Gaming Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[218+ Pages Report] According to Facts & Factors, the global gaming market size valued at USD 111.48 billion in 2023 and is predicted to surpass USD 289.83 billion by the end of 2032. The gaming industry is expected to grow by a CAGR of 11.20% between 2024 and 2032.

Market Overview

Gaming refers to the act of playing electronic games. It can be played through different hardware like mobile phones, gaming consoles, personal computers, or other dedicated devices. Gaming is emerging as a multi-dollar industry. It is now focusing on entertaining the fan base and fostering connections through multi-player models.

Moreover, people are also viewing their careers in the gaming sector and content creation. The emergence of esports is taking gaming to professional levels. Esports games like League of Legends and Counter-Strike are attracting large audiences and increasing revenue in the market.

Key Insights

• As per the analysis shared by our research analyst, the global gaming market size is estimated to grow annually at a CAGR of around 11.20% over the forecast period (2024-2032).
• In terms of revenue, the global gaming market size was valued at around USD 111.48 billion in 2023 and is projected to reach USD 289.83 billion by 2032.
• The growing adoption of smartphones all across the globe is driving the growth of the global gaming market.
• Based on the gaming type, the shooter segment is growing at a high rate and is projected to dominate the global market.
• Based on device type, the mobile phones segment is anticipated to grow with the highest CAGR in the global market.
• Based on type, the online segment is projected to swipe the largest market share.
• Based on region, Asia Pacific is expected to dominate the global market during the forecast period.

Growth Drivers

• Expansion of mobile gaming is driving the growth of the global market.

The growing adoption of smartphones all across the globe is driving the growth of the global gaming market. Moreover, improvement in mobile technology and their declining prices have made these devices more accessible. Moreover, many youth are investing their free time playing video games in different genres. Millennials and Genz are particularly attracted to Esports gaming, which is further expected to revolutionize the market. The emergence of Esports in the market is creating a competitive environment that is encouraging more people to participate in the games.

Moreover, Esports is inviting a number of sponsorship tournaments and media coverage, which in turn is also likely to generate huge revenue in the market. Popular streaming platforms like YouTube Gaming and Twitch are further fueling the growth of the industry by offering high engagement rates and monetization opportunities. The introduction of cloud gaming streaming services like Xbox Cloud Gaming and Nvidia is further simplifying the gaming market by eliminating the need for any expensive infrastructure or devices.

Vendors have also come up with subscription models that give them access to a large number of games on a monthly basis, which is advantageous to both the developers and gamers. Also, the latest content updates and exclusive offerings are further appealing to gamers, thereby helping developers retain subscribers. Microtransactions and in-game purchases help developers generate revenue.

Moreover, modern players are willing to spend more on customizable content, which in turn is further expected to contribute immensely towards the growth of the industry. For instance, Sony came up with PlayStation 5 Slim in 2024 in India to cater to both digital gamers and disc-based games. The device is equipped with two USB ports to improve connectivity options.

Restraints

• Gaming addiction is likely to hamper the growth of the global market.

Growing hype of Esports and other video games in the market is impacting the individual's mental health, and therefore, it is raising concern in society. Moreover, prolonged gaming further leads to many health challenges like eye damage, posture damage, and many others, which are also expected to negatively impact the growth of the gaming industry.

Opportunities

• Ongoing innovation in diverse genres is expected to foster growth opportunities in the global market.

Developers are coming up with different game genres like shooters, simulations, and many others, which are likely to align with the preferences of different players in the market. Moreover, vendors are coming up with innovative gameplay with new narratives, technologies, and mechanics, which is further expected to boost the growth of the industry. Many companies are coming up with regional tastes to swipe a larger market area, which is also likely to support the growth of the industry.

Furthermore, cross-industry integration, like partnerships with brands, movies, and others, is also likely to widen the scope of the global gaming market in the coming years. For instance, Savvy Gaming Group took over ESL Gaming Co. in 2022 for around USD 1.08 billion. The former is a Saudi Arabian company that will merge the acquired firm with FACEIT, a leading Esports platform.

Challenges

• Cybersecurity threats are a big challenge in the global market.

Growing incidents of cybersecurity threats like data breaches, cheating, and hacking are some of the major factors negatively impacting the growth of the industry. These cyber-attacks also lead to financial losses and damage to companies’ reputations in the market. Moreover, there are many fraudulent activities and scams going on in the gaming industry, which is also a big challenge.

