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Video game market is expected to witness USD 67.7 Billion growth during 2024-2032: MRFR

MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Video Game Market.

The Video Game Market industry is projected to grow from USD 42.158 billion in 2024 to USD 67.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2024 - 2032). Additionally, the market size for video game was valued at USD 39.4 billion in 2023. 

Innovation and improvement in hardware as well as gaming software are key components driving the development of the worldwide computer game market. The rising entrance of internet providers coupled with the easy availability and accessibility of games on the web across the globe is additionally expected to push the market development in the impending years. Computer game engineers are likewise continually improving and pushing the technological limits regarding the real-time rendering of graphics in the video game industry, which is additionally expected to fuel the development of the worldwide video gaming market. 

With the outbreak of COVID-19, home entertainment is by all accounts the solitary alternative for gamers in lockdown while films and theaters precede their' door-closed' approach to forestall the sickness. The March 2020 overview shows that video games in the United States revealed that they invested 45% more energy playing computer games in the midst of the quarantine than in the earlier week. Esports is another arising industry that manages to make more than a billion dollars a year. Presently, after the pandemic, it has acquired further foothold. The increment in the first-run through download of Twitch after the pandemic in March has ascended to 14% in the United States and an amazing 41% in Italy.Online play has likewise expanded, with consumers spending more time playing games with others via the internet connection. Twenty-nine percent of the US gamers said that they have been playing more with their companions online since the Covid-19 pandemic started. Moreover, internet gaming is getting its speed as probably the most ideal choice for home entertainment. The market is seeing a huge rise in downloads of the different application, and the time spent, and engagement in the internet games has additionally expanded quickly.

Industry News

  • In May 2020 - Microsoft has revealed the launch of the game ‘Scarlet Nexus’ in Xbox Series X, by the end of 2020. The game claims to support the key technical features of the Xbox Series X, such as real-time ray tracing, 120-frames-per-second animation, and super-fast loading times.

  • In April 2020 - Sony launched the first look of the DualSense wireless controller, which comes together with Playstation 5 that is going to release at the end of 2020. The features of DualSense, along with PS5’s Tempest 3D AudioTech, will deliver a new feeling of immersion to players. DualSense also adds a built-in microphone array, which will enable players to chat with friends without a headset easily.

In 2019, the Smartphone segment held the largest market share: MRFR

The Global Video Game Market has been segmented based on gaming device, gaming type, end-user, and region. Based on gaming device, the global video game market is divided into console, tablet and smartphone. The smartphone gaming segment is expected to hold the largest share of the market. It is expected to grow at a faster rate during the forecast period owing to the rising demand for mobile games and multiple technological advancements in the market, such as AR, VR, cloud gaming. According to a research, there were more than 200 million mobile game players last year in the United States alone. Based on gaming type, the global market is divided into online and offline gaming. The online gaming segment is expected to hold the largest share of the market share and it is expected to grow at the fastest rate during the forecast period. The emergence of 5G networks and availability of unlimited data plans are also expected to be key factors towards the success of online gaming across the globe, as most gamers prefer playing games online on their mobile devices. The increasing services and investment in the 5G infrastructure are also very important towards this success. According to Ericsson, the number of 5G mobile subscriptions in the Asia-pacific region is expected to reach around 1,545 million by 2025.Based on end-user, the global market is divided into kids, teenagers and adults. The teenager segment is expected to hold the largest share of the market share and is expected to grow at the fastest rate during the forecast period.

Based on region, the Global Video Game Market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.  Asia-Pacific is expected to hold the largest share in the global video gaming business, where nations, for example, China, Japan, and South Korea show a high potential in market development. The Chinese undertakings are prepared to accept the business openings brought by global digitalization due to the rise in the digital ecosystem.  Further, 5G technology is also driving the mobile-based VR gaming market in the China region. For instance, in May 2020, Archiact has announced a partnership with Migu, a subsidiary of telecom provider China Mobile, for Archiact’s games that would be the first VR games to be playable via Migu’s 5G cloud gaming platform, named as Migu Quick Gaming. Also, by partnering with Migu, Archiact states that it is able to work together to build the future of 5G VR cloud gaming, thus making VR even more accessible.

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The key players operating in the Global Video Game Market areSony Corporation (Japan), Microsoft Corporation (US), Apple Inc. (US), Google LLC (US), Bandai Namco Entertainment, Inc. (Japan), Take-Two Interactive Software, Inc. (US), Nintendo Co. Ltd (Japan), Activision Blizzard Inc. (US), Electronic Arts Inc. (US), Ubisoft Entertainment SA (France), Square Enix Holdings Co. Ltd (Japan), ZeptoLab Co. Ltd (Russia), Tencent Holdings Limited (China), Sega Games Co. Ltd (Japan). Some other potential players in the global video game market are Capcom Co. Ltd (US), NetEase Inc. (China), Beijing Kunlun Technology Co. Limited (China) and Nexon Company (South Korea).

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global video game market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing and cost analysis

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Report details
Base Year 2020
Companies Covered 15
Pages 111
Certified Global Research Member
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