BANGALORE, India, July 5, 2021 /PRNewswire/ -- The Global Gaming Market is Segmented by Type (Mobile Gaming, Console Gaming, PC Gaming), by Application (Amateur, Professional) and Geography – Industry Forecast to 2026. This report is published on Valuates Reports in the Games Market
The Gaming market size is projected to reach USD 398950 Million by 2026, from USD 192150 Million in 2019, at a CAGR of 11.0% during 2021-2026.
Major factors driving the growth of the Gaming market are:
The increasing adoption of internet services, as well as the widespread availability of online games around the world, are likely to boost gaming market growth.
The adoption of gaming platforms, such as E-sports is increasing due to the multiple investments and growing prize pool. This in turn is expected to drive the growth of the gaming market.
In the video game industry, game creators are constantly improving and pushing the technological limits in terms of real-time rendering of images, which is predicted to fuel growth.
Easy accessibility and competitive pricing of console gaming devices are expected to further augment the market growth.
The emergence of cloud gaming is expected to drive the gaming market. Using the highly scalable cloud platform, High-end games can be played even on lower-end machines. With cloud solutions, the limitations imposed by memory needs, graphic capacity, and processing power are reduced, providing players with an amazing gaming experience.
Game developers are also constantly improvising and pushing the technological limits regarding the real-time rendering of graphics in the video game industry, which is in turn expected to propel growth. Furthermore, game creators are constantly improving and pushing the technological limits in terms of real-time rendering of images, which is predicted to augment the market growth.
Growing investment in the gaming industry is expected to boost market growth. Major technology companies are investing heavily in the gaming market, allowing it to reach a wide audience base with models such as free-to-play. Furthermore, the Growing popularity of eSports tournaments that are offering huge reward amounts to the winners is attracting more individuals to participate. This in turn is anticipated to increase sales of video games and accessories along with gaming hardware and software.
A majority of parents around the world are concerned about children being exposed to inappropriate content via video games, therefore, a few regulatory actions have been taken up to standardize the age ratings online. This might hinder the gaming market growth to an extent.
Based on type, Smartphone is Expected to Witness Significant Growth - This growing demand for mobile games is a direct result of the multiple technological advancements in the market, such as AR, VR, cloud gaming. Large companies creating games for consoles and PCs are also releasing their games in Mobile versions owing to the increasing mobile games market.
Based on region, Asia-Pacific has been the largest country of Gaming in the world in the past few years and it will keep increasing in the next few years. The Asia-Pacific market took up about 46.94%% of the global market in 2017, while North America and Europe were about 24.85%, 21.78%.
- Taiwanese Digital Gaming Market: According to the 2017 Yahoo Gaming Survey, Asia accounted for 47% of the global gaming market which was worth USD 100 Billion in 2017, while Taiwan was ranked fifth in the Asia region and had a market value of nearly USD 1 Billion.
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