Key players in the gaming market are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of a market expected to accelerate towards $545.98 billion by 2028 at a growth rate of 13.20% between now and then.
COVID-19 Pandemic Inclined Gaming Industry Dramatically Upward
The majors such as Microsoft Corporation (Redmond, Washington, United States), Nintendo Co., Ltd (Kyoto, Japan), Rovio Entertainment Corporation (Espoo, Finland), and Nvidia Corporation (California, United States), are proactively investing in R&D activities to develop engaging online video games focused on maintaining their presence.
These insights gleaned from Fortune Business Insights’ report “Gaming Market Size, Share & Forecast” reveal how online video games have become more prevalent in recent years—good news for online retailers like steam deals which have blossomed to make it much easier and cheaper to find the games consumers want.
Consumers are increasingly turning to online games for a stimulating and inexpensive way to enjoy some down time and tune out from the hectic schedules of modern living. The COVID-19 pandemic, moreover, has inclined the gaming industry dramatically upward, with many companies such as Nintendo and Tencent witnessing an increase in sales during the first quarter.
Nintendo, for example, uncovered a profit of 41% this quarter, selling many of its games digitally and the demand for online games is expected to persist in the upcoming years towards a boom time.
Shooter Segment Dominating with Market Share of 23%
The market is divided by game type into shooter, action, sports, role-playing, and others, with the shooter segment dominating at a market share of approximately 23.35% in 2020. This segment is expected to grow considerably as it provides 3D realistic graphics, giving a player experience unparalleled in the virtual world—the fascinating atmosphere provided by battle games is driving the segment.
By device, the market is divided into PC / MMO, tablet, mobile phone, and TV / console. By end-user, the market is distinctly bifurcated into male and female, and geographically categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The North American market is surging as the rising number of children with smart devices leads the charge. Data compiled by the National Public Radio Organisation found that more than half of U.S. children own smartphones.
A key industry development was heralded by Microsoft’s launch of the next-generation Xbox video game console last year.