Global Gaming Market Size to Hit USD 424.23 Billion by 2033 | Straits Research
New York, United States, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Gaming is a widely prevalent entertainment enjoyed by a significant portion of the population globally. Engaging in video game activities has been found to have a stress-reducing effect. Participants in this activity also experience a sense of accomplishment and acquire valuable collaborative skills. Consequently, this feeling of delight and satisfaction is expected to progressively extend to a larger population. It also serves as a valuable tool for pacifying children who are experiencing agitation and entertaining elderly individuals who possess a greater amount of leisure time. On a global scale, those with a greater physical stature tend to be more motivated to participate in gaming activities as a main amusement.
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Market Dynamics
Emergence of Next-Generation Gaming Consoles Drives the Global Market
The current wave of gaming consoles, referred to as the eighth-generation gaming consoles, is experiencing a surge in popularity. The consoles in question encompass gaming systems introduced by Nintendo, Microsoft Corporation, and Sony Corporation after 2012. Notable examples include the Wii 2, Xbox 720, and PlayStation 4. The current generation of portable consoles comprises the PlayStation Vita and Nintendo 3DS, which have significantly advanced the Augmented Reality (AR) field. Similarly, manufacturers have placed significant emphasis on enhancing graphics and optimizing performance during the development of these consoles. The gaming consoles possess functionalities that facilitate the recording and internet dissemination of gameplay footage. Such factors drive market growth over the forecast period.
Technological Advancements in Animation and Video Games Creates Tremendous Opportunities
Gaming and animation technologies have experienced notable transformations in recent years. In the gaming industry, there is a continuous drive among game creators to innovate and exceed the boundaries of technology in the realm of real-time graphics rendering. The progress in video game visuals has contributed significantly to the advancement of animation. The implementation of computer animation marked a significant advancement in the technological capabilities employed by animation studios for the production of animations and graphics utilized in films and video games. Contemporary computer animation encompasses the utilization of both two-dimensional (2D) and three-dimensional (3D) animated visuals, which are set into motion by the implementation of either rigging techniques or frame-by-frame technologies. This is predicted to create opportunities for market growth over the forecast period.
Regional Analysis
Asia-Pacific is the most significant global gaming market shareholder and is estimated to grow at a CAGR of 9.61% during the forecast period. The region boasts the highest density of people who play video games, and there are a lot of local players who have a big impact on the market. In the foreseeable future, it is expected that multinational publishers will acquire a greater number of titles. Game piracy and counterfeiting are major problems in the area, with China and Thailand being the main culprits. However, cloud gaming is becoming increasingly popular in the area, which is expected to significantly lessen the impact of piracy.
Furthermore, with about a quarter of all gaming earnings made globally, China surpassed the United States in 2015 to become the world's gaming capital. This is mostly due to China's decision to abolish a 14-year-old prohibition on the production and distribution of video game consoles. The expansion prospects of the mobile gaming sector have been significantly bolstered by the rising prevalence of smartphones in China, resulting in a concomitant augmentation of overall industry growth.
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Competitive Players
- Z-pad
- TrueGaming Network Ltd.
- twofour54
- Virgin Games
- MCM Central
- Semaphore
- Lucid Games Ltd.
- Ibtikar Technologies
- Sony Interactive Entertainment, Inc
- Rovio Entertainment Corporation
- Electronic Arts, Inc.
- Others
Recent Developments
- October 2024 - Paramount Game Studios and Saber Interactive are developing a new AAA action RPG titled Avatar Legends, set in the Avatar: The Last Airbender universe. This game will introduce players to an all-new Avatar set thousands of years in the past, allowing them to master the four elements and engage in dynamic combat.
Analyst Opinion
As per our analyst, the gaming market is experiencing remarkable growth, driven by technological advancements, increased internet penetration, and the proliferation of mobile devices. Over the next decade, emerging trends such as cloud gaming, virtual reality, and eSports are expected to fuel substantial market expansion.
The advent of cloud gaming, in particular, presents new opportunities by lowering the barriers to entry for new gamers and replacing hardware-intensive gaming experiences. This shift is particularly impactful in regions like India and Latin America, where smartphone penetration is high, yet ownership of consoles and PCs remains relatively low. Cloud gaming allows users in these markets to access high-quality gaming experiences without the need for expensive hardware.
Moreover, significant investments in teams, media rights, and sponsorship deals are poised to further propel the growth of the market. As these investments enhance the infrastructure and visibility of gaming, South Korea, China, and the United States are expected to maintain their leadership roles in the industry.
Segmentation
- By Device
- Console
- Mobile
- Computer
- By Type
- Online
- Offline
- By Region
- North America
- Europe
- Asia Pacific
- LAMEA
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