In the report by the Fortune Business Insights(tm) that the worldwide gambling market size is predicted to grow by a factor of US$ 545.98 billion in 2028 and growing at a rate of 13.20 percent from 2021 to 2028. Fortune Business Insight, in its report entitled “Gaming Market, 2021-2028.”,mentions that the market was worth the sum of USD 203.12 billion in 2020.
The major players on the market are focused on advancements and improvements to offer users high-quality games. To achieve this they’re working on their hardware bandwidth, software bandwidth, as well as speeds for mobile web. In addition, many of the major players are focused on acquisitions. For instance, in September 2019, Microsoft acquired a video game company called ZeniMax at a price of USD 7.5 billion. The steps taken by these major corporations are likely to boost market growth over the forecast time.
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COVID-19 Impact
The industry of video games is growing across the globe, despite the epidemic. The world economy was hit with an unprecedented disruption in the economy because of lockdowns. But, many people engaged in social distancing and plugged themselves on the internet to escape the harrowing situation brought on due to the virus. The reports suggest that Indians played for 7 to 8 hours per week playing online games and their time spent online rose by 53% in the course of the lockdown. This led to the growth of the gaming industry and revenues saw an enormous increase.
A List of companies that are profiled within the Global Gaming Market:
- 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)
What Does the Report provide?
The report offers the most thorough analysis of a variety of elements, including major drivers and limitations which will affect growth. In addition, the report offers insight into the regional analysis, which covers diverse regions, which contributes to the expansion in the industry. It also covers the competitive landscape, which includes the most prominent companies as well as the use of strategies used by them to launch new products, make announcements of partnerships, and cooperate that could help to boost the market. Additionally, the analyst has utilized a variety of research methods like Porter’s Five Point Analysis and PESTEL to get information on latest trends and developments in the industry which will fuel the market’s growth in the coming years.
. . . . . . . . . . . . . . . . . . . . . . . . .driving factor rising Cellular Subscription to boost market growth
The increasing number of mobile gamers, along with the growing 5G technology that smartphones have, are expected to drive expansion of the gaming market. In May 2020, statistics released by the World Economic Forum.Org found that about 48 percent of gamers play via mobile games. Additionally, the growing mobile subscription is also playing major role in increasing the demand for games on mobile. Based on the information provided from the world Bank.Org it was reported that in 2019 , the world’s mobile cellular subscriber was 109.397 per 100 people. These trends are likely to drive the growth of the market over the forecast time.
Local Insights
Asia Pacific to Dominate With the Help of Gaming Giants
Asia Pacific –The Asia Pacific region is predicted to have the top spot on the market over the forecast time. This is due because of the existence of the gaming giants in the region, including Sea as well as Tencent. A report by Tech Collective indicates that Malaysia is the most popular with respect to revenue. The revenue of the region was USD 589.4 million in 2017. Also, in October 2017 the Singapore-based gaming giant Sea generated USD 884 million in mobile and PC games. It was also its initial Southeast Asian Technology Company listed on the New York Stock Exchange. The market for the region was USD 86.96 billion in 2020.
EuropeThe area is predicted to witness significant growth over the timeframe forecast due to the thriving esports scene within the region. A study by Ukie.Org. Uk stated that in 2019, the esports industry’s revenue within the UK was USD 76.53 million. Additionally, government investment agencies could fuel the demand. Another report of the Germany Games Industry Association data released in 2019 revealed the amount of USD 55.99 million was spent on encouraging games on computers across the region.
market segmentation
Based on the type of game The market is segmented into action, shooter role-playing, sports and other. On the basis of device, it’s divided into tablet, PC/MMO or mobile phone, television/console. Based on the end-user the device is divided into female and male.
Based on the user’s end-user of the male market, the segment with the highest participation in gaming had the largest share of gaming around in 2020. This is due to the fact that they play numerous games they like. The majority of men prefer games with combat, action as well as racing and sports. These are more masculine-oriented than games for females. This is why the male market is the dominant market.
Based on the geography, the market can be classified according to region into North America, Europe, Asia Pacific, South America as well as Asia Pacific, South America and Middle East & Africa.
Landscape of the Competitive Landscape
Big Key Players Concentrate on Acquisitions to Improve their market positions
The market is dominated by big companies who focus on sustaining their position. They are doing this by investing in and buying to grow in the market. For example, in December of 2019, Facebook acquired Play Giga which is a Spanish video game firm. Other major players are implementing organic as well as inorganic strategies in order to sustain their position, which will help in the growth of the market over the forecast timeframe.
