Video Games – Worldwide | Statista Market Forecast

The Gaming Global Market Report 2023 by The Business Research Company, provides gaming market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/gaming-global-market-report

According to The Business Research Company’s Gaming Global Market Report 2023, the market size is expected to grow from $229.39 billion in 2022 to $252.10 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gaming market is expected to grow to $401.32 billion in 2027 at a CAGR of 12.3%.

The increase in proliferation of mobile phones is expected to propel the growth of the gaming market going forward. A mobile phone is a portable electronic gadget with a cellular network connection. Mobile phones help the gaming market to grow by providing boosters for enhanced performance, better display, and top-end specifications.

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The gaming market is segmented:

1) By Game Type: Action, Shooter, Role-Playing, Sports, Other Game Types

2) By Device: Console, Mobile, Computer

3) By Purchase Type: Box/CD Game Purchase, In-App Purchase Based, Shareware, Freeware, Other Purchase Types

4) By Platform: Online, Offline

Technological advancement is a key trend in the gaming market. Major market players are utilizing cutting-edge technologies to maintain their place in the gaming industry. For instance, in September 2020, Sony Interactive Entertainment LLC, a Japanese-based video game and digital entertainment company, launched PlayStation 5, a highly anticipated next-generation gaming system. SIE also announced new PS5TM game upgrades, including Final Fantasy XVI, Fortnite, Hogwarts Legacy, and a new God of War title. Both PS5 variants feature the same unique processor with integrated CPU and GPU for 4K graphics, along with the same ultra-high speed SSD with integrated I/O for lightning-fast loading.

The gaming market report table of contents includes: