The global gaming market reached a valuation of USD 281.77 billion in 2023 and is projected to grow to USD 665.77 billion by 2030, with a CAGR of 13.1% during the forecast period, according to Fortune Business Insights™ report titled “Gaming Market, 2024-2030”.

Information Source:

https://www.fortunebusinessinsights.com/gaming-market-105730 

Top Key Companies Covered in the Gaming Market:

Major players in the gaming market include Microsoft Corporation, Nintendo Co., Ltd, Rovio Entertainment Corporation, Nvidia Corporation, Valve Corporation, PlayJam Ltd, Electronic Arts Inc., Sony Group Corporation, Bandai Namco Holdings Inc., Tencent Holdings Ltd., and Activision Blizzard, Inc.

Segmentation:

The market is segmented by game type into sports, action, shooter, role-playing, and others. The shooter segment is expected to dominate the market due to the incorporation of 3D realistic graphics. In terms of device type, the mobile phone segment is projected to witness significant growth driven by increasing smartphone penetration. The male segment is anticipated to lead in end-users, supported by a wide array of games catering to male preferences.

Regional Insights:

Geographically, Asia Pacific is poised for substantial growth, fueled by a rising urban population and increased awareness of video game launches. Meanwhile, Europe is expected to experience lucrative expansion, supported by government investments in the gaming sector.

Despite the industry's growth driven by the youth's inclination towards gaming and indoor leisure activities, concerns over excessive gaming leading to addiction or social anxiety could pose challenges to the market.

Key Industry Development:

In terms of industry developments, Electronic Arts Inc. made headlines in April 2021 by acquiring Glu Mobile Inc., aiming to expand its presence in the mobile gaming sector. Many industry players are also focusing on strategic partnerships and product innovations to strengthen their market positions and geographical presence.