Press release
Gaming Market Set to Reach $562.87 Billion by 2029 with 13% Yearly Growth
Gaming Market Growth
The surge in mobile phone usage is set to fuel the expansion of the gaming market in the future. A mobile phone, which is a portable device with a cellular network connection, contributes to the growth of the gaming market by offering performance-enhancing boosters, superior displays, and top-tier specifications. For example, according to a March 2023 report by Cybercrew, a UK-based firm that develops and offers cybersecurity solutions for businesses of all sizes, the proportion of UK households using smartphones reached 91.43% in 2021. This proportion is expected to rise to 93.8% by 2026. Consequently, the escalating usage of mobile phones is stimulating the advancement of the gaming market.
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What growth opportunities are expected to drive the gaming market's CAGR through 2034?
The size of the gaming market has experienced a swift expansion over the past years. Its size is predicted to surge from $310.97 billion in 2024 to $345.34 billion in 2025, showing a compound annual growth rate (CAGR) of 11.1%. The surge during the historical period is accredited to an expansion in gaming platforms, the emergence of esports, gaming communities, the increase in mobile gaming, as well as gaming conventions and events.
The size of the gaming market is predicted to surge in the forthcoming years, expanding to $562.87 billion in 2029 with a compound annual growth rate (CAGR) of 13.0% . This expected growth within the forecast span is due to factors such as advancements in game design, enticing casual gamers, adoption of sustainable and environmentally-conscious practices, societal impact and diversity in games, as well as governmental backing and acknowledgement. The dominant trends projected for this growth period include the rise of cloud-based gaming, subscription-based gaming services, utilization of augmented reality (AR) and virtual reality (VR), user-created content and modifications in games, predominance of mobile gaming, and innovations in next generation consoles and hardware.
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What are the emerging trends shaping the future of the gaming market?
Leading businesses in the gaming market, like EA Sports, are turning their attention to creating unique games such as EA Sports F1 22 as they aim to leverage the growing interest in Formula One. EA Sports F1 22 serves as the official video game for the Formula One World Championship and is available on Microsoft Windows, PlayStation 4, PlayStation 5, Xbox One, and Xbox Series X/S. For instance, in June 2022, Codemasters and Electronic Arts Inc., two American video game firms, introduced EA Sports F1 22 which stands as the official game of the 2022 Formula One World Championship. The game incorporates all officially sanctioned teams, drivers and tracks from the 2022 season, alongside a brand new career mode, diverse multiplayer modes, and a fresh function known as F1 Life.
Which growth-oriented segments of the gaming market are leading the industry's development?
The gaming market covered in this report is segmented -
1) By Game Type: Action, Shooter, Role-Playing, Sports, Other Game Types
2) By Device: Console, Mobile, Computer
3) By Purchase Type: Box Or CD Game Purchase, In-App Purchase Based, Shareware, Freeware, Other Purchase Types
4) By Platform: Online, Offline
Subsegments:
1) By Action: Platformers, Fighting Games, Adventure Games
2) By Shooter: First-Person Shooters, Third-Person Shooters, Battle Royale Games
3) By Role-Playing: Traditional RPGs, Action RPGs, Massively Multiplayer Online RPGs
4) By Sports: Simulation Sports, Arcade Sports, Racing Games
5) By Other Game Types: Puzzle Games, Strategy Games, Simulation Games, Casual Games
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What regions are leading the charge in the gaming market?
Asia-Pacific was the largest region in the gaming market in 2024. The regions covered in the gaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the gaming market?
Major companies operating in the gaming market are 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., 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
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What Is Covered In The Gaming Global Market Report?
• Market Size Forecast: Examine the gaming market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the gaming market for a structured understanding.
• Key Players Overview: Analyze major players in the gaming market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the gaming market.
• Segment Contributions: Evaluate how different segments drive overall growth in the gaming market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the gaming market.
• Industry Challenges: Identify potential risks and obstacles affecting the gaming market.
• Competitive Landscape: Review strategic developments in the gaming market, including expansions, agreements, and new product launches.
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