Increased internet and smartphone penetration across the developing economies is one of the significant factors driving the global gaming market growth. The adoption of smartphones and the flexibility for in-game payment methods have boosted the growth of the gaming industry. For instance, in 2019, Saudi Arabia had around 32.2 million internet users till January 2020, and there were around 40.2 million connections of mobile, an increase of 0.09% from January 2019. Furthermore, the expansion in the 5G connectivity is another significant factor for mobile domination.
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Several favourable government initiatives, such as funding and tax credits to support the gaming companies allows them to expand their footprint across the world, is a major factor that is bolstering the growth of the global mobile game market. The government has also started the UK Games Talent Initiative, which provides mentoring & tutoring for final year students to make them fully prepared and make valuable involvement in the industry. The rising investment by several companies in the gaming industry and the growing number of launches of mobile games worldwide is the key factors that are fuelling the gaming market share. For instance, In 2020, Tencent announced a mobile game called Wandering Mountains and Seas in which the players will have the ability to explore the huge and diverse map.
Based on Device Type, the Smartphone segment is expected to lead the Global Gaming Market during the forecast period. The factors driving the smartphone gaming market include a rise in smartphone penetration among users, coupled with increasingly powerful 5G networks and cloud-based infrastructure. For instance, according to WEF, the revenue recorded with a smartphone is the highest among all other online formats, which is USD 85 billion in 2020.
- In 2020, Electronic Arts Inc. announced that the company had reached an agreement with the Board of Codemasters for the recommended acquisition of Codemasters, which is a game publisher and developer. Through this acquisition, both the companies will develop innovative and amazing new racing games for the players.
- In 2020, NetEase, Inc. announced the launch of new titles at the Annual Product Launch 2020. These new titles include popular titles such as Onmyoji Arena, Identity V, and four new games.
- In 2020, NVIDIA collaborated with IIT Hyderabad to establish India’s first NVAITC (NVIDIA AI Technology Centre) to accelerate research on Artificial Intelligence and its commercial adoption.
The global Gaming Market is segmented into Device Type and Game Type. Based on the Device Type, the market has been segmented into PC games, Smartphone games, Tablet games, and Console games. Based on the Game Type, the market has been segmented into Shooting, Action, Adventure, Strategy, Sports, and Others.