Gaming Market is predicted to reach USD 565.1 Billion at a CAGR of 13.19% during the forecast period 2024-2032

Market Research Future (MRFR) announces the publication of its half-cooked research report—global Gaming market, 2021–2030.

According to Market Research Future, the global gaming market has been segmented into device type, game type, gamer type, and region/country. The global gaming market size is expected to register an exponential CAGR of 13.19% from 2024 to 2032 and reach USD 565.1 by 2032.

Mobile gaming has been the driving force behind the worldwide video gaming market's fast expansion. Smartphone games accounted for over half of global video gaming income by 2020, and as mobile penetration rates and smartphone usage continue to rise on a global scale. For example, 36 percent of all mobile app downloads in 2020 were games – out of 218 billion total downloads, that corresponds to 80 billion downloads – while from 2019 to 2020, users increased their hours spent playing mobile games by 35 percent to 296 billion hours. Over USD 32 billion was spent on mobile applications in Q1 2021 alone on Google Play and the iOS store, with gaming being the most significant sector throughout the whole app industry.

Segmental Analysis

The global gaming market has been segmented into device type, game type, gamer type, and region/country.

Based on device type, the gaming market has been segmented into pc, console and mobile. The PC segment is further bifurcated into browser pc games and downloaded pc games. As a result of COVID-19-related lockdown measures, the downloaded pc games sector held the greatest market share in the pc segment in 2020, with significant interest in gaming across all areas and platforms. The console segment is further bifurcated into Xbox, Play Station, Nintendo Switch and others. The mobile segment is further bifurcated into tablet and smartphone. The console segment held the second largest market share in 2020 while the mobile segment held the largest market share in 2020 and is further expected to grow at the highest CAGR during the study period. The mobile gaming business is one of the world's fastest expanding. With smartphone usage at an all-time high and continual technology advancements in numerous areas, mobile gaming has never been easier, more accessible, or more economical for players. Furthermore, COVID-19-related lockout measures sparked a surge in gaming interest across all regions and platforms.

Based on game type, the gaming market has been classified into real-time strategy (RTS), role-playing, multiplayer online battle arena (MOBA), sandbox, shooter (FPS and TPS), simulation and sports, and other. The role-playing games segment is expected to account for the larger market share in 2020. Popular games such as The Witcher 3: Wild Hunt, The Elder Scrolls, and Star Wars are examples of "role-playing games." These games are among the greatest in the category, with graphically beautiful 3D experiences and text-based console gaming. Video and online games in which the user controls a fictitious character on a mission in a fantasy world are examples of this genre. The genre's prominence has prompted developers to produce online RPGs, strategic RPGs, and adventure RPGs, as well as additional improvements in this genre in the coming years.

Based on gamer type, the gaming market has been bifurcated into casual gamer and professional gamers. Casual gamers held the larger market share within the global gaming market and while the professional gamers segment is expected gain the highest CAGR during the forecast period. A growing number of young video gamers see esports (competitive video gaming) as a professional option rather than merely a pastime. Competitive video gaming consists of structured e-sport competitions that follow the same rules, protocols, play, judging, and broadcasting as more traditional athletic events.

Furthermore, professional esports players must follow the same training regimen as conventional sportsmen. Professional gaming attracts millions of spectators worldwide, has sold out venues, is sponsored by businesses like as Audi and MasterCard, and offers massive tournament prizes. These competitions are frequently broadcasted live on well-known broadcast television channels such as ESPN.

Regional Analysis

The gaming market is expected to gain significant revenue from the various continents during the projected period. The geographic analysis of the global gaming market has been conducted for North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is classified into the US, Canada, and Mexico. Europe is classified into the UK, Germany, France, Italy, Spain and the Rest of Europe. Asia-Pacific is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. The Asia Pacific region is expected to have the biggest market share in the gaming sector, with nations such as China, Japan, and South Korea showing strong development potential. Because of the increase in the digital ecosystem, Chinese firms are ready to grasp the commercial prospects presented by global digitalization. At the end of 2019, the administration of Beijing, the country's capital, and home to more than 20 million people, proclaimed its intention to become the international capital of online gaming by 2025 at the latest.

Key Players

Sony Corporation (Japan), Microsoft Corporation (US), Bandai Namco Entertainment Inc. (Japan), Take-Tow Interactive Software Inc. (US), Nexon Company (Japan), Activision Blizzard Inc. (US), Nintendo Co. Ltd. (Japan), Ubisoft Entertainment SA (France), Square Enix Holdings Co. Ltd. (Japan), Tencent Holdings Ltd. (China), EPIC Games (US), Interactive Entertainment (US), Electronic Arts (US), Sega Games Co. Ltd. (Japan), and NetEase Inc. (China) are some of the key companies operating in the global gaming market.