DUBLIN, March 11, 2022–(BUSINESS WIRE)–The "North America Gaming Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)" report has been added to ResearchAndMarkets.com's offering.
The North America gaming market was valued at USD 42.83 billion in 2020, and it is expected to reach USD 83.73 billion by 2026, registering a CAGR of 11.8% during the forecast period (2021-2026).
The rise in the people of the region's affordability and the strong economic backbone coupled with the latest technologies drive the growth of the market. Moreover, free to play and mobile games are boosting the market growth in the region.
Key Highlights
The gaming industry in the region is continuously evolving in line with the latest technologies such as augmented reality, virtual reality, to capture the attention and imagination of gamers across the globe.
AR can free gamers from 'their world' and usher them into the real world to play. For instance, major gaming console manufacturers like Nintendo and Microsoft have realized the AR's potentiality and are leading the charge.
Moreover, the advent of cloud gaming and rising internet penetration in the region, which is 94.6% as of May 2020, according to the International Telecommunication Union, further increases the average time spent across digital media by an adult. These factors are driving the digital gaming market in the region.
Adopting Gaming Platforms, such as E-sports, drives the market as North America is the world's leading region. Also, the region is witnessing considerable activity from startups that are further propelling the market growth. For instance, 'The Forge Arena' made by Phoenix Rising Studio's is a Canadian startup looking to become a new player in eSports.
With the Outbreak of COVID-19, home entertainment played a significant role for the gamers during the lockdown. According to the March 2020 survey, video gamers in the United States reported that they spent 45% more time playing video games amid the quarantine than in the previous week. Moreover, Esports has gained further traction after the pandemic as there was an increase of 14% in the first-time download of Twitch, a live streaming platform for gamers after the epidemic.
Key Market Trends
Mobile Gaming to Drive the Market Growth
Mobile Games are leading the market share in the region as there were more than 200 million mobile game players last year in the United States alone. The continuous augmentation in the number of mobile gamers has also created a positive impact on the demand for AR games, VR games, and cloud gaming.
This trend continues during the forecast period aiding the market to grow exponentially. Moreover, instant popularity for games such as Pokemon Go, which was downloaded over 1 billion times, is also supporting the market.
According to GSMA, the number of smartphone subscribers in North America is expected to reach 328 million by 2025. Moreover, by 2025, the region may witness an increase in the penetration rates of mobile subscribers (86%) and the internet (80%), the second-highest in the world. The region has the highest adoption rate of smart devices.
As smart devices, especially smartphones, play a major role in the development of the market, the region offers a huge opportunity for the growth of the market studied, over the forecast period.
Furthermore, the telecom companies in the region are aggressively making efforts to attract customers for using their 5G network. Hence, these regional vendors invest and innovate the software and platform to develop gaming applications by leveraging the upcoming 5G technology.
United States to Hold Highest Market Share
The United States is a robust market with preferences for all gaming platforms – PC, mobile, and console – and has major companies like Take-Two Interactive, Activision Blizzard, etc. According to Hollywood Reporter, The U.S. saw a 45% growth in video game usage, and the spending of video games reached USD 1.6 billion across hardware, software, and accessories amid the coronavirus pandemic as of March 2020.
According to a new Consumer Technology Association report, the U.S. consumer tech industry grew to a record USD 422 billion in retail revenues in 2020, nearly 4% growth over last year. Moreover, growing in-game spending and subscribers will push the video game software and services category to USD 38.3 billion in revenue this year, nearly up 5% as compared to last year.
Furthermore, smartphones are projected to reach 166 million units with a 2% increase and earn USD 79 billion in revenue in 2020 in the U.S. Also, 5G smartphones are expected to witness high growth, with 20.3 million units sold and generate USD 15.3 billion in revenue with the build-out of U.S. 5G capabilities. These are likely to propel the market growth in the region.
For more information about this report visit https://www.researchandmarkets.com/r/ov1dmk
View source version on businesswire.com: https://www.businesswire.com/news/home/20220311005351/en/
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