Consumer Goods

Gaming Market Report Cover

Gaming Market

Gaming Market Report Cover

Gaming Market Size, Share, Growth & Industry Analysis, By Game Type (Shooter, Action, Sports, Others), By Device Type (PC/MMO, Mobile Phone, TV/Console), By End User (Male, Female) and Regional Analysis, 2024-2031

Author : Siddhi J.

Pages : 120

Base Year : 2023

Release : February 2024

Report ID: KR486

Gaming Market Size

The global Gaming Market size was valued at USD 255.21 billion in 2023 and is projected to reach USD 510.54 billion by 2031, growing at a CAGR of 9.20% from 2024 to 2031. In the scope of work, the report includes solutions offered by companies such as Blizzard Entertainment, Inc., Ubisoft Entertainment, Nintendo, Electronic Arts Inc., Take Two Interactive Software Inc., Microsoft, Tencent Games, Rockstar Games, Inc., Activision Publishing, Inc., Unity Technologies and Others.

The gaming industry has undergone dynamic and expansive growth and transformation over the past few decades, experiencing remarkable evolution. With the convergence of technological advancements, changing consumer preferences, and a global shift toward digital entertainment, the gaming sector has gained significant popularity in the broader entertainment landscape. The industry caters to a broad audience by offering various gaming types. Traditional genres such as action, adventure, sports, and strategy continue to be popular, while newer genres such as battle royale and esports have gained significant traction. Casual gaming, mobile gaming, and indie games have experienced remarkable success, appealing to a wide range of players with different preferences and levels of engagement. With the rise of virtual reality technology, gaming experiences have become increasingly immersive and realistic, thereby attracting both hardcore gamers and casual players.

Furthermore, the integration of social features and online multiplayer options has created a sense of community and competition within the gaming world. As the industry continues to evolve, developers are constantly pushing boundaries and exploring new ways to engage players, thereby ensuring that the gaming sector remains a dynamic and influential force in the entertainment industry. As a result, the gaming industry has seen a surge in popularity and profitability, attracting not only avid gamers but also investors, content creators, and even traditional media companies. This rapid growth has paved the way for innovative gaming platforms, immersive virtual reality experiences, and competitive esports tournaments that draw millions of viewers worldwide. Moreover, the gaming industry has also become a breeding ground for new talent, with developers and designers pushing the boundaries of creativity and storytelling.

Analyst’s Review 

Digital platforms for distributing content have played a crucial role in the development of the gaming industry. Platforms such as Steam, Epic Games Store, and console-specific marketplaces have made it easier for game developers to distribute digital copies of their games to a global audience. In addition, the emergence of cloud gaming services, wherein games are streamed instead of being downloaded, has changed how players access and enjoy games. This shift towards game streaming has made gaming more accessible to a wider range of players, regardless of the device they use. It has further created new possibilities for cross-platform gaming and multiplayer experiences, thereby fostering a stronger and more interconnected gaming community. With ongoing advancements in digital distribution platforms and cloud gaming services, the future of the gaming industry appears limitless.

Market Definition

Gaming refers to the activity or practice of playing electronic or digital games, typically facilitated through various gaming platforms such as video game consoles, personal computers, mobile devices, and other specialized gaming devices. It involves interactive engagement with a virtual environment, often guided by predefined rules and objectives, where players manipulate characters or elements to achieve specific goals or outcomes.

Gaming encompasses a wide range of genres and formats, including video games, mobile games, computer games, console games, tabletop games, and various other forms of interactive entertainment. Players may choose to participate individually or in multiplayer settings, collaborating or competing with others in a virtual space. The gaming experience can vary widely, offering opportunities for entertainment, social interaction, skill development, and immersion in fictional or simulated worlds. The industry has grown exponentially, becoming a significant cultural and economic force characterized by diverse communities of players and a rich landscape of game developers, publishers, and related technologies.

Gaming Market Dynamics

The demand for gaming content, including video games, mobile games, and online games, continues to rise. This demand is fueled by the increasing number of gamers worldwide and the availability of diverse gaming platforms, such as gaming consoles, smartphones, and computers. Advancements in technology have further contributed to the growth of the gaming industry, allowing developers to create more immersive and realistic gaming experiences. Additionally, the rise of eSports and the popularity of streaming platforms such as Twitch have significantly driven the demand for gaming content, as players now have the opportunity to showcase their skills and engage with a larger audience. Overall, the combination of a growing global gaming community and the accessibility of gaming platforms has led to an exponential increase in the demand for gaming content across various mediums.

The gaming industry is subject to various regulatory and legal challenges, including age restrictions, content regulations, loot box controversies, and gambling-related concerns. Compliance with regional regulations and addressing legal issues can be complex and time-consuming for game developers and publishers. For instance, in recent years the issue of loot boxes in video games has sparked intense debate and scrutiny. Loot boxes, which are virtual items that can be purchased with real or in-game currency and contain randomized rewards, have been compared to a form of gambling. This has raised concerns regarding their potential impact on vulnerable players, particularly children, and individuals with gambling tendencies. As a result, governments and regulatory bodies around the world have been grappling with how to address this issue and protect consumers.

