The recent report by IMARC Group, titled “Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, estimates that the global gaming market growthreached a value of US$ 167.9 Billion in 2020. Gaming refers to the act of playing video games through different media such as computers, consoles, arcade machines or mobile phones. It helps in improving physical and mental skills, provides relaxation, fosters positive values such as cohesion and friendship, increases self-esteem, and encourages teamwork. These benefits have not only encouraged the growth of the gaming industry but have led to the trend of gamification which encourages and motivates participants to perform daily tasks usually not connected to gaming. Technological proliferation and innovations in both software and hardware, such as voice recognition, and virtual and augmented reality gaming, have further attracted a larger consumer-base.
Some of the major players operating in the industry include Some of the major players operating in the industry include Microsoft corporation (MSFT), Sony, Nitendo, Apple, Disney, Ubisoft, Zynga, Facebook, Konami and Sega.
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Rising penetration of internet and mobile phones, particularly in the emerging regions, is majorly stimulating the growth of the global gaming market. Apart from this, manufacturers have introduced downloadable content (DLC) which can range from extensive storyline to aesthetic outfit changes. The increasing sales of wearable gaming devices on account of inflating income levels of the consumers are also providing a thrust to the market growth. Additionally, rising adoption of browser and mobile games which provide free-to-play business models, along with a shift from physical to online games are creating a positive outlook for the market. Furthermore, the educators are seeking ways to supplement classroom teaching with gaming in order to help children develop certain life skills. Looking forward, the global gaming market is anticipated to expand at a CAGR of about 9.24% during 2026, reaching a value of US$ 287.1 Billion by 2021-2026.
Market Breakup by Device Type:
Currently, mobiles and tablets represent the largest segment, accounting for the majority of the total market share. Other major devices include consoles and computers.
Market Breakup by Segments:
Amongst these, the offline segment currently holds the largest market share. The online segment is expected to gain traction due to growing market demand for multiplayer games on popular social networking sites.
Market Breakup by Revenue:
- Game Purchase
Currently, game purchase accounts for the dominant share as it offers a seamless gaming experience.
Market Breakup by Genre:
- Adventure/Role Playing
Currently, adventure/role playing games represent the leading segment.
Market Breakup by Age Group:
Adult games currently lead the market, holding the largest market share.
Market Summary Region:
Region-wise, Asia Pacific enjoys the leading position, accounting for the majority of the global share. Within the region, China and Japan dominate the market on account of rising demand for entertainment. Besides Asia Pacific, other major regions include Europe, North America, Latin America, and Middle East and Africa.
The report has also analysed the competitive landscape of the market with some of the major players being:
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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