LONDON, March 13, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the gaming market forecasts technological innovation to be a major trend in the gaming industry. To stay afloat in the gaming industry, major market players are utilizing cutting-edge technologies. For instance, In February 2022, Tencent Holdings Ltd., a Chinese-based internet and technology company, acquired 1C Entertainment for an undisclosed amount. Through this acquisition, 1CE's vision and enthusiasm are supported by a prominent global gaming firm and honored by the once-in-a-lifetime opportunity to engage with Tencent and the other great creative minds that are part of its worldwide ecosystem. 1C Entertainment is a Polish business that provides services for video game creators and game production and distribution.
The global gaming market is expected to grow at a compound annual growth rate (CAGR) of 9.9% from $229.39 billion in 2022 to $252.10 billion in 2023. In the short term, the Russia-Ukraine war hampered global economic recovery from the COVID-19 pandemic. The conflict between these two countries has resulted in economic sanctions against a number of countries, a rise in commodity prices, and supply chain disruptions, resulting in inflation across goods and services and affecting many markets around the world. The gaming industry growth is expected to reach $401.32 billion by 2027 at a CAGR of 12.3%.
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The increased proliferation of mobile phones is expected to propel the gaming market forward in the coming years. A mobile phone is a portable electronic device that connects to a cellular network. Mobile phones help the gaming market grow by providing performance boosts, better display, and high-end specifications. For instance, in October 2021, according to The Economic Times, an Indian business newspaper, with a monthly average of 12 gigabytes (GB) per user, the rate of mobile data consumption in India was the highest in the world. Additionally, 25 million new smartphone users are being added to the country's population each quarter.
In 2022, Asia-Pacific was the largest gaming market region. The gaming market report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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Major players in the gaming market are Microsoft Corporation, Nintendo Co. Ltd., Rovio Entertainment Corporation, Nvidia Corporation, Electronic Arts Inc., Sony Group Corporation, Activision Blizzard Inc., Ubisoft Entertainment S.A., Capcom Co. Ltd., Epic Games Inc., GungHo Online Entertainment Inc., Jam City Inc., Kunlun Wanwei Technology Co. Ltd., NetEase Inc., Niantic Inc., and Square Enix Holdings Co. Ltd.
The global gaming market is segmented by game type into action, shooter, role-playing, sports, and other game types; by device into the console, mobile, or computer; by purchase type into box or CD game purchase, in-app purchase-based, shareware, freeware, other purchase types; by platform into online, offline.
Gaming Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides gaming market research insights on the gaming industry market size, gaming market segments, gaming market trends, drivers and restraints, major competitors’ market positioning, revenues and gaming market share.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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