NEW YORK, Nov. 5, 2023 /PRNewswire/ — The gaming market size is forecast to increase by USD 102.13 billion from 2022 to 2027. The market is expected to be progressing at a CAGR of 9.12%, according to a recent market study by Technavio. The growth of the market will be driven by the growing adoption of AR and VR games, the rising popularity of e-sports, and the increasing number of strategic partnerships and acquisitions. AR/VR gaming is the integration of visual and audio game content into a real-time user environment and the adoption of AR/VR devices likely increases during the forecast period. This is because AR games become more popular. Thus, game developers prefer AR and VR devices over traditional gaming devices. Moreover, companies such as Sony and Microsoft use the latest in three-dimensional (3D) technology to develop gaming platforms. Therefore, increasing adoption of AR and VR games will drive the growth of the market during the forecast period.
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Technavio has extensively analyzed 15 major vendors, including Activision Blizzard Inc., Apple Inc., Bandai Namco Holdings Inc., Bowlmor AMF, Chicago Gaming Co., DeNA Co. Ltd., Electronic Arts Inc., Epic Games Inc., GungHo Online Entertainment Inc., Microsoft Corp., NetEase Inc., Netmarble Corp., Niantic Inc., Nintendo Co. Ltd., Rovio Entertainment Corp., Sony Group Corp., Square Enix Holdings Co. Ltd., The Walt Disney Co., Ubisoft Entertainment, and Zeptolab UK Ltd.
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Key Benefits for Industry Players & Stakeholders –
- The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
- It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
- The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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Gaming Market 2023-2027: Market Dynamics
Significant Trends
- The growth in free-to-play models is an emerging trend that may fuel the gaming market growth.
- The free-to-play model, also known as the freemium model, offers gaming service providers the opportunity to promote their games, which allows users to play games against virtual goods and virtual currencies.
- Virtual currency is used to purchase virtual goods through in-game microtransactions and these virtual goods include various avatars.
- Also, in some cases, the users use real money to purchase virtual goods such as coins, wands, houses, guns, and swords for their video games.
- Hence, such trends influence the growth of the market during the forecast period.
Major Challenges
- The increasing risk of cybercrime through online gaming is a challenge for the gaming market growth.
- As more people play games online, the opportunities for cybercriminals to exploit vulnerabilities to steal personal information and engage in other malicious activities also increase.
- Such instances of cyber theft in the market are expected to impede the growth of the market.
- A very common way cybercriminals target gamers is through phishing scams, where they send bogus emails or messages purporting to be from legitimate gaming companies, requesting login credentials or other personal information.
- And once cybercriminals gain access to a gamer’s account, they can steal virtual currency and valuable game items from gamers, or even sell the account to others on Black’s Market.
- Hence, such challenges impede the market growth of gaming during the forecast period.
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Gaming Market 2023-2027: Segmentation Analysis
This gaming market report extensively covers market segmentation by type (casual gaming and professional gaming), platform (online and offline), device (mobile gaming, console gaming, and pc gaming), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
- The market share growth by the casual gaming segment will be significant for overall market growth during the forecast period. The term casual gaming refers to games that don’t require a great deal of time to be played, won, and earned, and casual gamers don’t spend a lot of time playing video games. These service providers generate revenue by licensing gaming software to end users and the casual games segment grows with the spread of mobile games. Casual gamers don’t spend money on gaming peripherals and they prefer mobile devices over PCs and consoles because of easy access to the games. Hence, such factors drive the segment growth during the forecast period.
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What are the key data covered in this Gaming Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the gaming market between 2023 and 2027
- Precise estimation of the size of the gaming market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the gaming market across APAC, North America, Europe, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of gaming market vendors
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Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by Product
- Market Segmentation by Device
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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