According to a report published by Grand View Research, Inc.; the global gaming market is projected to reach USD 171.96 billion by 2025. Rising demand for new source of entertainment among consumers other than films and music is anticipated to drive the market over the forecast period (2014 to 2025).
Rising penetration of internet services globally coupled with easy accessibility can fuel growth of the market for gaming. Continual technological innovations in software and hardware are anticipated to boost demand for games in near future. In addition, rising popularity of social media gaming can augment growth of the market. Substantial percentage of population using social networking sites to play games is predicted to stimulate market expansion. Shifting consumer preference from physical games to online games is likely to push market players to focus on hardware compatibility and efficiency.
Moreover, availability of games across different genres such as action, simulation, role play, and strategy can augment market. However, rising concerns over fraud during online gaming transactions can restrain market over the forecast period. In addition, piracy and copyright issues are likely to negatively impact market growth. Nonetheless, recent technological advancements in gaming including Augmented Reality (AR) and Virtual Reality (VR) are expected to create lucrative business opportunities in the forthcoming years.
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The worldwide gaming market is segmented on the basis of device, type, and region. Based on device, the market is categorized into mobile, console, and computer. In 2016, consoles dominated the market and accounted for the largest market share. The segment was valued at USD 36.65 billion during the same year. Advantages such as availability of high-end sound systems and displays providing improved and rich user experience can drive market growth over the forecast period.
Similarly, the mobile device segment is likely to gain momentum attributed to increasing smartphone penetration across the globe. Tablets are anticipated to drive growth of this segment due to advantages such as better viewing experience and larger displays. It is expected to exhibit CAGR of 7.3% during the forecast period attributed to rising smartphone penetration globally.
Based on type, the market for gaming is bifurcated into online and offline. Online gaming is projected to significant growth during the forecast period. Rising demand for multiplayer games can fuel demand as these games facilitate in-game communication and improve overall gaming experience. Rise in online betting, broadband penetration, and strong influence of social networking as virtual platforms can fuel demand over the forecast period.
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Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2016, Asia Pacific dominated the market and accounted for 45% revenue share. Emergence of China as global gaming capital is anticipated to propel regional market expansion over the forecast period. Growing penetration of smartphones coupled with rising demand for entertainment in China can further drive growth. In addition, South Korea is expected to contribute well to this expansion attributed to its focus on e-sports and major multi player online games. South Korea gaming market size was valued at USD 4.20 billion in 2016.
Some of the leading companies operating in the market for gaming are Microsoft Corporation, Nintando Co., Ltd., Valve Corporation, Sony Corporation, and NVIDIA Corporation. Most companies focus on development of engaging content and next-generation gaming consoles. Popular consoles developed by these market players include Xbox One by Microsoft, PlayStation 4 by Sony Corporation, and Wii U by Nintendo Co., Ltd.
Market players are also focusing on product differentiation and innovation to enhance their market share. In addition, they are expected to concentrate on customer experience by offering various products equipped with multi-utility features. Such features can enable users to play games and browse internet at same time. This, in turn can drive growth of market during the forecast period.
Most companies are investing heavily in R&D to create innovative and attractive games. For instance, in September 2018; Nintendo is expected to launch its next mobile game called Dragalia in United States, Japan, Hong Kong, Macau, and Taiwan. This Role-Playing Game (RPG) will be compatible with both iOS and android based devices.
Grand View Research has segmented the global gaming market on the basis of device, type, and region:
Gaming Device Outlook (Revenue, USD Billion, 2014 – 2025)
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Console
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Mobile
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Computer
Gaming Type Outlook (Revenue, USD Billion, 2014 – 2025)
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Online
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Offline
Gaming Regional Outlook (Revenue, USD Billion, 2014 – 2025)
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North America
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Europe
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Asia Pacific
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Latin America
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Middle East & Africa
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