increasing demand for multiplayer and free-to-play gaming is expected to fuel the market growth.

Read 171 page full market research report, "Gaming Market Size, Share & Trends Analysis Report By Device (Console, Mobile, Computer), By Type (Online, Offline), By Region (North America, Europe, APAC, LATAM, MEA), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Gaming Market Growth & Trends

COVID-19 boosted the gaming adoption owing to lockdown. The gaming offered an appealing distraction for people at home eyeing social interaction. The companies experienced massive growth in gaming time and sales in lockdown. For instance, in 2020, Tencent Holdings Ltd. witnessed 31% growth in its online gaming segment compared to 2019. Animal Crossing: New Horizons managed to sell 1.88 million copies on its opening three days in Japan; despite the COVID-19 pandemic, the company sold 392 000 consoles in Japan.

The increasing demand for consoles has encouraged marketers to provide technologically advanced and affordable consoles in the market. For instance, in November 2020, Sony Interactive Entertainment LLC launched PlayStation 5; the features include 4K/120 gameplay, 8K/60 support, AMD Zen 2 CPU, PS plus collection, revolutionary controller haptics, fast new UI, and super-fast SSD for faster load times. Sony Interactive Entertainment LLC had sold 17.3 million units of PlayStation 5 by the end of December 2021.

The technological developments in virtual reality (VR) and augmented reality (AR) have offered various opportunities to enhance the gaming experience. The increasing demand for free-to-play and multiplayer gaming is attracting youth towards gaming. Institutes and universities have started providing professional courses so that students can consider gaming as a professional career. For instance, the University of Hertfordshire offers MA in Games Art and Design, and the course can be studied on-campus or online.

The Asia Pacific is expected to emerge as a significant region due to considerable gaming countries such as China, Japan, South Korea, and India. The gaming industry in these countries is rising due to increasing smartphone penetration, esports events, mobile gaming, and an increase in the digital ecosystem. The market in the Asia Pacific region is expected to increase with an approximately 12.0% CAGR from 2022 to 2030 in the forecasted period.

Gaming Market Segmentation

Grand View Research has segmented the global gaming market based on device, type, and region:

Gaming Market - Device Outlook (Revenue, USD Billion, 2018 - 2030)

• Console
• Mobile
• Computer

Gaming Market - Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Online
• Offline

Gaming Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• Japan
• South Korea
• Latin America
• Brazil
• Middle East & Africa (MEA)

List of Key Players in the Gaming Market

• Nintendo
• Microsoft Corporation
• NVIDIA Corporation
• Rovio Entertainment Corporation
• PlayJam Ltd.
• Valve Corporation.
• Sony Group Corporation
• Bluestack Systems, Inc.

Check out more related studies published by Grand View Research:

• Cloud Gaming Market - The global cloud gaming market size is estimated to reach USD 20.94 billion by 2030, registering a CAGR of 45.8% from 2022 to 2030, according to a new report by Grand View Research, Inc. As cloud storage has gained a more secure position over onsite storage, this has affected the gaming industry. Through cloud gaming services, gamers can access high-quality interactive games remotely without bearing the additional cost of expensive computer systems. The growing number of gamers globally has directed affected the market.
• Virtual Reality In Gaming Market - The global virtual reality in gaming market size is expected to reach USD 92.31 billion by 2027, expanding at a CAGR of 30.2% over the forecast period, according to a new report by Grand View Research, Inc. The intensifying demand for technologically progressive electronic games amongst millennials is anticipated to drive the market growth from 2020 to 2027.
• Gaming Simulator Market - The global gaming simulator market size is expected to reach USD 9.99 billion by 2027, according to a new study by Grand View Research, Inc. It is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2020 to 2027. The increasing popularity of gaming coupled with the continued introduction of innovative VR headsets that can potentially enhance the graphics experience is expected to drive the growth of the market over the forecast period. The growing preference for realistic gaming experience among gamers also bodes well for the growth of the market.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.