Report Overview-
According to Fortune Business Insights™ the Global Video Games Market size was valued at USD 188.73 billion in 2021 and is projected to grow from USD 199.74 billion in 2022 to USD 307.19 billion by 2029, exhibiting a CAGR of 6.3% during the forecast period. The market is slated to expand significantly owing to growing popularity of competitive multiplayer games.
Segments-
Easy Access to 5G Networks will Drive Market Growth
As per device, the market is divided into PC/laptop, smartphones, and consoles. Among these, the smartphones segment captured the largest video games market share. Easy access to 5G networks and launch of smartphones with advanced features resulted in a surge in the number of gamers.
Tech Savvy Populace will Promote Market Growth
Based on age group, the market is split into generation X, generation Y, and generation Z. Generation Z is tech savvy as they grew up in an era of technological advancements, availability of high-speed internet, and growing smart phone penetration.
Launch of Gaming Smartphones will Contribute to Market Elevation
According to platform type, the market is segmented into offline and online. The online segment dominated the market and is expected to grow in the coming years due to the launch of gaming smartphones with advanced features. Digitization in emerging countries such as India and China has driven the growth of online games.
Geographically, the market is fragmented into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
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List of Key Players Present in the Market:
- Sony Group Corporation (Japan)
- Microsoft (U.S.)
- Nintendo (Japan)
- Tencent (China)
- Activision Blizzard (U.S.)
- Electronic arts (U.S.)
- Epic Games (U.S.)
- Take-two interactive (U.S.)
- Ubisoft (France)
- Bandai Namco Holdings Inc. (Japan)
Report Coverage-
The report explains drivers and challenges affecting market proliferation in the upcoming years. It includes an exhaustive analysis of the market by fragmenting it into segments and regions. Moreover, the report entails a company profiles section inclusive of strategic decisions undertaken by them recently. It also studies the impact of COVID-19 and enables investors to make informed decisions by providing accurate predictions regarding market conditions.
Drivers & Restraints-
Rising Consumer Inclination Toward Multiplayer Games to Fuel Market Growth
Gamers are more inclined toward competitive multiplayer mobile games such as Call of Duty (COD) and Player Unknowns Battlegrounds (PUBG). The increasing popularity of Esports is another factor fueling the market. These video games allow gamers to interact with fellow players, thus increasing engagement. These games enable players to compete with others in real-time and create a sense of self-achievement, which further increases their popularity and boosts demand.
On the other hand, governments impose bans on some developers and games to protect players against data breaches, exposure to violence, or cyber security threats, which will hinder the video games market growth.
Regional Insights-
Asia Pacific to Lead Backed by Growing Smartphone and Internet Penetration
Asia Pacific held the largest market share in the recent past due to increasing internet and smartphone penetration in China and India. Furthermore, various leading players have their headquarters in China which also contributes to market expansion in this region. The availability of social media platforms has allowed gamers to socialize beyond games which enhances the reach of video games.
Meanwhile, North America is predicted to grow substantially in the coming years due to technological advancements and easy access to high-speed internet
Competitive Landscape-
Launch of Innovative Products to Promote Market Expansion
Industry leaders often make strategic decisions such as partnerships, collaborations, and mergers & acquisitions to enlarge profit margins and strengthen their foothold in the market. One such move is the launch of new products & technologies to meet ever-growing needs of consumers.
To get to know more about this market, please visit:
https://www.fortunebusinessinsights.com/video-game-market-102548
Key Industry Developments-
December 2022: Nintendo announced the launch date of its well-known franchise Fire Emblem. The new Fire Emblem Engage will be launched in January 2023 with upgrades and developments in characters and new features which shall make the game more engaging.
