SAN FRANCISCO, August 8, 2022 /PRNewswire/ — The Global gambling market the size should reach $504.29 billion by 2030, showing a CAGR of 10.2% over the forecast period, according to a new report published by Grand View Research, Inc. the growth prospects can be attributed to the growing popularity of mobile games, e-sports and online game streaming. Multiplayer gaming has enhanced the gaming experience as it allows players to interact with each other and has fueled the growth of the gaming industry.
Key industry insights and findings from the report:
- In terms of devices, the console segment is expected to grow at around 9.0% CAGR during the forecast period. Driving factors such as technological developments and high-end displays providing rich experience are expected to fuel the growth of the market.
- The Asia Pacific the region is expected to experience the highest CAGR growth of nearly 11.0%, driven by the increasing number of esports events and the penetration of smartphones in the Asia Pacific Region.
- In terms of type, the online gaming segment is expected to grow at around 13.0% CAGR. Growing demand for multiplayer and free-to-play games is expected to fuel the growth of the market.
Read the full 171-page market research report, “Video Games Market Size, Share and Trends Analysis Report by Device (Console, Mobile, Desktop), by Type (Online, Offline), by Region (North America, EuropeAPAC, LATAM, MEA), and segment forecast, 2022 – 2030“, published by Grand View Research.
Gaming Market Growth and Trends
COVID-19 has boosted gaming adoption due to lockdown. The game provided an attractive distraction for people at home who were considering social interaction. Businesses have seen massive growth in playtime and sales during lockdown. For example, in 2020, Tencent holdings ltd. recorded a 31% growth in its online game segment compared to 2019. Animal Crossing: New Horizons managed to sell 1.88 million copies when it opened three days in Japan; despite the COVID-19 pandemic, the company sold 392,000 consoles in Japan.
The growing demand for consoles has encouraged marketers to offer technologically advanced and affordable consoles in the market. For example, in November 2020, Sony Interactive Entertainment LLC released the PlayStation 5; features include 4K/120 games, 8K/60, AMD Zen 2 processor, PS plus collection, revolutionary controller haptics, new fast UI and super-fast SSD for faster load times. Sony Interactive Entertainment LLC had sold 17.3 million PlayStation 5 units by the end of December 2021.
Technological developments in Virtual Reality (VR) and Augmented Reality (AR) have provided various opportunities to enhance the gaming experience. The growing demand for free-to-play and multiplayer games is attracting young people towards gaming. Institutes and universities have started offering professional courses so that students can consider gambling as a professional career. For example, the University of Hertfordshire offers a Masters in Game Art and Design, and the course can be studied on campus or online.
The Asia Pacific is expected to emerge as an important region due to numerous game countries such as China, Japan, South Koreaand India. The gaming industry in these countries is on the rise due to the growing penetration of smartphones, esports events, mobile games and an increase in the digital ecosystem. The market in the Asia Pacific is expected to increase with a CAGR of around 12.0% from 2022 to 2030 during the forecast period.
Gaming market segmentation
Grand View Research has segmented the global gaming market based on device, type, and region:
Gaming Market – Device Outlook (Revenue, USD Billion, 2018 – 2030)
Gaming Market – Type Outlook (Revenue, USD Billion, 2018 – 2030)
Gaming Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (SOUL)
List of Key Gaming Market Players
- Microsoft Corporation
- NVIDIA Corporation
- Rovio Entertainment Corporation
- Play Jam Ltd.
- Valve Corporation.
- Sony group company
- Bluestack Systems, Inc.
Check out other related studies published by Grand View Research:
- cloud gaming market – The Global Cloud Gaming Market Size is Expected to Reach $20.94 billion by 2030, registering a CAGR of 45.8% from 2022 to 2030, according to a new report from Grand View Research, Inc. As cloud storage has gained a more secure position compared to on-premises storage, this has affected gaming industry. Through cloud gaming services, gamers can access high-quality interactive games remotely without the added cost of expensive computer systems. The increasing number of players worldwide has affected the market.
- Virtual reality in the gaming market – The global virtual reality in games market size is expected to reach $92.31 billion by 2027, growing at a CAGR of 30.2% over the forecast period, according to a new report from Grand View Research, Inc. Rising demand for technologically progressive electronic games among millennials is expected to drive market growth from 2020 to 2027.
- Game Simulator Market – The global gaming simulators market size is expected to reach $9.99 billion by 2027, according to a new study by Grand View Research, Inc. It is expected to grow at a compound annual growth rate (CAGR) of 12.1% from 2020 to 2027. The growing popularity of games coupled with the introduction Continued innovative virtual reality headsets that can potentially enhance the graphical experience are expected to drive the market growth over the forecast period. The growing preference for realistic gaming experience among gamers also bodes well for the growth of the market.
Browse Grand View Research results Next Generation Technology Industry Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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