Market Size of Gaming Industry
|2019 - 2029
|Market Size (2024)
|USD 272.86 Billion
|Market Size (2029)
|USD 426.02 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Gaming Market Analysis
The Gaming Market size is estimated at USD 272.86 billion in 2024, and is expected to reach USD 426.02 billion by 2029, growing at a CAGR of 9.32% during the forecast period (2024-2029).
Due to nationwide lockdowns implemented because of the COVID-19 pandemic, some people turned to game platforms to pass the time. Thus, these platforms attracted hundreds and thousands of new visitors to online traffic. Video gaming trends are experiencing a massive surge in players and revenue.
- Continuous technological advancements in the gaming industry are significantly propelling the industry's growth. They are enhancing the way games are created and improving the overall gaming experience of the users.
- Game developers across emerging economies are continually striving to enhance the gaming experience by launching and rewriting codes for diverse console/platforms, such as PlayStation, Xbox, and Windows PC, incorporated into a standalone product provided to gamers through a cloud platform.
- The rising internet connectivity, increasing adoption of smartphones, and the advent of high bandwidth network connectivity, such as 5G, have further increased the demand of the gaming market across the globe. According to the GSMA report, as of November 2021, 170 mobile operators launched commercial 5G services with 7% population penetration at the end of 2021, thereby opening new opportunities for the mobile vendors to introduce 5G smartphones in the market.
- According to the statistics published by DataReporal, the number of internet users increased by 7.7% in 2021 compared to 2020. Moreover, the number increased by 4% to 4,950 million in January 2022 compared to January 2021, when the users totaled 4,758 million.
- Cloud gaming services focus on leveraging hyper-scale cloud capabilities, streaming media services, and global content delivery networks to build the next generation of social entertainment platforms. These factors have an anticipated positive impact on market growth.
- Leveraging cloud technology in the gaming market is likely to drive the demand and engagement of multi-players for different games, boosting the market growth during the forecast period.