Video Game Market Research Report‚ÄĒGlobal Forecast till 2030

Video Game Market Research Report Information Report by Gaming Device (Console, Tablet, Smartphone), by Gaming Type (Online, Offline),by End-user (Kids,Teenagers, Adults), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) ‚Äď Forecast till 2030

ID: MRFR/ICT/9113-HCR | 111 Pages | Author: Shubham Munde | June 2023         

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Video Game Market

The video game market size was valued at USD 65 billion and is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.00% from 2022-2030

Segmentation
By Gaming Device Console Tablet Smartphone
By Gaming Type Online Offline
By End-User Kids Teenagers Adults
Key Players
Companies Profiled   Sony 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)
Drivers
Market Driving Forces   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.
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Global Video Game Market Research (MRFR Insights)


The video game market is projected to register a CAGR of 7.00% from 2022 to 2030. The increasing preference for online gaming among individuals is driving the popularity of massively multiplayer online (MMO), Free2Play (F2P), and multiplayer games, and the trend is expected to continue during the forecast period. The  video game market size is expected to reach approximately USD 65 billion by 2030. Moreover, the growing concerns over data security and piracy protection and the rising instances of fraud during gaming transactions are also emerging as potential threats restraining market growth.


COVID-19 Impact Analysis


This COVID-19 pandemic has negatively influenced the supply of hardware products such as cell phones, smart TVs, laptops, personal computers, and consoles. However, due to lockdown restrictions across regions, video gaming devices, services, and solutions saw a surge in demand during the pandemic. During the lockdown, demand for video games increased since they do not require additional hardware and can be played on any device. Also, during the lockdown, people ly turned to cloud-based gaming and digital entertainment platforms to pass their time. In 2020, Verizon Communications' gaming platform experienced a significant increase in demand. Several gaming companies, including AWS Games, WinZo Games, and Microsoft Corporation platforms, saw a significant increase in traffic during the pandemic.


 Video Game Market Dynamics


The factor that drives the market growth is several individuals use social media to find the video game of their choice. Game developers are introducing several games across various genres, including role play, simulation, action, and strategy, on social media to attract customers. The increasing popularity of e-sports tournaments and the growing number of professional gamers drive the sales of video games and accessories. The possibility of gaming as an educational tool to create cognitive learning is also being examined. The idea of 'gaming to learn' is still in its developing stages but gaining traction gradually. However, the growing sales of counterfeit products, especially in countries like China and Indonesia, due to their relatively lower prices, do not bode well for the market's growth. The enhancing concerns over data security and piracy protection and the growing instances of fraud during gaming transactions are also emerging as potential threats hindering market growth. A steep increase in health issues and disorders stemming from video game addiction is also anticipated to restrain the market's growth over the forecast period.


Market Drivers



  • Various strategies by key players


The key companies operating in the industry are highly inclined towards adopting different growth strategies, including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product Introduction, and product innovation to remain competitive in the marketplace. This is anticipated to impact significant market growth positively. For instance, in May 2022, Blizzard Entertainment established an action-packed mobile strategy game with Warcraft Arclight Rumble. This action-packed mobile system will be eligible for Android and iOS devices in select regions. The partnership comes with numerous advantages players can collect over 60 characters from throughout the Warcraft universe.


Market Restraints:



  • Latency and responsiveness issues


Streaming games on a cloud platform needs a low latency network with high bitrates and adequate bandwidth. However, establishing a connection to the internet with the required performance may be too expensive in some countries. Latency and responsiveness can be issues if the appropriate network and bandwidth requirements are not satisfied. However, as telecom companies begin to deliver high-speed connectivity and key organizations, such as Microsoft Corporation and Google LLC, invest in data servers, the restricting factor may be removed.


Market Opportunities:



  • The advent of cloud gaming technology to surge video gaming demand.


Major players in the market are focused on adopting cloud models in video gaming. This adoption would aid the utilizers with an enhanced gaming experience and allow them to customize their gaming library. Instant access to the stored video games is possible through cloud-based gaming solutions from any location and platform. The adoption of cloud gaming is considered one of the advanced trends in this developing market. Also, these games based on the cloud offer a wide range of features, including unlimited live streaming, storage capability, links between the connected device, and others. The rising demand among users for cloud-based virtual reality software is expected to boost the market size. Key players are completing strategic partnerships and collaborations to strengthen their market position using cloud technology in the virtual reality gaming industry.


