By 2031, Subscription-based Gaming Market Predicted to Hit USD 55.94 Billion | Ubitus K.K., NVIDIA Corporation, Shadow
An increase in smartphones and internet penetration globally drives the Subscription-based Gaming Industry growth.
PORTLAND, PORTLAND, OR, UNITED STATES, October 9, 2023 /EINPresswire.com/ — A subscription-based model is one of the revenue models that has become increasingly popular for monetizing games, which sees users subscribe to join the games and pay a regular monthly fee to access the games and additional benefits. Subscription-based gaming services provide a consistent source of revenue and an engaged audience that operators can monetize through microtransactions and paid downloads. This reduces risk associated with regular release of top-performing premium games.
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, the emergence of cloud gaming and the increase in the number of SMEs in the gaming sector are anticipated to create lucrative opportunities for growth in the industry.
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According to the report published by Allied Market Research, 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.
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.
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.
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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.
Top Impacting Factors:
1. Content Access:
Subscription services offer gamers access to a vast library of games for a fixed monthly fee. This appeals to gamers who want a variety of titles without the need to purchase each game individually.
2. Cost Savings:
Subscribers can save money compared to buying games individually, especially if they play a lot of games. This makes subscription services an attractive option for budget-conscious gamers.
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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.
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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