Global Gaming Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The global gaming market was valued at USD 173. 70 billion in 2021, and it is expected to reach a value of USD 314. 40 billion by 2027, registering a CAGR of 9. 64% over 2022-2027. Due to nationwide lockdown, people stay home, and some turn to game platforms to pass the time.
New York, Jan. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Gaming Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – http://www.reportlinker.com/p06221876/?utm_source=GNW
These platforms attract hundreds and thousands of new visitors to online traffic. Video gaming trends have experienced a massive surge in players and revenue recently.
Key Highlights
According to a report published by Datareportal, 4.88 billion people across the globe used the internet in October 2021, which was almost 62% of the world’s total population. The report also suggested that more than 222 million new users came online over the past 12 months.
This has encouraged the launch of live game streaming, multiple open-source capturing and broadcasting tools. Furthermore, the number of hours spent watching game video content has also exploded. These games often facilitate creative content and competition, generating unique gameplay moments actively shared and viewed by millions.
Owing to the advanced network connectivity and 5G evolution, cloud gaming is the emerging technology in the gaming industry that allows users to stream high-end games across hand-held devices, such as laptops, tablets, and mobiles, with fast network connectivity, eliminating the need for a dedicated gaming console/PC.
Cloud gaming services are focused on leveraging hyper-scale cloud capabilities, global content delivery networks, and streaming media services to build the next generation of social entertainment platforms. Such factors have an anticipated positive impact on market growth. A PCs’ configuration to support cloud gaming must include high-end performance components for users to enjoy a frictionless and seamless gaming experience. Only video signals and user input are shared between the client device and remote PC.
Key Market Trends
Smartphone is Expected to Witness Significant Growth
Mobile gaming is the most favored form of gaming globally, overtaking both console and PC gaming. One of the main reasons for mobile gaming’s popularity is accessibility—nearly everyone has a smartphone, which has games. Moreover, the increasing demand for mobile games results from various technological advancements and improvements such as AR, VR, cloud gaming, and 5G. This trend is not unexpected, considering the mobile game industry mainly relies on new technology. Other trends in the market include the rise of the hyper-casual game genre.
The essential thing mobile game developers need to adjust to the new changes and expand their user acquisition strategies. Apple’s change in the use of IDFA (Identifier for Advertisers) will continue to have a significant impact on mobile game advertising. Targeted advertising has become challenging, directly impacting user acquisition and monetization. In 2022, marketing creatives will become more critical than ever before. This is what mobile game publishers should invest in and figure out how to make their ads stand out.
In November 2021, Voodoo invested in Teskin, a casual game developer based in Israel. Voodoo stated that the Teskin would join Voodoo’s casual business unit. However, they would also operate independently and work on their projects. Teskin accumulated more than 20 million lifetime downloads across its portfolio of casual mobile games in just four years. They planned to grow their teams and invest in new casual games.
In November 2021, Netflix started rolling out its mobile video games to Android users where the subscribers have the option of playing five different games on the app, including “Stranger Things: 1984,””Stranger Things 3: The Game,””Shooting Hoops,””Card Blast,”and “Teeter Up.”The company announced that the games would first launch for Android phones and later be available on Apple’s iOS.
Cloud gaming is also expanding across this sector due to the dominance of low and mid-level smartphones globally. For instance, in June 2021, California-based Now. Gg, operating under the umbrella of Bluestacks, an Android-PC gaming firm, launched a mobile cloud platform for game developers targeting low-end and mid-level smartphone users to access high-performance games without lag or loss of resolution. ?
Asia Pacific to Hold the Largest Market Share
The Asia Pacific region is anticipated to hold the largest market share in the gaming industry, where countries such as China, Japan, and South Korea show a high potential in market growth. China is one of the significant economies in the Asia Pacific region, which has a growing technological adoption. Increasing exports and constant innovation in new games and consoles are significant gaming drivers. Also, mobile games have fundamentally changed the gaming business, providing a consistent level of pleasure using cloud-based games and offline apps. Hundreds of millions of people will continue to be drawn to on-the-go entertainment, particularly in emerging economies like China.
Additionally, the rapid growth of mini-games played within mobile apps, such as WeChat, without installing another application obliges the growth of the gaming industry in China. Such mini-games, which have vital social elements, are easy to play and have attracted many followers across the country. For instance, in February 2021, WeChat announced that it plans on further incorporating mini-games with video streaming and PC in the FY 2021 while further developing in-app purchasing.
In January 2021, Enjin Coin (ENJ) jumped over Japan’s strict regulatory hurdles to become the first gaming cryptocurrency to be allowed for use in the nation, bringing new opportunities for gaming growth. The currency has been given an official nod by Japan Virtual Currency Association (JVCEA).
The Korean companies have been targeting growth opportunities by investing in other parts of the world. In July 2021, Video Game Competition to Heat Up with New Launches in the country. For instance, Video game giant NCSOFT Corp. is set to release “Blade & Soul 2,”the sequel to its famous massively multiplayer online role-playing game (MMORPG), for PCs and mobile devices August 26, 2021. According to the company, the highly-anticipated cross-platform game has drawn 7.46 million pre-registrations, a record in the country, trumping NCSOFT’s other hit MMORPG “Lineage 2M,”which drew 7.38 million users.
In January 2021, Zynga announced that “Harry Potter: Puzzles & Spells”has launched in South Korea, officially licensed from Warner Bros. This mobile game has begun rolling out to players in South Korea fully localized in South Korea.
In November 2021, Factorial Games, a subsidiary of Pearl Abyss, announced that it had launched the global version of Super String, a new mobile game developed in collaboration with webtoon production company YLAB in South Korea. Super String marks Factorial Games’ first launch since Pearl Abyss acquired it in May 2021. This is now available on the Apple App Store and Google Play Store.
Competitive Landscape
The Gaming Market is highly fragmented as the demand for online games and increasing penetration of mobile applications across the various region is catering to an intense rivalry in the market. Key players in the market are Sony Corporation, Microsoft, Nintendo, etc. that try to keep innovating and releasing next-generation gaming consoles provides significant competition among the rivals.
October 2021- Nintendo Co. announced the launch of Pokemon Brilliant Diamond, Pokemon Shining Pearl, and Pokemon Legends: Arceus. The three video games are expected to be launched by The Pokemon Company, exclusively in the Nintendo Switch system, by 2022.
March 2021- The company announced the launch of Madden NFL 21, which is packed with new features like Face of the Franchise: Rise to Fame, Superstar X-Factors 2.0, and innovative gameplay enhancements.
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