Global Gaming Market - Forecasts from 2024 to 2029

Global Gaming Market - Forecasts from 2024 to 2029

The global gaming market is estimated to grow from US$206.071 billion in 2024 to US$292.336 billion in 2029 at 7.24% (CAGR).

Gaming has become a major source of entertainment these days, and as technology is advancing, innovations in graphics and display are further driving its global growth. Major economies, namely the United States, China, and Japan, among others, are witnessing significant growth in this field, and with the ongoing 5G adoption trend followed by a booming young population, the demand for new and innovative games is anticipated to show positive growth.

Additionally, investments in the cloud ecosystem and AR/VR have led to the development of new headsets and gaming consoles, further propelling the market upward. Major market players, namely SAGA Corporation, Nintendo, Blizzard Entertainment, Sony, and Microsoft, are initiating strategic maneuvers such as new game launches and collaborations, which are acting as an additional driving factor.

Global Gaming Market Drivers:

The growing gamer population is expected to propel the overall market growth

Over the years, the urban population has witnessed positive growth in major economies, and with improvements in living standards, the scope of home entertainment has also increased. The strength of gamers is increasing in major nations which is anticipated to drive the gaming market expansion. For instance, according to the Confederation of Indian Industries “Indian Gaming Show 2024”, the strength of active gamers reached 450 million in India in 2023. This represented a 7.1% growth over 2022’s figure, and by 2050, the strength will reach 500 million.

Likewise, according to IAB Europe, in 2023, there were an estimated 3.24 billion gamers globally, and the number is set to reach 3.34 billion in 2024. Gaming has provided a common channel for connecting people, which has made major brands undertake initiatives to optimize the growing market opportunity.
Favorable investment in gaming technology is stimulating market growth.

As technological advancements and adoption are finding their way into various industry verticals, the gaming sector is no different. Preferences change dynamically when it comes to gaming, as there are various types and genres such as arcade, simulation, strategy, sports, and action, among others. Private players are undertaking strategic investments to bolster gaming technology that would address the varied consumer demographics.

For instance, in January 2024, Nitro Games entered into a definitive agreement with Digital Extremes to expand their mobile free-to-play game “Warframe”. The collaboration would further enable Nitro Games to develop gaming on its IP.
The growing smartphone culture is projected to bolster the market expansion.

Gaming, being a medium of entertainment, is implemented through different devices such as PCs, laptops, smartphones, and tablets. The most common devices used for gaming are smartphones. As technology advances the upcoming models are based on a modern approach and are equipped with features that make gaming operate easily. The global smartphone penetration is witnessing an upward trajectory with major companies, namely Samsung, Apple, and Vivo, investing in new models. According to the Global Supplier Mobile Association, by 2030, there will be 8 billion smartphone connections, and the adoption rate will reach 90%. Major developed economies, namely China and the USA, will experience an adoption rate above 90%.

Internet subscription and the ongoing increase in 5G adoption is further anticipated to provide new growth prospects. The Ericson’s mobile subscription outlook, in Q1 of 2024, 160 million 5G subscriptions were added globally thereby making the total subscription volume of 1.7 billion. And by 2029 the global 5G subscription is set to reach a threshold of 5.6 billion.

Global Gaming Market Geographical Outlook
North America is expected to show significant growth.

North America is expected to account for a considerable market share, which is attributable to the booming population of gamers coupled with launches of new games and consoles in major regional economies, namely the United States and Canada. According to the Entertainment Software Association’s “2023 Facts About U.S Gaming Industry”, weekly nearly 212. Millions of Americans play video games as a part of their routine. The same source further stated that 54% of gamers use consoles for playing games, and 75% of the users spend nearly 4 hours on games. Additionally, according to the “2022 Canadian Internet Survey (CIUS)”, about 37% of Canada’s population played video games in 2022, and about 6% of the population spent more than 20 hours weekly.

Global Gaming Market Key Developments:

In June 2024, Amazon Games launched “New World: Aeternum,” a content-rich role-playing game (RPG) featuring real-time combat. The game offers an upgrade inclusive of the Rise of the Angry Earth expansion and comes with additional features such as an end-game solo trial, a player v/s-player zone, and new character archetypes.
In March 2024, GameSquare Holdings Inc. completed its merger with FaZe Holdings Inc., which made it the largest gaming & esports organization globally. The collaboration came as a part of the company’s effort to build an innovative media platform for millennials, Gen Z, and Gen Alpha.
In February 2024, Epic Games and The Walt Disney Company formed a collaboration aimed at the development of an open games and entertainment universe. This platform enables gamers to play, watch, shop, and engage with characters from Pixar, Disney, Marvel, and Star Wars. Moreover, Walt Disney announced investing US$1.5 billion to acquire equity stakes in Epic Games.

The Global Gaming Market is segmented and analyzed as:

By Device Type

PCs
Smartphones
Tablets
TV Gaming Console
Handheld Gaming Console

By Component

Hardware
Software
Services

By Game Type

Action
Strategy
Puzzle
Others

By Geography

North America
USA
Mexico
Canada
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Italy
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
India
China
Japan
South Korea
Taiwan
Thailand
Indonesia
Others