The latest report by IMARC Group, titled “Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global gaming market reached a value of US$
202.7 Billion in 2022. Gaming refers to playing electronic games through various means such as computers, mobile phones, consoles, and arcade machines. It is known to improve hand-eye coordination, mental and physical health, multi-tasking, as well as problem-solving ability of the gamer. Video games stimulate the mind and body, and provide entertainment and relaxation for the player and the spectator. It also helps children develop certain skills, improve cognitive ability, and supplement classroom teaching for educators. In recent years, the gaming industry has been revolutionized due to the increasing penetration of the internet and the boosting sales of smartphones.
Global Gaming Market Trends:
The market is primarily driven by the rising popularity of e-sports and the easy availability of online games in different genres such as strategy, action, simulation. Besides this, the introduction of advanced network connectivity and the 5G evolution is facilitating cloud gaming, allowing users to stream high-end games across any handheld devices and eliminating the need for a traditional gaming console. In addition, gamers are extensively investing in online games such as League of Legends, PUBG, Fortnite, World of Warcraft, and Minecraft. Moreover, various games that provide the possibility of exploring and seeking quests, like Grand Theft Auto and Batman: Arkham Knight, are also fueling the market growth. Furthermore, technological advancements in software and hardware like augmented reality (AR) and virtual reality (VR), along with the advent of advanced graphical engines and information technology, are creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 343.6 Billion by 2028, exhibiting a CAGR of
9.08% during 2023-2028.
- Based on the device type, the market has been segmented into consoles, mobiles and tablets, and computers. Currently, mobiles and tablets account for the largest market share.
- On the basis of the platform, the market has been classified into online and offline. The offline segment holds the majority of the largest market share.
- The market has been categorized based on the revenue type into in-game purchase, game purchase, and advertising.
- On the basis of the type, the market has been segregated into adventure/role playing games, puzzles, social games, strategy, simulation, and others.
- Based on the age group, the market is bifurcated into adult and children. At present, adult games currently dominate the global gaming market.
- Region-wise, the market has been divided into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being Tencent Holdings Limited, Sony Corporation, Microsoft Corporation, Apple Inc., Activision Blizzard, Inc., Google LLC, NetEase Inc., Electronic Arts Inc., Nintendo Corporation Limited, and Bandai Namco Holdings Inc.
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