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Gaming Market Size Is Projected To Touch $171.96 Billion By 2025: Grand View Research, Inc.(July 11, 2018)
According to a report by Grand View Research, Inc., global gaming market is anticipated to value USD 171.96 billion by 2025. Growing requirement for new sources of entertainment among consumers is anticipated to propel demand for gaming. It is likely to offer multiplayer experience to consumers while sitting at home based on advanced hardware and software technology. Introduction of advanced technologies such as virtual reality (VR) and augmented reality (AR) are expected to offer unique gaming experience to consumers. Commercialization of VR headsets is predicted to offer lucrative opportunities for manufacturers to develop games compatible to this devices. Head-mounted displays (HMD) and Head-Up displays are two types of VR headsets available in the market. †
Availability of games on internet owing to rising penetration of internet services globally can influence growth of market. Shifting focus of consumers from physical games to online games is expected to fuel market growth in the forthcoming years. Growing dependency on social media websites offering games in multiple genres such as role play, simulation, action, and strategy can gain traction of consumers towards gaming. Continual technological advancements in terms of software and hardware to enhance consumer experience while playing games can stimulate market growth during the forecast period (2014 to 2025).
To cater to rising demand for online games, most companies are focusing on R&D activities to develop new and innovative games and gaming platforms. For instance, Facebook recently launched its new service to attract gamers that is likely to allow them stream their game play online for other viewers. Company is expected to launch this service to counter Amazonís Twitch platform. In addition, Facebook is also planning to introduce another service for star gamers that can allow them to build audience and earn money from tips. This level up platform is expected to be available soon among gamers.
Full Research Report On Gaming Market Analysis:
In another instance, Pennsylvania recently unveiled its new online gaming platform named iLottery. In addition, the company is likely to offer its consumers new types of draw games that can help them to modernize their business and generate new funds.
Increasing number of health disorders linked to gaming are expected to restrain growth of market in the forthcoming years. In addition, copyright and piracy issues coupled with rising cases of frauds during gaming transactions can also hinder market growth during the forecast period.
The gaming market can be segregated on the basis of device, type, and region. Based on device, the market can be categorized into mobile, computer, and console. In 2016, console device segment dominated the market and accounted for market share equivalent to USD 36.65 billion. Availability of high-end displays and sound systems offering rich and improved experience to consumers can stimulate market growth.
Similarly, mobile device segment is expected to grow well during the forecast period attributed to rising penetration of smartphones globally. Tablets under mobile device segment can contribute for significant revenue share owing to larger displays and better viewing experience.
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Based on type, the market can be bifurcated into offline and online. Online segment is expected to witness significant growth during the forecast period. It is estimated to grow at CAGR of 8.6% from 2017 to 2025. Growing penetration of broadband services coupled with rising adoption of online betting can fuel demand for online games. In addition, high demand for multiplayer games attributed to in-game communication and better experience is likely to spur demand for online games in the forthcoming years.
Regional segmentation includes Asia Pacific, North America, Europe, Latin America, and Middle East &Africa. In 2016, Asia Pacific region dominated the market and accounted for 45% market share. It is expected to grow well and account for market share equivalent to USD 86.84 billion by 2025. Emergence of China as global gaming capital is likely to foster growth of market. Rising demand for entertainment and increasing use of smartphones in China can influence market growth in the region. In addition, increasing focus on e-sports and multiplayer games in South Korea can also surge market growth during the forecast period.
Some of the leading companies offering gaming products are Nintendo Co., Ltd., Sony Corporation, Valve Corporation, NVIDIA Corporation, and Rovio Entertainment Corporation.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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