Gaming Market: By Console Type (Mobile Gaming, Social / Casual Gaming, TV / Gaming Console, Computer Gaming, Online Mmo Gaming, and Others), By Purchase Type (In-App Purchase Based, Shareware, Box/CD Game Purchase, Freeware, and Other), and Geography

Gaming Market Size is valued at USD 212.8 billion in 2022 and poised to grow at significant CAGR of 12.6% from 2023-2029. Gaming is described as the act of playing electronic games using a variety of devices such as computers, cell phones, and consoles. High-speed internet connections are becoming more common, particularly in emerging nations, making online gaming more accessible in recent years. Based on console type, the mobile gaming segment is anticipated to hold the largest market share in the forecasting period owing to the growing number of mobile users together with the advancement of 5G technology in smartphones. For instance, according to World Economic Forum 2020, mobile games attract around 48 percent of video game gamers. Furthermore, expanding cellular subscriptions are significantly increasing demand for mobile games.

According to statistics provided by the World Bank, the global mobile cellular subscriber rate in 2019 was 109.397 per one hundred persons. Based on console type the mobile gaming is estimated to be valued approximately 35.6% of overall revenue and the market is expected to grow significantly over 2022-2027 owing to the increased incorporation of 4g technology in smartphones, surge in the manufacture of appealing online interactive games and increase in the subscriptions for gaming apps. For instance, in March 2019, Apple Inc. launched a video game subscription service called Apple Arcade for iPadOS, iOS, macOS, and tvOS.Moreover, the booming mobile cellular subscription has also played significant role in expanding the demand for mobile gaming over the forecast years. Gaming Market is surging owing to frequent acquisitions and launchings by the market players. Strategic alliances by the players such as acquisitions, mergers, expansions, and new product launches may enhance the companys growth.

Gaming Market Key Development:

• In January 2022, Microsoft Corporation planned to acquire Activision Blizzard Inc., a leader in game development and interactive entertainment content publisher to accelerate the growth in Microsofts gaming business across mobile, PC, console and cloud and will provide building blocks for the metaverse