Segmentation Analysis

The global market is segmented based on game type, device type, end user, and geography.

By Game Type

By game type, it is bifurcated into shooter, action, sports, and others. The shooter segment registered a significant revenue share of 35.68% in 2023. This growth is mainly driven by the increasing popularity of competitive multiplayer games and the rise of e-sports. Additionally, advancements in technology have led to more immersive and realistic shooter games, thereby driving the demand for these games. With a strong fan base and a constant stream of new releases, the shooter segment is poised to dominate the gaming market in the coming years. Moreover, shooter games are not only popular among hardcore gamers but also appeal to a wide range of players, including casual gamers and even non-gamers. The accessibility and easy-to-learn mechanics of many shooter games have contributed to their widespread appeal.

By Device Type

By device type, it is bifurcated into PC/MMO, mobile phone & TV console. The mobile phone segment accounted for a substantial revenue share of 48.65% in 2023, attributed to the increasing popularity and accessibility of smartphones, along with the development of high-quality gaming apps. Additionally, the convenience of playing games on mobile devices appeals to a wide range of demographics, including casual gamers and those who prefer gaming on the go. As a result, the mobile phone segment is projected to dominate the gaming market in the forthcoming years.

By End User

By end user, it is bifurcated into male & female. The male segment generated a significant revenue share of 58.35% in 2023. This growth is primarily fostered by the historical trend of the gaming industry predominantly catering to male gamers through a wide range of action-packed and competitive games. Additionally, the rise of esports and the increasing popularity of multiplayer online games have further solidified the male segment's dominance in the gaming market. As a result, game developers and publishers have focused their efforts on catering to the preferences and interests of male gamers, thereby reinforcing the segment's stronghold in the industry.

Gaming Market Regional Analysis

Based on region, the global gaming market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Gaming Market Size & Share, By Region, 2024-2031

The Asia Pacific Gaming Market share stood around 35.26% in 2023 in the global market, with a valuation of USD 89.99 billion. This dominance is boosted by the massive population in countries such as China and India, where gaming has become a popular form of entertainment. Additionally, the region's growing middle-class population and increasing disposable income have fueled the demand for gaming consoles, mobile games, and online gaming platforms, thereby solidifying Asia Pacific's leading position in the market. Furthermore, advancements in technology and internet infrastructure in countries such as South Korea and Japan have contributed to the growth of the global market in the region. These countries have been at the forefront of technological innovation, providing high-speed internet connectivity and supporting the development of esports, which has gained immense popularity among gamers in recent years.

Europe is projected to record a rapid growth rate of 11.90% over the forecast period. This growth can be attributed to various factors, including the increasing adoption of virtual reality (VR) and augmented reality (AR) technologies in gaming, coupled with the rising popularity of multiplayer online battle arena (MOBA) games. Additionally, the region's strong gaming culture and the presence of major gaming companies and studios contribute to its rapid growth in the gaming market. With the launch of new gaming consoles and advancements in gaming technology, Europe is poised to become a major region in the global gaming industry in the coming years.

Competitive Landscape

The global gaming market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization.

List of Key Companies in Gaming Market

Key Industry Developments 

  • November 2023 (Launch) - Blizzard Entertainment announced The Worldsoul Saga™, consisting of three new expansions for the critically acclaimed massively multiplayer online game, World of Warcraft®. The first expansion, World of Warcraft: The War Within™, is set to launch in 2024, promising players an exhilarating journey deep beneath the game's surface. Following this, the saga will continue with the subsequent expansions, World of Warcraft: Midnight™ and World of Warcraft: The Last Titan, ™ completing the trilogy and urging players to come together to protect the realm of Azeroth.
  • November 2023 (Partnership) - Immutable, an Australian Web3 game studio known for Gods Unchained, unveiled a collaboration with global game developer Ubisoft. This partnership aims to develop a groundbreaking video game that will push the boundaries of Web3 technology.

The Global Gaming Market is Segmented as:

By Game Type

  • Shooter
  • Action
  • Sports
  • Others

By Device Type

  • PC/MMO
  • Mobile Phone
  • TV/Console

By End User

  • Male
  • Female

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America.
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 510.54 billion by 2031, growing at a CAGR 9.20% from 2024 to 2031.
The global market was valued at USD 255.21 billion in 2023.
The major driving factor for the market growth growing demand for gaming content, including video games, mobile games, and online games, rise of smartphones and tablets.
Top players of the gaming are Blizzard Entertainment Inc., Ubisoft Entertainment, Nintendo, Electronic Arts Inc., Take Two Interactive Software Inc., Microsoft, Tencent Games, Rockstar Games, Inc., Activision Publishing Inc., Unity Technologies among others.
Europe is the fastest growing region with a CAGR of 11.90% in the forecast period (2024-2031).
By device type, mobile phone segment will hold the maximum share in the gaming market with a revenue value of USD 237.78 billion in 2031.
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