The worldwide gaming market size is expected to gain momentum by reaching USD 545.98 billion by 2028 while exhibiting a CAGR of 13.20% between 2021 and 2028. In its report titled “Gaming Market, 2021-2028”, Fortune Business Insights mentions that the market stood at USD 203.12 billion in 2020.
Online video games have become more prevalent in recent years. Most people find online games attractive and a modest way to find free time from their hectic schedules. Moreover, during the pandemic, the inclination toward gaming increased dramatically. Many companies such as Nintendo and Tencent witnessed an increase in their sales during the first quarter. The former showcased a profit of 41%, as it sold many of its games digitally. The demand for online games will be persistent in upcoming years, and this market is anticipated to boom during the forecast period.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. However, the pandemic has provided better acceptance of digital technology. It received so much consumer attraction during the lockdown that it made a huge investor community interested in it. For instance, according to The Week article, some major investments occurred during the pandemic in India. Around USD 225 million investment was made in the mobile gaming app Dream11 in September 2020. Thus, these investments are expected to drive market growth in the upcoming years.
Fortune Business Insights™ lists out all the gaming market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Microsoft Corporation (Redmond, Washington, United States)
- Nintendo Co., Ltd (Kyoto, Japan)
- Rovio Entertainment Corporation (Espoo, Finland)
- Nvidia Corporation (California, United States)
- Valve Corporation (Washington, United States)
- PlayJam Ltd (London, United Kingdom)
- Electronic Arts Inc (California, United States)
- Sony Group Corporation (Tokyo, Japan)
- Bandai Namco Holdings Inc (Tokyo, Japan)
- Activision Blizzard, Inc (California, United States)
What does the Report Provide?
The market report for gaming provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Rising Youth Employment to Spur Demand for Video Games
For instance, a report from the American Association of Advertising Agencies.Org, published in February 2019, mentioned that the generation z population plays games daily. Their number is higher than that of millennials by 84%. Moreover, rising disposable income is resulting in a higher consumption rate of video games. For instance, the data released by the World Bank.Org, states that the global youth unemployment in 2018 is 15.19% which is a decline from 15.37 % from its prior year.
- Based on game type, the shooter segment held a gaming market share of about 23.35% in 2020. It makes players experience a whole new experience of the virtual world. This fascinating atmosphere provided by battle games is driving the segment market.
Finally, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa based on region.
Asia Pacific to Remain at Forefront Backed by Rising Urban Population
This is ascribable to the rapid growth in the urban population. The rising awareness about trending video games is helping the market to thrive in the region. The report from World Bank.Org data suggests that in 2019 the urban population of the East Asia Pacific was 59.887 % which rose from 59.053 % from the previous year. The regional market stood at USD 86.96 billion in 2020.
North America – The rising number of children with their smart devices is surging the market. For instance, the data released by the National Public Radio.Org in October 2019 stated that more than half of the children in America possess their smartphones.
Report Aim & Scope:
- The report presents the estimated market size by the end of forecast period.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
Major Companies Invest in R&D Activities to Strengthen Their Market Positions
They are doing so by proactively investing in R&D activities to develop engaging online video games. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period.