CAGR of 12%
According to the latest report from Technavio, the global gaming market will grow by $ 119.07 billion between 2020 and 2024. This projection is in line with an average growth rate of more than 12% per year over the forecast period. Growth this year is estimated at 9.35%.
The games market will grow by more than $ 119 billion by 2024
According to analysts, the main growth in the gaming market will occur in the casual games segment. This is due to the growing proliferation of mobile games. Noting that the global gaming market is highly fragmented, Technavio experts classify Activision Blizzard, Bandai Namco Holdings, CyberAgent, Electronic Arts, GungHo Online Entertainment, Microsoft, NetEase, Sony, Tencent Holdings and The Walt Disney as major participants. Analysts call the positive impact of COVID-19, but they make a reservation that as the pandemic spreads, they are revising their estimates in different regions.
The key trend is the growing distribution of games that use AR and VR technologies. Consumer interest in AR and VR devices has prompted many vendors to develop gaming platforms. As an example, analysts cite the Pokemon GO game developed by Niantic. This augmented reality game uses the player’s real location data from the GPS receiver in the mobile device. Another example is Thought Shastra Solutions’ Temple Treasure Hunt Game, which uses a smartphone’s built-in camera to create augmented reality. According to Technavio, such games are helping to spread AR and VR technology and to grow the global gaming market.