Gaming Market Set for Rapid Growth by 2024

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Global Gaming Market: Overview

Gaming has become well known to all, from children to adults, mainly due to the increased use of mobile devices. The other reason for its popularity is its supportability on laptops and tablets. Tablets and smartphones give users different options as far as connectivity is concerned including Bluetooth, 3G, and Wi-Fi, making them a more eye-catching thing as compared to PCs in order to play games online. The market has come across various product innovations and technological developments over the years, which cater to an extensive array of customer requirements. Gaming software & hardware technological developments have resulted in more graphically advanced games, making them lively and more realistic. In addition, vendors are integrating advanced techniques in games in order to enhance the maturity and intelligence of gamers, thus making the games more interactive and attractive too.

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Global Gaming Market: Growth Factors

The global gaming market will witness high growth majorly owing to the huge population base seeking for gaming activities as a source of their recreation and entertainment. The global market experienced a slump in the 2008 economic recession. Nevertheless, the global market has paced up due to increasing disposable incomes, growing Internet penetration worldwide, and rising number of gamers between the age groups 5 to 45 years. In addition, as games have become an in-built and important part of each and every device including laptops, smartphones, and tablets, they are encouraging consumers to participate in the flourishing gaming culture all over the world.

Global Gaming Market: Segmentation

The global gaming market is segmented on the basis of gaming type, types of gamers, and geography. The gaming type segment is further bifurcated as online games, handheld gaming, boxed PCs, smartphones, tablets, TV game consoles, and MMO. The types of gamers include hardcore and casual gamers. Geographically, the global gaming market is segmented as Asia Pacific, North America, Europe, and the Middle East and Asia.

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Global Gaming Market: Regional Analysis

Asia-Pacific was one of the largest markets for gaming and is expected to continue its dominance in the global gaming market in the near future. The major factors contributing to the growth of the global market in this region are the introduction of next-generation gaming consoles and the rising adoption of gaming devices. The majority of the emerging countries in Asia Pacific including Indonesia, India, and Malaysia are anticipated to witness a high growth due to the increasing number of inventions in the gaming technologies. Availability of a wide array of devices along with graphic capabilities and different screen sizes are contributing to the growth of the global gaming market.

Global Gaming Market: Competitive Players

Some of the major players in the global gaming market are Electronic Arts, Activision Blizzard, Microsoft, Tencent, and Sony. Other key players in the global market include Changyou, Apple, DeNA, Facebook, Disney, Google, GungHo Entertainment, GREE, King Digital Entertainment, Namco Bandai, Konami, NCSOFT, NetEase, Nintendo, Nexon, Sega, Take-Two Interactive, Square Enix, Telltale Games, Zynga, and Ubisoft Entertainment.

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