Gaming Industry Market 2023| Recent Developments | Impact of Covid 19 Detailed Analysis

The worth of the gaming industry can be gauged by the frequency with which new gaming platforms are developed across various regional pockets. Apart from graphic games available on computer devices, new gaming devices have been developed in recent times. Furthermore, several online games have acquired the status of cult avenues of entertainment for a large population of people.

  • New and updated versions of these games are introduced each year, and consumers are quick to buy them. In this scenario, the total volume of revenues within the global gaming industry is set to increase by a dramatic chase.
  • Gaming zones developed across malls and shopping arenas have attracted large chunks of people. Besides, 3D gaming technologies have also gathered the attention the masses in recent times. Xbox, PlayStation, and other similar systems have played a crucial role in driving sales across the global gaming industry.
  • There is humongous demand for better gaming technologies, and the leading providers of gaming technologies can capitalise on this propensity. It is safe to assert that the global gaming industry would become a haven of revenue generation in the times to follow. Youngsters and children are the primary consumers of new and advanced technologies within the gaming industry.

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Global Gaming Industry Market: An Overview

The gaming industry market or more specifically, the video gaming industry market report will provide economic forecast for tablet, smartphone, PC, browser PC, and console gaming. The value chain of the gaming industry works similar to other creative industries like the film industry. Hence, the video gaming industry provides a wide range of opportunities for investors for development, publishing, distribution, marketing, and monetization of games. The video gaming industry is also partial to the taste of its audience – the gamers. Hence, understanding the taste and preference of gamers is also key to success for investors in this market. Online like Dota 2 and PUBG are becoming a honey-pot for investors. Trends like e-sports are also creating new opportunities like broadcasting in these games. For example, at its peak, Dota 2 Ti 8 tournament drew in nearly 15 million audience in 2018. Additionally, platforms like Twitch, and Youtube will likely help the spread of these games in new regions.

Global Gaming Industry Market: Notable Developments

Google has announced its giant leap in the gaming market with Google Stadia. The system promises be a next-gen online console system, which does not require users to own hardware. The service has received a mixed response and many figure, the service is still in its beta stage for launch. However, in the long-run, it holds a major promise for gamers around the globe. Many gamers refrain from owning consoles due to their high costs which can range start from $400-$500.

However, with the new service, gamers can sign up for a monthly subscription, and would require a small investment with a remote, and a chrome cast. The Google Stadia promises a similar development for game developers which platforms like Steam delivered for PC gamers. Many game-developers are excited with the prospect of a new player in the console business, and with right-pricing, and appropriate support, Google Stadia can potentially bring console games to billions of PC users around the world combined with technology horizons like 5G.

Nvidia has tied up with one of China’s biggest online player, Tencent to launch cloud gaming in China. The Chinese market for e-sports is estimated to be worth upwards of a $100 bn in 2018. The latest development is expected to create more opportunities for independent game development, marketing, and monetizing opportunities.

Global Gaming Industry: Drivers and Restraints

The good news for investors in this market is gamers and publishers are increasingly finding common grounds to take gaming to the peak of commercial success. The biggest recent example of this is Dota 2. For example, Dota 2, one of the most popular online multiplayer game accessed via Steam (an online digital distribution gaming platform for games), engaged an average user for 1,284 hours in 2018.

Moreover, its loyal-gamers have responded calls for monetization, and support for their favourite game with multi-million dollar crowd-funded contribution with a yearly prize pool of $34,292,599, reserved for pro-gamers. With the advent of technologies like intensive graphics, 3D virtual reality, and digital publishing, the gamer base continues to become more streamlined, and more profitable by minute for players in the gaming industry market. So, this game with over 700,000 active users in 2019 was played for 53.5 days in 2018 by the average player.  Moreover, the digital distribution of games through online platforms like Steam has reduced marketing, and distribution costs for small independent game developers. The future of the gaming industry looks brighter with tremendous response for single-player console games like God of War 4, and multi-player games like Dota 2, PUBG and new gaming monetization genres like shareware, among others.

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Gaming Industry Market: Geographical Analysis

The global gaming industry market report will cover all regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the mobile gaming will be worth watching out based on various regions. Mobile gaming has witnessed rapid expansion globally, and continues to remain global in its outlook, thanks to the widespread adoption of cheap android smartphones. The rising demand for mobile games, and incredible success of titles like Angry birds, Candy Crush Saga, and emergence of important small gaming development companies worldwide will drive robust growth for the global market worldwide. While North America and Europe will likely hold dominant share of the revenues, the Asia Pacific will witness the fastest CAGR driven growth, driven by China, and India.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.