The global Gaming Industry Growth was valued at USD 177.8 billion in 2020 and projected grow with a CAGR of ~8.6% during the forecast period, 2021–2030.
The gaming business has effectively created a buzz in the internet world during the last few decades. Gaming, which is now a multibillion-dollar industry, is the first choice for millennials and adults who can't get their childhood gaming addiction out of their heads.
Based on the search results, gaming can refer to several things, including playing video games, tabletop games, role-playing games, and gambling. Amazon Prime also has a service called Prime Gaming, which offers exclusive in-game loot and free games for subscribers. There is also a subreddit called r/gaming, which is dedicated to discussions about games. The Verge has a gaming section on their website that provides news, reviews, and interviews about the video game industry. Additionally, the World Health Organization has recognized gaming disorder as a mental health condition, defined as a pattern of gaming behavior that takes precedence over other life interests and activities. Xbox also offers cloud gaming as a feature for its Game Pass Ultimate members, which allows players to stream hundreds of console games on PC and mobile devices.
Metaverse would Drive Investments and VR Sales
The increasing uptake of different gaming platforms by various organizations for recreational / entertainment purposes would foster the market share. Additionally, extensive usages of racing games in healthcare sectors to help patients indulge and encourage social interaction are anticipated to define the growing landscape of the market.
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The gaming market is predominantly driven by the advent of 5G technology and the rising popularity of competitive games and numbers of gamers. Besides, extensive online games in the education and media entertainment sectors have allowed the market to perceive high growth in recent years. The rising uptake of gaming in commercial and personal uses impacts the gaming market shares.
Gaming Industry Trends
The gaming industry is emerging as the new social media, becoming more immersive, engaging, and viable networking and community building. With artistically curated virtual interaction, potential to capture youngsters’ imagination attention, the gaming industry grew to new frontiers.
Social media platforms are breaking patterns and rambling to offer farraginous features that can boost monetization and live streaming, broadening avenues for social interactions to a level unimaginable. The gaming industry once merely served as a niche market now brings together gaming and socializing, giving grounds to the rise of the next new social media.
Gaming companies are working on transcending the gaming environment with its highly social environments, encouraging collaboration, and conversation real-life connections. Text and voice chat features take center stage in the gaming experience, allowing gamers to connect with gaming communities worldwide. Plat-to-earn will become a more viable business model. Publishers might use blockchain tech to facilitate secure and legitimized player-to-player trading in a centralized game environment.
Some of the gaming trends to watch in 2022 are; Metaverse proliferation would drive investments and VR sales. Apple and Google would start opening their closed ecosystems. Game IP value would spike as transmedia becomes more relevant. Publishers would be putting more emphasis on building new game-related IP and crossing game IP into other media in 2022 and beyond. And gamers will have more choices.
Key Players Active in The Gaming Market Are:
- Sony Corporation (Japan)
- Microsoft Corporation (US)
- Bandai Namco Entertainment Inc. (Japan)
- Take-Tow Interactive Software Inc. (US)
- Nexon Company (Japan)
- Activision Blizzard Inc. (US)
- Nintendo Co. Ltd. (Japan)
- Ubisoft Entertainment SA (France)
- Square Enix Holdings Co. Ltd. (Japan)
- Tencent Holdings Ltd. (China)
- EPIC Games (US)
- Interactive Entertainment (US)
- Electronic Arts (US)
- NetEase Inc. (China)
- Sega Games Co. Ltd. (Japan)
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Based on Game Type
- Real-time strategy (RTS)
- Role-playing (RPG)
- Multiplayer online battle arena (MOBA)
- Sandbox
- Shooter (FPS and TPS)
- Simulation and Sports
- Others
Based on Gamer Type
- Casual Gamer
- Professional Gamer
Based on Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
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