Growing Demand for Mobile Gaming among Youths to Boost Gaming Market Growth
Research Reports
Sep 07, 2022
Market Analysis
The global gaming market will reach USD 546.99 billion at a 13.19% CAGR by 2030, states the new Market Research Future report.
Gaming Market Drivers
Growing Demand for Mobile Gaming among Youths to Boost Market Growth
It is hardly surprising that mobile phone gaming has gained popularity given the prevalence and use of smartphones. Whereas the typical smartphone user in the past was an executive-type businessperson, the typical user today is either in their teenage or early 20s and frequently uses their smartphone to remain in touch with their social network. Mobile phone games are beginning to gain more traction in the market as a result of the demographic shift to younger, more casual users. A highly popular leisure pursuit in the world for young people now is playing games on their mobile devices. This will boost market growth in the assessment period.
| Parameter | Details |
| Revenue Forecast in 2030 | USD 546.99 Billion |
| Growth Rate: | CAGR of 13.19% From 2022 to 2030 |
| Forecast Period: | 2022 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Gaming Market Opportunities
Integration of Blockchain Technology in Gaming Industry to offer Robust Opportunities
The Blockchain technology integration in the gaming industry will offer robust opportunities for the market over the forecast period. The adoption of blockchain in the gaming sector has made it possible for gamers to conduct peer-to-peer transactions and sell virtual goods they have access to in-game with rival players.
Restraints
Increasing GPU Prices to act as Market Restraint
The increasing GPU prices and regulation of loot boxes may act as market restraints over the forecast period.
Challenges
Social Anxiety to act as Market Challenge
Small children’s social anxiety and addiction to competitive online shooter games are a serious hindrance for the gaming business as it impairs their academic performance and mental health, which is leading to severe problems in the family. This significant issue is preventing the gaming market from frothing during the analysis time.
Gaming Market Segmentation
The global gaming market is bifurcated based on gamer type, game type, and device type.
By device type, mobile will lead the market over the forecast period.
By game type, role playing will dominate the market over the forecast period.
By gamer type, casual gamer will spearhead the market over the forecast period.
COVID-19 Analysis
COVID-19 has had a significant impact on every industry in the world, including gaming. As the world remained still, gaming became more and more common as people looked for ways to pass the time when, in particular, physical activity was restricted. People with stay-at-home orders and other restrictions issued in response to COVID-19 were given time limits for entertainment options that could be enjoyed from home, including video streaming services and video games. In contrast to 2019, mobile platforms also experienced growth as non-gamers looked for alternative kinds of entertainment. More people than ever before were turning their phone into a gaming device because practically everyone now has a smartphone as well as access to the Apple & Google App stores.
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Gaming Market Regional Analysis
APAC to Domineer Gaming Market
The utmost market share in the gaming industry is anticipated to be in the Asia Pacific region, where countries like Japan, China, and South Korea have great development potential. Chinese businesses are prepared to take advantage of the economic opportunities given by global digitalization as a result of the expansion of the digital ecosystem. India earned the Asia-Pacific region’s highest CAGR during the study period. One of the industries with the maximum global growth is mobile gaming, notably in India. In recent years, mobile games have evolved into the entertainment of choice for people from all walks of life and across all demographics, and there are now opportunities to work in the gaming industry. Three out of every four Indian gamers play on their smartphones at least twice a day, and mobile gaming is growing in popularity in India. Indian mobile gamers frequently spend more than an hour each day playing games on their smartphones, compared to the average of about 45 minutes per day spent watching videos on platforms like Netflix. Throughout the forecast period, the region is anticipated to keep the top spot in the market. Giant gaming companies like Sea & Tencent are present in the area, which explains this. During the projection period, the gaming market in APAC will expand due to the rising popularity of e-sports in emerging nations like Malaysia, Taiwan, and Singapore.
Europe to Have Admirable Growth in Gaming Market
Europe is anticipated to have significant growth over the study period. The main factors driving the expansion of the gaming sector are the expanding e-sports scene and the rising popularity of video games among adults and children in the area. Growing investment and a variety of businesses endorsing players on a professional level are igniting people’s passion for games, which will have a substantial positive impact on the growth of the gaming market throughout the research period.
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Gaming Market Key Players
Eminent players profiled in the global gaming market report include Sony Corporation (Japan), Microsoft Corporation (US), Bandai Namco Entertainment Inc. (Japan), Take-Tow Interactive Software Inc. (US), Nexon Company (Japan), Activision Blizzard Inc. (US), Nintendo Co. Ltd. (Japan), Ubisoft Entertainment SA (France), Square Enix Holdings Co. Ltd. (Japan), Tencent Holdings Ltd. (China), EPIC Games (US), Interactive Entertainment (US), Electronic Arts (US), Sega Games Co. Ltd. (Japan), and NetEase Inc. (China).
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