Subscription-based Gaming Market
Subscription-based Gaming Market
An increase in the price of services offered by key vendors to gain more profit hinders market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, January 18, 2024 /EINPresswire.com/ -- In a recent report released by Allied Market Research, titled "Subscription-based Gaming Market," the market for subscription-based gaming witnessed a valuation of $17.16 billion in 2021, with a projected growth to $55.94 billion by 2031, reflecting a notable CAGR of 12.9% from 2022 to 2031.
The subscription-based model has gained significant popularity as a revenue strategy for game monetization, wherein users subscribe to access games and pay a regular monthly fee, ensuring a steady income stream. This approach provides consistent revenue and cultivates an engaged audience, offering opportunities for operators to capitalize on microtransactions and paid downloads. Consequently, it mitigates risks associated with the periodic release of premium games.
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The growth of the subscription-based gaming market is propelled by technological advancements in the gaming sector, incorporating artificial intelligence (AI), augmented reality (AR), and the advent of 5G. The proliferation of smartphones and global internet penetration further fuels the market, a trend supported by data from Ericsson predicting approximately 1,545 million 5G mobile subscriptions in the Asia-Pacific region by 2025.
Despite these positive indicators, challenges exist in the form of rising service prices imposed by key vendors seeking increased profits, potentially hindering market expansion. Conversely, the emergence of cloud gaming and the growing number of Small and Medium-sized Enterprises (SMEs) in the gaming sector present promising opportunities for the subscription-based gaming market's future growth.
Based on 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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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, and decision-making skills, and properly learn new tasks and information. Moreover, action games speed up the players’ processing skills or responses 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.
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.
Asia-Pacific dominated the subscription-based gaming market in 2021. The market in the Asia-Pacific region is expected to register rapid growth during the forecast period. This is due to the internet penetration in developing countries such as India, Malaysia, Vietnam, China etc., globalization, digitization, and the rise of cloud-based subscription games. In addition, emergence of 5G in the region along with increase in smartphone users in Asia-Pacific is also anticipated to propel the market growth in this region.
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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 the wide adoption of subscription games.
Inclusion of technologies 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 drive the growth of the global subscription-based gaming market.
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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