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Global Gaming Market Overview Covering Forecast Market Size And Growth Rate 2033
Gaming Global Market Report 2024
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According to The Business Research Company's, The gaming market size has grown rapidly in recent years. It will grow 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 expansion of gaming platforms, rise of esports, gaming communities, mobile gaming boom, gaming conventions and events.
The gaming market size is expected to see rapid growth in the next few years. It will grow to $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 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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Market Drivers and Trends:
The rising internet penetration is expected to propel the growth of the gaming market going forward. Internet penetration refers to the percentage of the population of a specific region or country that has access to the internet. Gaming utilizes the internet in various ways to enhance the gaming experience and provide a seamless connection between players. It also enables gamers to connect, compete, explore, and expand their gaming horizons. For instance, in February 2023, according to Meltwater, a Netherlands-based software company, internet users in the UK climbed by 224 thousand (+0.3 percent) between 2022 and 2023. There were 66.11 million internet users in the UK overall. Therefore, rising internet penetration is driving the growth of the gaming market.
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. For instance, in June 2022, Codemasters and Electronic Arts Inc., a US-based video game companies, launched EA Sports F1 22, the official game of the 2022 Formula One World Championship. This game features all of the official teams, drivers, and circuits from the 2022 season. It also includes a new career mode, a variety of multiplayer modes, and a new feature called F1 Life.
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Major Key Players of the Market:
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
Gaming Market 2024 Key Insights:
• The gaming market size is expected to see rapid growth in the next few years. It will grow to $453.74 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Mobile Revolution Fuel The Gaming Market's Meteoric Rise
• Ea Sports F1 22 Takes The Checkered Flag As The Ultimate Formula One Gaming Experience
• Asia-Pacific was the largest region in the gaming market in 2023
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