Gaming Global Market Report 2024

The global gaming market has grown rapidly in recent years. It will grow from $256.41 billion in 2023 to $286.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth observed in the historical period can be attributed to the expansion of gaming platforms, the surge in popularity of esports, the development of gaming communities, the boom in mobile gaming, and the proliferation of gaming conventions and events.

The global gaming market is expected to see rapid growth in the next few years. It will grow to $453.74 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The projected growth in the forecast period can be attributed to innovations in game design, a broader inclusion of casual gamers, the implementation of sustainability and eco-friendly initiatives, a heightened focus on social impact and diversity in gaming, and increased government support and recognition. Key trends expected in the forecast period encompass the rise of cloud gaming, the popularity of subscription gaming services, the integration of augmented reality (AR) and virtual reality (VR) experiences, the emphasis on user-generated content and game modding, the continued dominance of mobile gaming, and advancements in next-gen consoles and hardware.

The expanding prevalence of mobile phones is anticipated to be a major catalyst for the gaming market's advancement. Mobile phones, characterized by their portable electronic nature and cellular connectivity, play a pivotal role in the gaming sector's expansion. These devices contribute to the market by providing performance boosters, improved display quality, and top-tier specifications. Notably, in October 2021, The Economic Times reported that India exhibited the world's highest monthly average mobile data consumption per user, with 12 gigabytes. Additionally, the consistent addition of 25 million new smartphone users each quarter in India underscores the substantial growth potential driven by mobile phone proliferation.

The upward trajectory of internet penetration is poised to propel the gaming market further. Internet penetration, denoting the percentage of a population with internet access, is integral to gaming experiences, enabling seamless connections among players. This connectivity facilitates gaming activities such as connecting, competing, exploring, and expanding horizons. A case in point is the UK, where internet users increased by 224 thousand (+0.3 percent) from 2022 to 2023, reaching a total of 66.11 million users. This surge in internet users underscores the role of rising internet penetration in driving the growth of the gaming market.

Major players in the gaming market are strategically developing innovative games to capitalize on popular trends, as exemplified by EA Sports F1 22. Released in June 2022, this game serves as the official video game for the 2022 Formula One World Championship. Available on multiple platforms, including Microsoft Windows, PlayStation 4, PlayStation 5, Xbox One, and Xbox Series X/S, the game encompasses all official teams, drivers, and circuits from the 2022 season. Featuring a new career mode, diverse multiplayer options, and an innovative element known as F1 Life, the game demonstrates a strategic approach to leveraging Formula One's popularity for gaming market success.

Leading companies in the gaming industry are strategically pursuing partnerships to enrich their offerings and provide a comprehensive gaming experience. Strategic partnerships involve leveraging mutual strengths and resources for shared benefits. A noteworthy example is Electronic Arts Inc.'s collaboration with Middle-earth Enterprises, a US-based film production and licensing company. This partnership aims to create a new, free-to-play mobile game, The Lord of the Rings Heroes of Middle-earth. Positioned as a collectible role-playing game (RPG), it offers both new and dedicated fans a socially competitive experience, seamlessly blending fantasy and adventure from the beloved franchise. This strategic partnership reflects a concerted effort to enhance gaming experiences and diversify product offerings.

In February 2022, Tencent Holdings Ltd., a leading Chinese internet and technology company, successfully acquired 1C Entertainment for an undisclosed sum. This strategic move signifies Tencent's support for 1C Entertainment's vision and enthusiasm, aligning with its commitment to engage with creative minds within its global gaming ecosystem. The acquisition provides 1C Entertainment, a Polish business specializing in services for video game creators, game production, and distribution, with a unique opportunity to collaborate with Tencent and other notable entities within its expansive worldwide network.

Major companies operating in the gaming market report are Microsoft Corporation, Nintendo Co. Ltd., Rovio Entertainment Corporation, Nvidia Corporation, Electronic Arts Inc., Sony Corporation, Apple Inc., Google LLC, Bandai Namco Entertainment Inc., Take-Two Interactive Software Inc., Nexon Company, Activision Blizzard Inc., Ubisoft Entertainment SA, Square Enix Holdings Co. Ltd., ZeptoLab OOO, Tencent Holdings Ltd., Sega Games Co. Ltd., Capcom Co. Ltd., NetEase Inc., Interactive Entertainment Beijing Kunlun Technology Co. Ltd., Bandai Namco Holdings Inc., Konami Holdings Corporation, Zynga Inc., GungHo Online Entertainment Inc., NCSoft Corporation, Kakao Games Corp., Smilegate Holdings Inc., Gravity Co. Ltd., Pearl Abyss Corp., Com2uS Corp., LINE Corporation, and Wargaming Group Limited.

Asia-Pacific was the largest region in the gaming market in 2023. The regions covered in the gaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gaming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of gaming include action, shooter, role-playing, sports, and various other game genres. Action games involve players overcoming obstacles through physical techniques, such as precision aiming and rapid reaction times. These games can be played on a variety of devices, including consoles, mobile phones, and computers. They can be acquired through different methods, such as box/CD game purchases, in-app purchases, shareware, freeware, and others. Gaming experiences are accessible through both online and offline platforms, offering a diverse range of options for players.

This report provides gaming market statistics, including the gaming industry's global market size, regional shares, competitors with a gaming market share, detailed gaming market segments, market trends and opportunities, and any further data you may need to thrive in the gaming industry. This gaming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The gaming market includes revenues earned by entities by simulation games, puzzlers, and party games. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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