LONDON, GREATER LONDON, UNITED KINGDOM, October 8, 2024 /EINPresswire.com/ — The gaming market has experienced robust growth in recent years, expanding from $256.41 billion in 2023 to $286.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to the expansion of gaming platforms, the rise of esports, gaming communities, mobile gaming boom, gaming conventions, and events.
What Is The Estimated Market Size Of The Global Gaming Market And Its Annual Growth Rate?
The gaming global market is projected to continue its strong growth, reaching $453.74 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to innovations in game design, inclusion of casual gamers, sustainability and eco-friendly initiatives, social impact and diversity in gaming, government support and recognition. Major trends in the forecast period include the rise of cloud gaming, subscription gaming services, augmented reality (AR) and virtual reality (vr) experiences, user-generated content and game modding, mobile gaming dominance, next-gen consoles, and hardware innovations.
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Growth Driver Of The Gaming Market
The increase in proliferation of mobile phones is expected to propel the growth of the market going forward. A mobile phone is a portable electronic gadget with a cellular network connection. Mobile phones help the market to grow by providing boosters for enhanced performance, better display, and top-end specifications.
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Which Market Players Are Steering The Gaming Market Growth?
Key players in the market include Microsoft Corporation, Nintendo Co. Ltd., Rovio Entertainment Corporation, Nvidia Corporation, Electronic Arts Inc., Sony Corporation, Apple Inc., Google LLC, Bandai Namco Entertainment Inc., Take-Two Interactive Software Inc., Nexon Company, Activision Blizzard Inc., Ubisoft Entertainment SA, Square Enix Holdings Co. Ltd., ZeptoLab OOO, Tencent Holdings Ltd., Sega Games Co. Ltd., Capcom Co. Ltd., NetEase Inc., Interactive Entertainment Beijing Kunlun Technology Co. Ltd., Bandai Namco Holdings Inc., Konami Holdings Corporation, Zynga Inc., GungHo Online Entertainment Inc., NCSoft Corporation, Kakao Games Corp., Smilegate Holdings Inc., Gravity Co. Ltd., Pearl Abyss Corp., Com2uS Corp., LINE Corporation, Wargaming Group Limited.
What Are The Key Trends That Influence Gaming Market Size?
Major companies operating in the gaming market are focused on developing innovative games, such as EA Sports F1 22, to capitalize on the popularity of Formula One. EA Sports F1 22 is the official video game for the Formula One World Championship. The game was released for Microsoft Windows, PlayStation 4, PlayStation 5, Xbox One, and Xbox Series X/S.
How Is The Global Gaming Market Segmented?
1) By Game Type: Action, Shooter, Role-Playing, Sports, Other Game Types
2) By Device: Console, Mobile, Computer
3) By Purchase Type: Box/CD Game Purchase, In-App Purchase Based, Shareware, Freeware, Other Purchase Types
4) By Platform: Online, Offline
Geographical Insights: North America Leading The Gaming Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the global gaming global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Gaming Market Definition
Gaming refers to the practice of playing games designed to educate something or assist in the resolution of a problem, as in a combat or corporate setting.
Gaming Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the gaming global market report covering trends, opportunities, strategies, and more
The Gaming Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on gaming market size, gaming market drivers and trends, gaming market major players, gaming competitors’ revenues, gaming market positioning, and gaming market growth across geographies. The gaming global market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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