The global subscription-based gaming market will be worth $55.94 billion by 2031, registering a CAGR (compound annual growth rate) of 12.9% after the sector generated $17.16 billion in 2021. This information was first revealed in a report that was recently added to ResearchAndMarket.com‘s offering.
“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,” the report reads. “In addition, increase in smartphones and internet penetration globally drive the market growth.”
In the past, the subscription-based gaming industry saw the most revenue generated by action games. However, during the aforementioned forecast period, adventure games will exhibit “significant growth.”
Other key findings in the report showed that smartphones dominated the subscription-gaming sector. Additionally, the APAC region held the largest share of the market in 2021.