Subscription-Based Gaming Market to reach $55.94 billion by 2031- Top Impacting Factors That Can Win Industry Globally
Gaming subscriptions are one of the fastest-growing gaming segments, outpacing video game purchases and in-game purchases in terms of annual growth rate.
PORTLAND, PORTLAND, OR, UNITED STATE, August 17, 2022 /EINPresswire.com/ — The driving forces behind the growth of the global subscription-based gaming market include technological advancements in gaming sectors such as artificial intelligence (AI), augmented reality (AR) and 5G, the emergence of unlimited data plans, increase in use of smartphones and rise in internet penetration. However, increase in price of services offered by key vendors to gain more profit hinder the market growth. Conversely, emergence of cloud gaming and increase in number of SMEs in gaming sector are anticipated to create lucrative opportunities for growth in the industry.
The global subscription-based gaming market was estimated at $17.16 billion in 2021 and is predicted to amass $55.94 billion by 2031, registering a CAGR of 12.9% from 2022 to 2031. The report offers an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Based on game type, the action segment contributed to more than one-fourth of the total market revenue in 2021 and is expected to lead the trail by 2031. The adventure segment, however, would grow at the fastest CAGR of 15.9% from 2022 to 2031.
Based on device type, the smartphone segment accounted for of nearly two-fifths of the total market in 2021 and is likely to rule the roost throughout the forecast period, 2022-2031. The same segment would exhibit the fastest CAGR of 13.7% throughout the forecast period.
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Based on geography, Asia-Pacific held the major share in 2021, capturing over two-fifths of the global subscription-based gaming industry, and is likely to show prominent growth during the forecast period. Nevertheless, the market across LAMEA would grow at the fastest CAGR of 14.5% throughout 2031. The other two regions discussed in the report include Europe and North America.
The key market players analyzed in the global subscription-based gaming market report include Amazon Luna, Blacknut, Google LLC, Microsoft Corporation, NVIDIA Corporation, Shadow, Sony Group Corporation, Tencent, Ubitus K.K., and Vortex. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Covid-19 scenario –
• The Covid-19 outbreak had a positive impact on the subscription-based gaming market as strict laws implemented by government authorities led people to stay at their homes, allowing them more time to spend on leisure activities such as gaming.
• This availability of more leisure time gave way to wide adoption of subscription games.
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