Gaming Industry
The global gaming market was valued at USD 202.64 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030. The primary factors driving this growth are continuous innovation and technological advancements in both gaming software and hardware. The widespread availability of games on the internet, combined with the global expansion of internet services, is expected to keep market growth strong in the coming years. The shift from physical to online games has prompted industry players to focus on improving hardware efficiency and ensuring compatibility with emerging technologies.
The development of 5G technology is a significant driver of growth in the gaming industry. 5G will address common issues in online gaming, such as lag, by offering lower latency compared to 4G. This enhanced cloud streaming experience will improve overall gameplay and increase the number of gamers. 5G's ability to support a large number of devices simultaneously will also enable developers to offer a more immersive gaming experience, particularly in the online gaming sector.
Multiplayer games, Free2Play (F2P) models, and massively multiplayer online (MMO) games have seen continuous growth in popularity, and this trend is expected to persist in the coming years. Additionally, the rise of esports, social gaming, cloud-based gaming, and roguelike games has positively impacted market growth. The availability of gaming across various platforms—including consoles, smartphones, portable devices, computers, and tablets—combined with the efforts of key market players to launch interactive and engaging games, continues to attract younger generations for entertainment purposes.
Gather more insights about the market drivers, restrains and growth of the Gaming Market
Device Insights
Console devices experienced significant growth in 2021, capturing around 31.0% of the overall gaming market revenue.
- Console devices are expected to register the highest compound annual growth rate (CAGR) from 2022 to 2030.
- Key advantages of console devices include:
- Ease of use, requiring no upgrades
- Multiplayer options with friends who own consoles
- Wireless controllers that provide a more active and immersive experience
- Affordability compared to high-end gaming PCs.
- The availability of top gaming consoles, such as the Xbox Series X and PlayStation 5 (PS5), is driving this growth.
- Features like ray tracing, 4K gameplay at up to 120 frames per second, and super-fast load times offer a significantly improved user experience.
- These features are expected to continue fueling the growth of console devices over the forecast period.
The mobile device segment is anticipated to grow at a CAGR of nearly 13.0% during the forecasted period.
- This growth is being driven by the increasing popularity of real-money-based games and multiplayer games that can be played remotely from different locations.
- Factors contributing to this segment's growth include:
- Ongoing technological advancements in mobile gaming
- Growing global smartphone penetration.
- The ease of access to mobile games, combined with improved connectivity, has made mobile devices a preferred gaming platform for many users worldwide.
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