Segmentation Analysis

The global gaming market can be segmented into gaming types, device types, types, and regions.

On the basis of gaming types, the market can be segmented into role-playing, sports, action, shooter, and others. The shooter segment is anticipated to witness strong developments in the coming years. The growing popularity of multiplayer online games is driving the growth of the segment. Games like Counter-Strike and Call of Duty have a massive fan base as it is the most popular shooter gaming genre.

Also, the emergence of battle royale games like PUBG has significantly revolutionized the market. Advancements in graphics, gaming hardware, and processors are also boosting the demand for shooter games in the market. Shooter games largely prefer cross-platform play, thereby allowing fans to play using consoles, PC, mobile phones, and many others. The growth of Esports is also likely to positively influence the demand for the shooter genre in the industry.

On the basis of device types, the market can be segmented into consoles, mobile phones, tablet PC, and others. Mobile phones are the fastest-growing segment in the global gaming market. The penetration rate of smartphones across the globe is the primary factor for the high growth rate of the segment. The declining prices of smartphones are also positively influencing the market growth.

Mobile games are quite accessible and convenient compared to any other hardware-based games. This convenience appeals to both hard-core and casual gamers. Companies have come up with free-to-play model games, which are significantly revolutionizing the mobile gaming industry. In-game purchases also help companies drive huge revenue growth.

On the basis of type, the market can be segmented into offline and online modes. The online gaming segment accounts for the largest share of the gaming industry during the forecast period. The emergence of cloud gaming platforms like Microsoft X Cloud and Google Stadia helps gamers stream and play games without any need for costly infrastructure.

Additionally, the fast expansion of mobile gaming is also expected to positively influence the growth of the segment. The growing accessibility of high-speed internet, even in underserved areas, is also likely to fuel the growth of the segment. The rising popularity of Esports is also contributing to the growing popularity of online games.

Online games foster microtransactions and in-game purchases, which is also widening the monetization channels and steady revenue stream for developers. Therefore, all these factors are likely to contribute immensely towards the growth of the segment.

Report Scope

Regional Analysis

• Asia Pacific to dominate the global market during the forecast period.

Asia Pacific accounts for the largest share of the global gaming market. China, Japan, and South Korea are the leading technological hubs that are likely to build a favorable environment for the gaming industry in APAC. Many companies are planning to capitalize on consumer interest and spending capacities in these regions. Moreover, the fast-growing Esports industry is further likely to positively impact the growth of the regional market.

North America is also likely to lead the gaming industry during the period. The region has high preferences for console and PC gaming, which is likely to positively influence the growth of the regional market. PlayStation, Nintendo, and Xbox are popular gaming consoles.

Moreover, the emergence of mobile gaming in the region is further expected to fuel the growth of the regional market by attracting a broad audience and casual gamers. The US is the largest market because of the presence of a strong player base and the growing esports industry in the region. Canada is also emerging as a strong market in the region because of the growing investments in gaming solutions and hardware.

Europe is also expected to see substantial growth in the coming years because of the growing attraction of people towards video games. Also, there is favorable government support for the development of online games in the region. Therefore, it is expected to strengthen its presence in the market. For instance, Sony Corporation said it would successfully take over Bungie Inc. for around USD 3.6 billion in 2022. This strategy will help the company to give tough competition to Microsoft Corporation.

Competitive Analysis

The key players in the global gaming market include:

• Bluestack Systems Inc.
• Sony Group Corporation
• Valve Corporation
• PlayJam Ltd.
• Rovio Entertainment Corporation
• NVIDIA Corporation
• Microsoft Corporation
• Nintendo

For instance, Microsoft Corporation took over Activision Blizzard Inc. in 2022 for around 68.7 billion USD. The latter company is an American video gaming company that is expected to extend its cloud gaming industry presence worldwide.

The global gaming market is segmented as follows:

By Gaming Genre Segment Analysis

• Multiplayer Online Battle Arena Games
• Fighting Games
• First Person Shooter Games
• Real-Time Strategy Games
• Others

By Revenue Streaming Segment Analysis

• Media Rights
• Publishers Fees
• Merchandise & Tickets
• Advertising
• Sponsorship
• Others

By Streaming Type Segment Analysis

• Video-On-Demand
• Live

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America