Global Gaming Market

Gaming Market Size, Share, Growth Analysis, By Game Type(Shooter, Action), By Device Type(Personal Computer, MMO) - Industry Forecast 2024-2031

Report ID: SQMIG25J2055 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 67 | Figures: 75

Gaming Market News

  • In June 2022, Electronic Arts Inc, a US-based gaming company introduced its new Field sense gameplay system which brings new technology and gaming mechanics to its gaming title Madden NFL 23. Which gives a more realistic experience and control to the player playing and makes it fun to play.
  • In May 2022, Valve Corporation a US-based gaming online platform provider introduced its Steam VR 1.22 home, which has a new photogrammetry feature that turns the photographs of the real world into a VR environment and enables the player to enjoy it in a virtual world.
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Gaming Market size was valued at USD 203.4 billion in 2019 and is poised to grow from USD 230.79 billion in 2023 to USD 492.5 billion by 2031, growing at a CAGR of 13.4% in the forecast period (2024-2031).

The Gaming market is relatively fragmented, with a high level of competition. Few large players, like Electronic Arts Inc., Nintendo Co. Ltd, and Valve Corporation, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Microsoft Corporation', 'Electronic Arts', 'Tencent Holdings Ltd.', 'Sony Interactive Entertainment LLC', 'Activision Blizzard, Inc.', 'NetEase, Inc.', 'Nintendo Co., Ltd.', 'Google LLC', 'Ubisoft Entertainment SA', 'Nexon Co., Ltd.', 'Take-Two Interactive Software, Inc.', 'Konami Holdings Corporation', 'Square Enix Holdings Co., Ltd.', 'Zynga Inc.', 'GungHo Online Entertainment, Inc.', 'Supercell Oy', 'Bandai Namco Entertainment Inc.', 'Kakao Games Corp.', 'NCSoft Corporation', 'King Digital Entertainment Ltd.'

Nowadays people engage in various kinds of video games in their leisure time and this is a major reason for the growth in the gaming market. American research suggests that 91% of male children who are born in the year 2000 are engaged in mobile gaming than those who were born before that which is just 83%. And continuous growing development in the economy leading to urbanization and disposable income is also pushing the demand for various stress release products such as games.

Increasing championships and tournaments for major gaming titles are the main reason for the growing rate of the gaming market among the various age groups of people. The sponsors generally target the audience’s interests in the professional players and try to influence them through them and this gradually creates interest in the mind of the customer and generates revenue for the gaming companies. This gaming environment also created interest and hype in the audience’s mind and this interest in gaming is fueling the growth of the gaming market.

In the year 2021, Asia Pacific accounts for 47% of the worldwide gaming market and is expected to occupy the same place during the analysis period. Gaming consoles and mobile phones are some of the major reasons for the domination of the gaming market in the region. Also, the growing urbanization and disposable income in the developing countries is pushing the demand for mobile games and which in turn is propelling the gaming market growth in this region.

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Global Gaming Market

Product ID: SQMIG25J2055