The gaming Industry is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in R&D activities to develop engaging online video games. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the Industry during the forecast period. Online video games have become more prevalent in recent years.
Most people find online games attractive and a modest way to find free time from their hectic schedules. Moreover, during the pandemic, the inclination toward gaming increased dramatically. Many companies such as Nintendo and Tencent witnessed an increase in their sales during the first quarter. The former showcased a profit of 41%, as it sold many of its games digitally. The demand for online games will be persistent in upcoming years, and this Industry is anticipated to boom during the forecast period.
According to Fortune Business Insights™, The global gaming Industry size is expected to gain momentum by reaching USD 545.98 billion by 2028 while exhibiting a CAGR of 13.20% between 2021 and 2028.
Industry Segmentation:
Based on game type, the Industry is divided into shooter, action, sports, role-playing, and others.
Based on game type, the shooter segment held a gaming Industry share of about 23.35% in 2020. The segment is expected to experience considerable growth since it provides 3D realistic graphics. It makes players experience a whole new experience of the virtual world. This fascinating atmosphere provided by battle games is driving the segment Industry.
By device, it is segmented into PC/MMO, tablet, mobile phone, TV/console. On the basis of end-user, it is bifurcated into male and female. Finally, the Industry is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa based on region.
Research Aim & Scope:
- An overview of the Industry based on geographical scope, segmentation and financial performance of key players is presented in the research.
- The research presents the estimated Industry size by the end of forecast period. Additionally, the historical and current Industry size is also examined in the research.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The research presents current trends in the industry and future scope of the Industry in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the Industry are incorporated in the research research.
- The research analyzes growth rate, Industry size and valuation of the Industry during the forecast period.
Rising Youth Employment to Spur Demand for Video Games
The rising millennial youth population is expected to drive the gaming Industry growth. For instance, a research from the American Association of Advertising Agencies.Org, published in February 2019, mentioned that the generation z population plays games daily. Their number is higher than that of millennials by 84%. Moreover, rising disposable income is resulting in a higher consumption rate of video games. For instance, the data released by the World Bank.Org, states that the global youth unemployment in 2018 is 15.19% which is a decline from 15.37 % from its prior year.
Asia Pacific to Remain at Forefront Backed by Rising Urban Population
Asia Pacific – The region is expected to hold the highest position in the Industry during the forecast period. This is ascribable to the rapid growth in the urban population. The rising awareness about trending video games is helping the Industry to thrive in the region. The research from World Bank.Org data suggests that in 2019 the urban population of the East Asia Pacific was 59.887 % which rose from 59.053 % from the previous year. The regional Industry stood at USD 86.96 billion in 2020.
North America – The rising number of children with their smart devices is surging the Industry. For instance, the data released by the National Public Radio.Org in October 2019 stated that more than half of the children in America possess their smartphones.
Key Industry Development
November 2020: Microsoft launched the next-generation Xbox video game console. The cheaper counterpart Series S will also be launched with the flagship console.
List of the Companies Profiled in the Global Gaming Industry:
Microsoft Corporation (Redmond, Washington, United States) Nintendo Co., Ltd (Kyoto, Japan) Rovio Entertainment Corporation (Espoo, Finland) Nvidia Corporation (California, United States) Valve Corporation (Washington, United States) PlayJam Ltd (London, United Kingdom) Electronic Arts Inc (California, United States) Sony Group Corporation (Tokyo, Japan) Bandai Namco Holdings Inc (Tokyo, Japan) Activision Blizzard, Inc (California, United States)
