NEW YORK, June 26, 2023 /PRNewswire/ — The gaming market size is estimated to grow by USD 102.13 billion from 2022 to 2027. The market is estimated to be growing at a CAGR of 9.12% during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and the forecast period (2023-2027) – View a Sample Report
Gaming Market – Market Dynamics
The growing adoption of AR and VR games is a major factor driving the gaming market growth. This technology integrates gaming visual and audio content with a user’s environment in real-time. The rising awareness of AR games is making the vendors develop new games for customers with high visuals. Many companies such as Microsoft and Sony are developing games with new technologies.
For example, in January 2022, Microsoft HoloLens 2 was launched in India, which is designed to allow users to interact with holograms and it includes sensors that enable head and eye tracking. Hence, the rising adoption of AR and VR games is expected to drive the growth of the gaming market during the forecast period.
The increasing emergence of cloud gaming is an ongoing trend shaping the gaming market. Many companies have started paid subscriptions which gamers can access through Internet-connected devices in the cloud. The growth of cloud gaming is also due to the increasing popularity of cloud gaming among the young generations.
. Furthermore, the games can be played on social media and mobile devices because of the cost-effective price due to which the companies are able to reach the non-core gamers globally. Cloud gaming reduces the need for high-quality graphic cards in PCs and mandatory PC upgrades. In addition, they also offer an enhanced gaming experience on any device that has average processing capability.
Regulation of loot boxes is a major challenge restricting the growth of the gaming market. The players can purchase these virtual items, which are called…