Subscription-based Gaming Market to USD 55.94 Billion by 2031, Huge Opportunity For Investors
September 23, 2022
5G evolution has also encouraged market providers to ideate subscription-based cloud gaming solutions.
PORTLAND, PORTLAND, OR, UNITED STATE, September 23, 2022 /EINPresswire.com/ -- Allied Market Research published a new report, titled, "Subscription-based Gaming Market to USD 55.94 Billion by 2031, Huge Opportunity For Investors ." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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The subscription-based gaming market was valued at $17.16 billion in 2021, and is estimated to reach $55.94 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031.
The report offers key drivers that propel the growth in the global XXXX market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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Technological advancements in gaming sectors such as inclusion of artificial intelligence (AI), augmented reality (AR) and the release of 5G along with emergence of unlimited data plans are some factors driving the growth of subscription-based gaming market. In addition, increase in smartphones and internet penetration globally drive the drives the subscription-based gaming as per our subscription-based gaming market analysis. For instance, according to Ericsson, the number of 5G mobile subscriptions in the Asia-Pacific region is anticipated to reach around 1,545 million by 2025.
By game type, the action segment dominated the subscription-based gaming market in 2021, and is expected to maintain its dominance during the forecast period. Action games improve the gamer’s perception, decision-making skills, and properly learn new tasks and information. Moreover, action games speed up the players’ processing skills or response to certain situations. These benefits of action games are driving the growth of the subscription-based gaming market. Moreover, action games improve multi-tasking qualities, which is boosting the adoption of action games in the subscription-based gaming market.
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On the basis of device type, the smartphone segment dominated the market in 2021, and is expected to maintain its dominance during the Subscription-based Gaming Market Forecast period. Mobile gaming has recently overtaken console and PC gaming as the most popular game format worldwide. One of the few factors for the growth of mobile games is their availability. Almost everyone has a smartphone loaded with games. Also, increase in demand for mobile games is driven by various technological advancements and improvements such as AR, VR, cloud gaming and 5G. In addition, large companies that develop games for console and PC also publish their games in the mobile version, due to the mobile game market.
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KEY FINDINGS OF THE STUDY
• By device type, in 2021 the smartphone segment dominated the subscription-based gaming market size.
• Depending on game type, the action segment generated the highest revenue in 2021 of subscription-based gaming market share. However, adventure segment is expected to exhibit significant growth during the forecast period.
• Region wise, the subscription-based gaming industry was dominated by Asia-Pacific region in 2021.
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