On July 6th, Allied Market Research published a new piece providing an analysis of the global subscription-gaming market. Based on this study, the sector was worth approximately $17.16 billion last year. However, that number is expected to grow to $55.94 billion by 2031, registering a compound annual growth rate (CAGR) of 12.9% from 2022 to 2031.
The smartphone segment of the subscription-based gaming industry made up almost 40% of the market in 2021. This part of the sector will also experience the fastest growth during the aforementioned forecast period (13.7%).
Unsurprisingly, the Asia-Pacific region held the largest share of the market in 2021, making up almost 40% of the entire global subscription gaming industry. However, the LAMEA (Latin American, Middle East, and African) region will experience the largest compound annual growth rate between 2022 and 2031 (14.5%).
“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,” the report says. “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.”
(All information was provided by Yahoo! Finance)