The video game market refers to the economic sector that involves buying, selling, and distributing video games and related hardware and accessories. It is a vast and rapidly evolving industry that caters to the production, development, and consumption of interactive electronic entertainment.
MMO, Free2Play (F2P), and multiplayer games are getting increasingly popular, and this video game industry trend is projected to continue during the forecast period. As a result, game makers are particularly interested in hardware effectiveness and compatibility.
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At the same time, altering consumer preferences is driving widespread utilization of cutting-edge gaming consoles with complicated capabilities such as record & share and cross-platform gameplay, increasing the scope of the video game business.
The video game market share is expected to grow as a result of the extensive use of smartphones, increased internet penetration, and the accessibility of online games, Further, the development of progressively creative gaming features by video game market-leading companies might be one of the fundamental drivers of market expansion in the future years.
Audio recognition, downloadable content, and revolutionary computer graphics are just a few of the gaming technologies that enhance consumer experiences and drive video game consumption.
China's persistent rise in smartphone use fueled the Asia Pacific market's expansion. Tencent Holdings Limited of China has risen to the top of the worldwide video game business by relentlessly exploring inorganic growth tactics such as acquiring Riot Games and Supercell Oy.
Key Takeaways from the Video Game Market:
Over the past five years, the video game market has seen robust growth, expanding at a notable Compound Annual Growth Rate (CAGR) of 12.3%. In 2022, North America emerged as a dominant player, holding a substantial 41% market share, with the United States alone capturing 19%. Additionally, the Indian video game market is expected to exhibit significant growth, projected to expand at a CAGR of 13%. Notably, offline gaming remains the primary gaming type, commanding a substantial 64% share of the market in 2022. These key takeaways underscore the industry's dynamic evolution and the diverse regional trends shaping its trajectory.
How Does the Competition Look in the Video Game Market?
The video game market is fragmented due to many existing market rivals and emerging competitors. Further, companies worldwide are focusing on capacity expansion and process development.
NFL Pro Era, a football video game for Meta Quest and PlayStation, was released in April 2022 due to a collaboration between the NFL and the sports technology business StatusPRO. Market participants aggressively focus on innovation and product differentiation to maintain their market share.
Tencent invested in ByteDance in January 2020 in order to join the main gaming business.
In partnership with sports technology corporation StatusPRO, NFL Pro Era, a football video game for Meta Quest and PlayStation, was introduced in April 2022.
Microsoft disclosed plans to buy video game holding company Activision Publishing in January 2022.
Top 10 Companies in Video Game Market and Their Marketing Strategy
The major key players in the video game market include Activision Blizzard, known for iconic franchises like Call of Duty and World of Warcraft; Apple Inc., leveraging its App Store for mobile gaming; Disney, with its extensive IP portfolio and game development studios; Electronics Arts Inc., renowned for sports and simulation titles; Lucid Games, emerging with multiplayer hits; Microsoft, with its Xbox platform and Game Pass subscription service; Nintendo, famed for its innovative consoles and beloved franchises like Mario and Zelda; Rovio Entertainment Corporation, recognized for the Angry Birds series; Sony Interactive Entertainment Inc., dominating with PlayStation consoles and exclusive titles; and Tencent Holdings Limited, a global force in gaming through investments and ownership of major studios and platforms.
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