The global video games market was worth USD 196.1 billion in 2023, and it is estimated to reach a valuation of USD 314.66 billion by the end of 2029, expanding at an annual growth rate of 8.2% during the forecast period.
As we all know, gaming refers to a computer application played with a set of rules that involve both mental and physical stimulation and provide entertainment and relaxation to the player or spectators. Nowadays, gaming has become a powerful tool that can help children develop certain life skills and also aid educators in seeking ways to supplement classroom teaching.
The increasing penetration of internet services, coupled with the easy availability and access of games on the internet, is a factor expected to lead the Video Games market during the forecast period.
The rising inclination from physical games to online games across the globe, which has led industries to focus more on hardware compatibility and efficiency, is expected to play an essential role in the growth of the video game market across the globe. Another factor, such as the rising disposable income level, influences the growth of the Video Games market during the forecast period. Changing consumer preference led to the adoption of more advanced gaming consoles, which were equipped with additional features such as record and share and cross-platform gameplay, availability of different genres of games in the market such as action, role play, simulation, and strategy, growing popularity of sports tournaments, increasing number of professional gamers across the globe are some of the major driving factors which promotes the growth of the revenue rate of Video Games market during the forecast period.
Rising adoption of counterfeit products at low cost is one of the important barriers to market growth. Also, copyright and privacy issues, fraud during game transactions, and a steep rise in video game-related health issues and problems are important deterrents to the growth of the Video Game market.
Unlike the other industries, the video games market has been positively impacted by the COVID-19 pandemic. Most people are addicted to online games since the government authorities have imposed lockdown situations to eradicate the spread of the virus in most countries. The video games market is expected to double its revenue rate in the upcoming years.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
8.2% |
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Segments Covered |
By Device, Type, Revenue Type, Age Group, and Region. |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Xbox One is made by Microsoft Corporation, Wii U by Nintendo Co., Ltd., and PlayStation 4 by Sony Corporation and Others. |
The video Games Market is divided into console, mobile, and computer. Among these segments, the mobile device segment held the prominent share in terms of revenue and is predicted to remain at the forefront throughout the forecast period due to the factors such as increasing smartphone penetration across the globe. Furthermore, increasing demand for tablets owing to advantages such as larger displays and better viewing experience also helps the market grow further. The console device segment is expected to increase the market value due to the availability of high-end displays and sound systems that provide an improved as well as rich experience to the customers, which were equipped with additional features such as recording and online sharing of in-game footage.
The Video Game Market is segmented into in-game purchases, game purchases, and advertising. Of these, the advertising segment holds the major share of the market since most companies gain more profits through advertising during games.
The Video Games Market is divided into adult and children. The adult games segment holds the major share of the market and is expected to hold dominance during the forecast period.
the Video Games Market is bifurcated into online video games and offline video games. The online video game segment holds the major share of the market, and this segment is expected to hold the dominance during the forecast period owing to the factors such as increasing demand for multiplayer games since they facilitate in-game communication and also improve overall gaming experience. Furthermore, growing awareness towards interactive entertainment systems and the growing penetration of smartphones and cloud gaming promote the growth of the market. The offline video game segment has significantly reduced since most people are attracted to the online gaming experience, which provides a more real-time experience, and they will have the option to play with various players across the globe.
Asia Pacific region holds a prominent share of the market due to factors such as the growing demand for entertainment in the region and the emergence of gaming, especially in some countries such as China, India, and Japan, which propels the demand for the market. Furthermore, the availability of major key players in the market in the region, the increasing number of online gamers, and the rise in online gaming tournaments in the region help the video games market to grow further. The Asia Pacific region is expected to hold the dominance during the forecast period.
The North American region is also expected to increase market growth due to the rising disposable income level changing consumer preferences, which led to the adoption of more advanced gaming consoles equipped with additional features such as record and share and cross-platform gameplay, and the availability of different genres of games, especially in some economies such as the United States and Canada.
Europe region is expected to increase the market value, followed by Asia Pacific region and North America region due to increasing of investments by the major key players of the market for new technological advancements in the gaming.
Latin America, and Middle East & Africa are likely to have significant growth rates in the coming years.
Key market participants in the Video Games market are Xbox One by Microsoft Corporation, and Wii U by Nintendo Co., Ltd., PlayStation 4 by Sony Corporation, among others.
In January 2018, Microsoft Company acquired PlayFab, a live gaming service provider that helped accelerate the advancements in game development innovation on a cloud platform.
By Device
console
mobile
computer
By Revenue Type
in-game purchase
game purchase
advertising
By Age Group
adult games
children games
By Type
online video games
offline video games
By Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Frequently Asked Questions
Factors such as the proliferation of mobile gaming, the rise of esports and live streaming, advancements in technology like virtual reality (VR) and augmented reality (AR), and the increasing popularity of in-game purchases and subscriptions are driving growth in the video games market.
Some emerging trends include the rise of cloud gaming services, the integration of blockchain technology for digital asset ownership, the expansion of cross-platform gaming experiences, and the growing importance of accessibility features for gamers with disabilities.
Mobile gaming has experienced significant growth in recent years, driven by the widespread availability of smartphones and tablets. It has become the largest segment of the video games market, appealing to a broad audience due to its accessibility and convenience.
Regulatory changes, particularly regarding loot boxes, gambling mechanics, and content ratings, have impacted the video games industry, leading to increased scrutiny and potential changes in monetization strategies and game design practices.
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