Digital Gaming Market Scope Report

Global Digital Gaming Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global digital gaming market is estimated to garner a revenue of USD 700 Billion by the end of 2033 by growing at a CAGR of ~22% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 186 Billion in the year 2022. The primary growth factor of the digital gaming market is the growing demand for innovative and immersive gaming experiences. This is due to the increasing popularity of mobile games, which offer a more personal experience than traditional video game consoles. In addition, there has been an increase in digital casino gambling that offers players new opportunities to win big money quickly. As per the reported data, By the end of 2021, the gaming industry's revenue will total [R1] $175.8 billion. Playing multiplayer games takes up between 61% and 80% of the time for 22% of online players.

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By incorporating new features, such as speech recognition, 3D gaming, GPS tracking, and many others, the most recent technologies have increased the standard for digital gaming and given gamers more authentic experiences. Players now have access to high-quality online streaming gaming thanks to the high-speed internet and other network technologies. Digital games are made to be played on digital electronics including computers, modchips, smartphones, and interactive monitors. It is a user-controlled, interesting activity with one or more players designed to provide a virtual world for recreational and educational purposes. As per recent statistics, 16,777,215 shades could be used in 32-bit graphics. incorporating and deliberately placing 2D visuals, or "3D objects," to provide th[R2] e appearance of 3 dimensions.

Global Digital Gaming Market: Growth Drivers and Challenges

Growth Drivers

• The Increasing Popularity of Social Games – As per recent [R3] data, 13,588 smartphone video ad ideas were produced in total in 2022, making up 86% of all ad creatives. Therefore, the most effective ad type for promoting mobile games continues to be video creatives.

• Increasing Internet Usage – As per recent data, downloading [R4] new games are one of the most bandwidth-intensive online activities, while online gaming does not use a lot of data overall. The majority of mainstream games use between 40MB and 300MB per hour.

• The Mobile Phone Proliferation – As per recent statistics, the [R5] majority of modern mobile device customers' phone usage is for gaming. Games make up 25% of iOS and 21% of Android mobile subscriptions. 43% of all smartphone use is for gaming. Within a week of purchasing their phone, 62% of users install a game.

• Rising Popularity of E-Sports and Mobile Gaming – Online platforms are used by esports streamers to broadcast both their gaming and live coverage of tournaments. Fans will find it simpler to take part in their favorite activities and communicate with their favorite eSports athletes as a result. As per [R6] recent data, A total of 495.0 million individuals will watch esports globally in 2020, an increase of 11.7% over the previous year.

Challenges

• Growing Competition from other Forms of Entertainment

• Declining Traditional Console Hardware Sales

• Dissatisfaction with Long Waiting Times for New Games

The global digital gaming market is segmented and analyzed for demand and supply by game subscription model into premium, paymium, and freemium. out of these, the premium segment is anticipated to hold the largest share over the forecast period of increased demand for online gaming services across all age groups and geographies. Additionally, the increasing acceptance of virtual reality (VR) technology among consumers is projected to drive higher adoption of online games. Several encouraging trends suggest the digital gaming market will continue to thrive in the future: 57% of gamers worldwide prefer playing video games on their mobile devices compared to 42% who choose desktop or console platforms; 78% of millennials indicate that they would like more opportunities to play video games offline as well as online. As per recent data, 8.4% of youngsters, including 11–12% of boys and 6-7% of girls, have [R7] gaming addictions. Compared to males, women are typically considerably more addicted to smartphone games.

Global Digital Gaming Market Regional Synopsis

Regionally, the global digital gaming market is studied in five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033, increasing consumer demand for interactive entertainment, particularly among millennials and Gen Zers (members of Generation Y and Generation Z), as well as an increase in mobile game usage. Additionally, rising disposable income in developing nations like China and India is anticipated to accelerate the expansion of the digital gaming industry. According to the IBEF, with a market value of over $890 million and an upward trend in game demand, India today has more than 250 game production companies, with at least two new ones starting per month[R8] .

Market Segmentation

Our in-depth analysis of the global digital gaming market includes the following segments:

Key Companies Dominating the Global Digital Gaming Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global digital gaming market that is included in our report are Activision Blizzard, Zynga Inc., Electronic Arts, Wargaming, Giant Interactive, GungHo Online, NCSOFT, Smilegate, Microsoft, Riot Games, and others.

Global Digital Gaming Market: Latest Developments

• 15th September 2021:  Zynga Inc., - an exciting new in-game [R9] event in its well-liked Empires & Puzzles mobile game called "Tower of Magic," will be released by a world leader in interactive entertainment. Empires & Puzzles, a title from Zynga's broad game library, skillfully combines more challenging gameplay aspects with easy match-3 combat.

• 4th February 2021: Giant Interactive - Future theatrical and streaming release[R10] s will be co-released by Giant Pictures and Drafthouse Films under a multi-year agreement. The renowned Drafthouse Films library will be sold and distributed by Giant.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the client’s requirement helping them to see possible and unexpected challenges and unforeseen opportunities to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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