AR and VR Reshape Gaming: Technavio Forecasts a USD 102.13 Billion Boost in Market Size by 2027
NEW YORK, NY, December 05, 2023 /24-7PressRelease/ — The “gaming market by type (casual gaming and professional gaming), platform (online and offline), device (mobile gaming, console gaming, and PC gaming), and geography (APAC, North America, Europe, Middle East and Africa, and South America) – Forecast and Analysis 2023-2027″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the gaming market between 2022 and 2027 is USD 102.13 billion. The growing adoption of AR and VR games is a key factor driving market growth. AR/VR gaming is the integration of gaming visual and audio content with a user’s environment in real time. The use of AR and VR devices is expected to increase with the increasing awareness of gaming using these technologies. Cutting-edge 3D technology has become a trend in the development of gaming platforms by companies such as Sony and Microsoft.
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Regulation of loot boxes is a significant challenge restricting the growth of the market. To obtain randomized in-game rewards, loot boxes are virtual items that players can buy with real money. They can enhance the gaming experience for some players, but they are also criticized for promoting gambling. Action was taken by regulators in a number of countries to deal with these concerns. The impact of these rules on game developers or publishers, who could need to modify their business models in order to comply with them, can be significant.
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The gaming market is segmented by type (casual gaming and professional gaming), platform (online and offline), device (mobile gaming, console gaming, and PC gaming), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
• The market share growth by the casual gaming segment will be significant during the forecast period. A casual player is one that doesn’t play a lot of video games. By licensing gaming software to the final users, freelance service providers make a profit. The segment’s increasing popularity is due to its simple accessibility where games can be picked up and played from a range of devices, including mobile phones, tablets, or personal computers.
• APAC is estimated to contribute 53% to the growth of the global market during the forecast period.
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Key Companies in the gaming market:
Activision Blizzard Inc., Apple Inc., Bandai Namco Holdings Inc., Bowlmor AMF, Chicago Gaming Co., DeNA Co. Ltd., Electronic Arts Inc., Epic Games Inc., GungHo Online Entertainment Inc., Microsoft Corp., NetEase Inc., Netmarble Corp., Niantic Inc., Nintendo Co. Ltd., Rovio Entertainment Corp., Sony Group Corp., Square Enix Holdings Co. Ltd., The Walt Disney Co., Ubisoft Entertainment, and Zeptolab UK Ltd.
The Global Gaming Simulators Market size is estimated to grow by USD 13,060.47 million at a CAGR of 17.58% between 2022 and 2027.
The Global Cloud Gaming Market size is estimated to grow by USD 1,619.32 million at a compound annual growth rate (CAGR) of 10.54% between 2022 and 2027.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Platform
Market Segmentation by Device
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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