Gaming Market to Exhibit 13.1% CAGR over 2023 to 2030; Sony Rolled Out PlayStation 5 to Strengthen Industry Foothold

The global gaming market size stood at USD 249.55 billion in 2022. The market value is slated to rise from USD 281.77 billion in 2023 to USD 665.77 billion by 2030 at a CAGR of 13.1% during 2023-2030. The rise is driven by the growing expenditure on home entertainment systems. Besides, video games offer stress relief, offering players a sense of achievement.

Fortune Business Insights™ presents this information in its report titled “Gaming Market Size, Share & COVID-19 Impact Analysis, By Game Type (Shooter, Action, Sports, Role Playing, and Others), By Device Type (PC/MMO, Tablet, Mobile Phone, and TV/Console), By End-User (Male and Female), and Regional Forecast, 2023-2030”.

Coronavirus Pandemic Led to Escalation in Product Demand

The COVID-19 pandemic led to an upsurge in product demand amid the pandemic period. This was mainly driven by an increasing number of people spending time in homes on account of lockdown restrictions. The crisis also impacted the participation of people in outdoor activities and social gatherings. These factors propelled industry expansion during the pandemic period.

Electronic Arts Completes Glu Mobile Acquisition Strengthening Industry Footing

In April 2021, Electronic Arts Inc. completed the acquisition of Glu Mobile Inc. The deal was valued at USD 2.1 billion. The acquisition would add considerable growth to the company’s mobile business. Furthermore, it would help Electronic Arts in creating an industry-leading portfolio of over 15 top live services.

Rising Inclination of Mobile Users toward Gaming to Propel Industry Growth

Gaming market growth is being driven by the soaring inclination of mobile users toward gaming. The industry expansion is further propelled by the surging incorporation of 4G technology in smartphones. Besides, video games attract players of various demographics across the globe. However, addiction to video games could result in mental health issues. Besides, excessive gaming could lead to social anxiety. These factors may hamper industry expansion to some extent.  

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Pivotal Industry Players Enter Strategic Deals to Strengthen Market Position

Major companies are centered on formulating and adopting an array of strategic initiatives for strengthening their industry positions. These include merger agreements, acquisitions, and the rollout of new solutions. Additional steps include an increase in R&D activities and increasing participation in trade conferences.

List of Key Players Profiled in the Report

• Microsoft Corporation (U.S.)
• Nintendo Co., Ltd (Japan)
• Rovio Entertainment Corporation (Finland)
• Nvidia Corporation (U.S.)
• Valve Corporation (U.S.)
• PlayJam Ltd (U.K.)
• Electronic Arts Inc. (U.S.)
• Sony Group Corporation (Japan)
• Bandai Namco Holdings Inc. (Japan)
• Tencent Holdings Ltd. (China)
• Activision Blizzard, Inc. (U.S.)

Key Industry Development

• November 2020 – Sony announced the launch of its PlayStation 5. The solution was launched in Australia, North America, Japan, and New Zealand.

Further Report Findings

• Asia Pacific gaming market share is touted to dominate the global market and is set to expand at a commendable pace over the forecast period. The surge is on account of growing awareness regarding the rollout of video games in the region.
• The North America market is poised to register appreciable growth throughout the study period. The expansion is driven by the escalating popularity of video games among older adults in the region.
• Based on game type, the market is fragmented into role-playing, shooter, action, sports, and others. The shooter segment is expected to exhibit a lucrative upsurge over the estimated period. The growth is propelled by the soaring incorporation of 3D realistic graphics in shooter games.
• By device type, the market is segmented into mobile phone, PC/MMO, tablet, and TV/console. The mobile phone segment is slated to grow at a considerable pace over the analysis period. The escalation is driven by the increasing smartphone penetration.
• Based on end-user, the market is subdivided into male and female. The male segment is expected to hold a dominating share of the market. The upsurge is impelled by the rising availability of games with more male-oriented designs.

Table of Segmentation