A recent report published by Infinium Global Research on the gaming market provides in-depth analysis of segments and sub-segments in the global as well as regional gaming market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional gaming market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global gaming market. According to the report, the global gaming market is projected to grow at a CAGR of 19.70% over the forecast period of 2021-2027.
The reported study estimated the market for Gaming to be about USD 206.96 billion in 2021, and will reach more than 608.7 billion in 2027, with a Compound Annual Growth Rate of 19.70%, over the forecast period (2021-2027). The gaming industry has been growing tremendously in recent years. Its scope has grown into mainstream markets from few focused markets. The gaming industry has already become an established industry around the world with many tech giants turning their attention towards the gaming industry. The revenue generated by the gaming market hasn’t just doubled but it has quadrupled. Gaming has become a new medium for people with socializing with their friends. Furthermore, video games have developed from simple 2D animations on a screen to near realistic game plays over the last two decades. The immersive graphics of the games have attracted a number of people to enjoy gaming. In addition, the advent of AR and VR into gaming is changing the way games are being played. These new technologies are focused on offering an immersive gaming experience to gamers. It's not just about playing the game it's about feeling the game nowadays. Cloud gaming has further pushed the boundaries of the gaming industry.
The consumers taking up video games have been on a constant rise. Thus, the number of gamers is rapidly increasing around the world. The consistent increase in the number of games has led to numerous gaming communities being established. Many gamers who are playing video games since their childhood are taking up gaming as a career choice. Gamers can establish revenue streams by monetizing their streaming channels on streaming platforms such as YouTube and Twitch. These factors are further attracting new gamers. The growing number of gamers has also inspired many game publishers to develop new games with great storylines and immersive graphics. Another factor driving the market is the growing internet penetration. High-speed internet ensures zero latency in online games and ensures an immersive gaming experience. The growing internet penetration has propelled online gaming around the world. One such example is the sudden surge of online mobile games such as PUBG and FreeFire. Cheaper internet tariffs and high-speed internet have boosted the penetration of the internet. Though, the market is slightly at disadvantage due to a restraining factor such as the high cost of technology and games. This factor may somewhat diminish the accessibility of the consumers of gaming technology and games in the market. Nevertheless, the growing scope of cloud gaming offers growth opportunities in the market.
North America region was the dominant region in the global gaming market. North America has the highest market share in 2020. There is a number of gaming communities present in North America. More of Gaming Industry is a well-established industry along with the sports and movie industry in North America. North America is one of the few markets where game publishers focus on launching their games first. Alongside, gamers spend lavishly on purchases of new games and in-app purchases.
The report on global gaming market covers segments such as age group, gaming mode, platform type, and revenue stream. On the basis of age group, the sub-markets include child, and adult. On the basis of gaming mode, the sub-markets include offline, and online. On the basis of platform type, the sub-markets include mobile and tablets, PC and laptop, and console. On the basis of revenue stream, the sub-markets include game, sponsorship, in-game purchase, and advertising.
The report provides profiles of the companies in the market such as Sony Corporation, Tencent Holdings Ltd., , Nintendo Co., Ltd., Microsoft Corporation, Electronic Arts Inc., Google, Valve Corporation, Bandai Namco Entertainment Inc., Ubisoft Entertainment SA , and Take-Two Interactive Software, Inc..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of gaming market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.