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The latest report by IMARC Group, titled “Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global gaming market size reached a value of US$ 184.6 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 314.8 Billion by 2027, exhibiting a CAGR of 9.2% during the forecast period (2022-2027).
Market Summary:
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