Video Game Industry Overview
The global video game market size was valued at USD 195.65 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.9% from 2022 to 2030. Advances in technology and continued innovation in both hardware and software to enhance the real-time rendering of graphics are expected to drive the growth of the market over the forecast period. The proliferation of smartphones, the growing internet penetration rate, and the easy availability of games on the internet are expected to contribute to the growth of the market.
The growing preference for online gaming among individuals is driving the popularity of massively multiplayer online (MMO), Free2Play (F2P), and multiplayer games; and the trend is anticipated to continue over the forecast period. Hence, game developers are focusing on the compatibility and efficiency of hardware. At the same time, the changing consumer preferences and the rising levels of disposable income across the globe are driving the large-scale adoption of advanced gaming consoles equipped with sophisticated features, such as record & share and cross-platform gameplay.
Gather more insights about the market drivers, restraints, and growth of the Global Video Game Market
Having realized that several individuals use social media to find the video game of their choice, game developers are launching several games across various genres, including action, role play, simulation, and strategy, on social media to attract customers. The growing popularity of e-sports tournaments and the increasing number of professional gamers are also driving the sales of video games and accessories. The potential of gaming as an educational tool to develop cognitive learning is also being explored. The concept of ‘gaming to learn’ is still in its nascent stages but gaining traction gradually.
However, the rising sales of counterfeit products, especially in countries, such as China and Indonesia, owing to their relatively lower prices, do not bode well for the growth of the market. The growing concerns over data security and piracy protection and the rising instances of fraud during gaming transactions are also emerging as potential threats restraining the growth of the market. A steep rise in health issues and disorders stemming from video game addiction is also expected to restrain the growth of the market over the forecast period.
Browse through Grand View Research's Next Generation Technologies Industry Related Reports
Subscription-based Gaming Market - The global subscription-based gaming market size was valued at USD 8.25 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.8% from 2022 to 2030.
Gaming Market - The global gaming market size was worth 202.64 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030.
Video Game Market Segmentation
Grand View Research has segmented the global video game market based on device, type, and region:
Video Game Device Outlook (Revenue, USD Billion, 2017 - 2030)
- Console
- Mobile
- Computer
Video Game Type Outlook (Revenue, USD Billion, 2017 - 2030)
- Online
- Offline
Video Game Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights:
April 2022: NFL collaborated with sports technology company StatusPRO to launch a football video game called NFL Pro Era for Meta Quest and PlayStation.
January 2022: Microsoft announced plans to acquire video game holding company Activision Publishing, Inc.
Key Companies profiled:
Some prominent players in the global Video Game market include
- Activision Blizzard
- Apple Inc.
- Disney
- Electronics Art Inc.
- Lucid Games
- Microsoft
- Nintendo
- Rovio Entertainment Corporation
- Sony Interactive Entertainment Inc.
- Tencent Holdings Limited
Order a free sample PDF of the Video Game Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment