Video Game Market Strategic Trends and Business Opportunities, Forecast to 2032
- Nov 25, 2024
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The global video game market was valued at USD 188.73 billion in 2021 and is expected to grow from USD 199.74 billion in 2022 to USD 307.19 billion by 2029. This represents a compound annual growth rate (CAGR) of 6.3% over the forecast period. The market's growth is primarily driven by ongoing technological advancements. These insights are detailed in a report titled Video Games Market, 2022-2029 by Fortune Business Insights™.
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Major Companies in the Market
Several leading companies dominate the global video game market, including:
- 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)
Market Segments
Smartphone Penetration Driving Growth
The global video game market is divided by device type into smartphones, PCs/laptops, and gaming consoles. Among these, smartphones hold the largest share of the market. As smartphones become more accessible and 5G networks expand, the number of mobile gamers has grown significantly. Enhanced smartphone capabilities, along with the availability of high-speed internet, are contributing to the expansion of mobile gaming, which is expected to further propel market growth.
Tech-Savvy Generations Fuel Demand
The market is also segmented by age group, including Generation X, Generation Y, and Generation Z. Among these, Generation Z stands out as the most tech-savvy group, having grown up with digital technology, the internet, and smartphones. Their familiarity with technology and online gaming is a key driver for the market.
Online Gaming Dominates the Market
The market is also categorized by platform type, with a distinction made between online and offline gaming. The online segment has the largest market share, driven by the proliferation of online multiplayer games such as first-person shooters (FPS), Multiplayer Online Battle Arenas (MOBA), battle royale games, and more. Factors such as the launch of smartphones with advanced gaming features, increasing digitization, and expanding internet penetration are contributing to the growth of the online gaming sector.
Technological Advancements Boosting Market Growth
The continuous integration of cutting-edge technologies like 3D graphics, augmented reality (AR), virtual reality (VR), and high-definition sound effects has made modern video games more immersive and realistic. As a result, consumer interest in video games continues to grow, spurring further market expansion. Additionally, the shift towards personalized, user-centric gaming experiences is attracting more players worldwide.
However, concerns about the potential negative effects of violent video games, such as increased aggression in young players, remain a challenge for the industry.
Regional Insights
Asia Pacific Leading the Charge
Asia Pacific is currently the dominant region in the global video games market, owing to the presence of major game developers and the high adoption rates of smartphones and internet connectivity. As mobile gaming continues to rise, developers are focusing on creating popular multiplayer games like PUBG and Call of Duty to cater to the growing consumer base in this region.
North America is also expected to experience strong growth, fueled by an expanding gaming community, widespread internet access, and the availability of high-tech gaming devices.
Competitive Landscape
To stay competitive, leading companies in the video games industry are making strategic moves such as partnerships, mergers, and acquisitions. One key strategy is the launch of new gaming products equipped with advanced features to meet the demands of a growing player base.
Key Industry Developments
- In July 2022, Asus launched the ROG Phone 6 Pro and ROG Phone 6, expanding its line of gaming smartphones. These new devices feature cutting-edge technology, including the Snapdragon 8+ Gen 1 system-on-chip, up to 18GB of RAM, and 512GB of storage, further driving the growth of mobile gaming.
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