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Global Gaming Market to Reach US$ 188.5 Billion by 2024, Stimulated by Increasing Popularity of Open World Games

As per the latest report by IMARC Group, titled “Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global gaming market size reached US$ 108.2 Billion in 2018. Gaming is the act of playing video games on different devices, such as smartphones, computers, consoles and arcade machines. It offers relaxation, encourages teamwork, keeps the mind active and increases problem-solving skills. It also helps in improving hand-eye coordination, physical and mental health and the ability to multitask. Nowadays, a significant number of adults prefer to play video games to unwind. This can be attributed to the advantages associated with gaming, the increasing penetration of the internet and the boosting sales of smartphones. Moreover, technological advancements in both software and hardware, such as augmented reality (AR) and virtual reality (VR), are further assisting in attracting consumers.

Global Gaming Market Trends:

One of the significant factors impelling the market growth includes the growing traction of online games, such as League of Legends, PUBG, Fortnite, World of Warcraft and Minecraft. Apart from this, the increasing popularity of open world games, such as Grand Theft Auto, Assassin's Creed Odyssey, Batman: Arkham Knight, wherein gamers are provided with the possibility of exploring and seeking quests, is also contributing to the market growth. Furthermore, there is a rise in the number of gamers who stream live sessions on account of the increasing streaming services and the integration of live and on-demand video content on social media platforms like YouTube. Some of the other factors that are catalyzing the market growth include the increasing number of gaming enthusiasts, the growing popularity of e-sports tournaments, reducing prices of gaming peripherals and escalating sales of wearable gaming devices. Looking forward, the market value is projected to reach US$ 188.5 Billion by 2024, expanding at a CAGR of 9.6% during 2019-2024.

Market Summary:

  • Based on the device type, the market has been segmented into consoles, mobiles and tablets, and computers. Mobiles and tablets represent the most widely utilized gaming devices.
  • On the basis of the platform, the market has been bifurcated into online and offline segments. At present, the offline segment accounts for the majority of the total market share.
  • The market has been analyzed on the basis of the revenue type into game purchase, advertising and others. Game purchase currently exhibits a clear dominance in the market.
  • Based on the type, the market has been classified into adventure/role-playing games, puzzles, social games, strategy, simulation and others. Presently, adventure/role-playing represents the most popular type.
  • On the basis of the age group, adult games hold the largest market share, followed by children.
  • Region-wise, Asia Pacific enjoys the leading position in the market. Other major regions include North America, Europe, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Sony Corporation, Nintendo Co. Ltd., Microsoft Corporation, Apple Inc., The Walt Disney Company, Ubisoft Inc., Zynga Inc., Facebook Inc., Konami Gaming Inc. and Sega Games Co. Ltd.

 


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