The ‘Global Video Games Market Size, Share, Growth, Demand, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global video games market, assessing the market on the basis of its segments like devices, age groups, platform types, and major regions.
Global Video Games Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): Around USD 196.2 Billion
- Forecast CAGR (2023-2028): 13%
- Forecast Market Size (2028): Nearly USD 399.6 Billion
A major factor driving the global video games market is the growing popularity of online video game platforms. Increased internet penetration has promoted global connectivity, which enables gamers from different parts of the world to participate in immersive and multiplayer gameplay. Moreover, an increase in online gaming competitions is also expected to support the growth opportunities of the market in the forecast period.
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Gaming is increasingly gaining popularity across the globe, and gamers can now earn by participating in tournaments or getting sponsorship from brands and companies. Moreover, gamers on YouTube or Twitch can earn passive income through live streams or by reviewing video games, which is further boosting the market demand.
The surging launch of games of different genres is also driving the global video games market demand. Furthermore, key players are using effective social media marketing strategies to enhance their visibility and expand their customer base. Moreover, the rise in disposable income is also expected to boost the sales of gaming consoles with innovative features, hence propelling the market demand.
Video Games Industry Definition and Major Segments
Video games are electronic games that can be played either offline or online on devices such as smartphones, televisions, gaming consoles, and PCs. These interactive games can be single or multiplayer and are generally played on the display screen with the aid of input devices such as keyboards, mouse, joysticks, or controllers.
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On the basis of device, the market is classified into:
Based on age group, the market is segmented into:
- Generation X
- Generation Y
- Generation Z
On the basis of platform type, the market is categorised into:
Based on region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Video Games Market Trends
A key trend propelling the growth of the global video games market is the widespread demand for mobile gaming owing to the ease of convenience. The increased adoption of smartphones has accelerated the development of gaming applications in the market. Moreover, some players are designing the mobile version of their console or PC games to improve their reach. The integration of advanced features in the latest models of smartphones is expected to further boost the popularity of mobile video games in the forecast period.
The increasing integration of virtual and augmented reality into video games is also expected to propel the market growth. Moreover, the implementation of new functionalities such as facial recognition, voice recognition, and gesture control are also expected to transform the market. Furthermore, improvement in the audio and video quality and 3D imaging process also support the overall revenue.
The Asia Pacific accounts for a substantial share of the global video games market owing to an increase in the number of young gamers and the rise in purchasing power. Additionally, the presence of market players such as Sony and Nintendo are offering innovative and immersive gaming experiences.
Key Market Players
The major players in the global video games market report are Sony Group Corporation, Microsoft Corporation, Nintendo Co., Ltd., Activision Blizzard, Inc., Electronic Arts Inc., Epic Games, Inc., Take-Two Interactive Software, Inc, Rovio Entertainment Oyj, Lucid Games Limited, Tencent Holdings Ltd., and Bandai Namco Holdings Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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