The video game market is expected to see a substantial CAGR of 12.9%, and is projected to increase from 195.65 billion in 2021 to 743.21 billion by 2032.
Due to the extensive use of smartphones, growing internet penetration, and the availability of online games, it is projected that the video game market share would rise. The development of ever-more-innovative gaming features by major players in the video game market is one of the main factors driving the market’s growth in the future years.
The growth of free-to-play and inexpensive mobile and laptop games is expected to limit the possibility for the global video games market to generate revenue. Managing the price and quality of video games is projected to be one of the difficulties experienced by important players in the video game market.
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Features in video games like voice recognition, downloadable content, and enhanced computer graphics that enhance user experiences are what drive the demand for video game consoles.
The increasing popularity of e-sports events and the increase in the number of professional players are further factors driving the sales of video games and related accessories.
Investigations are also being done into gaming’s potential as a tool for encouraging cognitive learning. Although it is still in its infancy, the concept of “gaming to study” is progressively gaining acceptance, providing a fresh video game market outlook.
The Asia-Pacific market was able to dominate the global video game market due to China’s rise as a significant gaming hub.
Key Takeaways from Market Study
- The video game market is expected to have a CAGR of 12.9% during the forecast period.
- The market is segmented based on device, wherein the mobile segment accounted for a significant global video game market share of 40% in 2021.
- The market is segmented based on type, wherein the offline segment accounted for an adequate global video game market share of 62% in 2021.
- The Asia-Pacific video game market is anticipated to grow at the fastest rate, with a revenue share of 53% in 2021.
- The North America video game market is expected to grow significantly during the forecast period.
- Demand for video game consoles is high due to features like premium displays and sound systems made to give players an enhanced and improved experience.
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Competitive Landscape:
Future growth prospects for the video game market are high. The economy’s fastest-growing sector, new firms are constantly joining the market to bring forth innovations.
Some major participants in the video game market are Activision Blizzard Apple Inc., Disney, Electronics Art Inc, Lucid Games, Microsoft, Nintendo, Rovio Entertainment Corporation, Sony Interactive Entertainment Inc., Tencent Holdings Limited.
Recent Developments:
- NFL Pro Era, a football video game for Meta Quest and PlayStation, will be released in April 2022 thanks to a partnership between the NFL and the sports technology company StatusPRO. Players in the market are aggressively concentrating on innovation and product differentiation to maintain their individual market shares.
- To enter the main gaming market, Tencent invested in ByteDance in January 2020.
- 2018-founded Epik Prime collaborates with game creators to facilitate the release of in-game digital goods. It is supported by Nintendo, and presently collaborates with over 250 businesses representing more than 1,000 video game brands.
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Key segments
By Device:
- Console
- Mobile
- Computer
By Type:
- Online
- Offline
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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