Video Game Market Segmentation


Gaming Device Insights


The  video game market segmentation, based on the gaming device, is the console, tablet, and smartphone. The  video game market growth was prominently high under the smartphone category in 2021 due to the increasing smartphone penetration rate ly. However, the console is the fastest growing category in the coming years as it provides lucrative features, such as high-end displays and sound systems designed to provide gamers with an improved and enriched experience.


Gaming Type Inisghts


The  video game market segmentation is online and offline based on gaming type. In 2021, online accounted for the largest share of the  market due to the growing popularity of multiplayer games. However, the offline category is to register the highest growth rate during the forecast period due to the rising number of gamers considering offline video games as entertainment.


End User Inisghts


Based on end-user, the  market is divided into kids, teenagers, and adults. The teenager category dominated the market for video games in 2021 due to the maximum number of people who prefer to play video games within this age group. The kid's category is to witness significant growth over the forecast period due to the growing knowledge of the game in kids.


Global Video Game Market Share by Region, 2021 (%)
Video Game Market Share by Region, 2021
Video Game Market Overview by Region


By region, the  video game market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. , Asia-Pacific accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.


Asia-Pacific


Asia-Pacific dominated the market share in 2021. The rapid enhancement of mini-games played within mobile apps, such as WeChat, without installing another application necessitates enhancing China's gaming business. Mini-games with significant social components are simple to recreate and have a large following in the country. Japan has been one of the major players in the video gaming market with the rapid growth of technological adaption and the presence of many leading gaming enterprises, such as Sony, Konami, Nintendo, and others, for decades in the country. The country's gaming market is anticipated to grow significantly during the forecast period.


Europe


Europe accounted for the second-largest market share in 2021 because the expanding gaming sector in Europe is expected to increase the region's cloud gaming business. These expanding potentials propel massive collaboration, investment, and acquisition in the Europe gaming sector. For instance, in March 2021, the European Commission approved Microsoft Corporation's acquisition of ZeniMax Media, a game developer, and publisher.


Video Game Market Competitive Landscape


The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have  reach with diverse product portfolios. Companies such as Sony Corporation (Japan), Microsoft Corporation (US), Apple Inc. (US), Google LLC (US), and Bandai Namco Entertainment Inc. (Japan) dominate the  market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in February 2022 - Focus Entertainment acquired Metal Slug Tactics and Rogue Lords developer Leikir Studio. This acquisition validates the multi-production strategy and makes the Leikir studio the 5th developing studio integrated into the Focus Entertainment company.


Prominent players in the  video game market research include Take-Two Interactive Software Inc. (US), Nintendo Co. Ltd (Japan), Activision Blizzard Inc. (US), Electronic Arts Inc. (US), and Ubisoft Entertainment SA (France), among others.


Scope of the  Video Game Market Report


Gaming Device Outlook



  • Console

  • Tablet

  • Smartphone


Gaming Type Outlook



  • Online

  • Offline


End User Outlook



  • Kids

  • Teenagers

  • Adults


Region Outlook



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Video Game Market Forecast & Size:


To identify and estimate the market size for the  video game market report segmented by gaming device, gaming type, and end user by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the  video game market forecast between 2022 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges in the  video game market growth


Market Influencing Factors:


To find out the factors which are affecting the  video game market size among consumers


Impact of COVID-19:


To identify and understand the various factors involved in the market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Video game developer

  • Governments, associations, and industrial bodies

  • Consulting  companies in the market



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 65 billion
  CAGR   7.00% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Gaming Device, Gaming Type, and End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   Sony Corporation (Japan), Microsoft Corporation (US), Apple Inc. (US), Google LLC (US), and Bandai Namco Entertainment Inc. (Japan)
  Key Market Opportunities   The advent of cloud gaming technology to surge video gaming demand
  Key Market Drivers   Various strategies by key players


Frequently Asked Questions (FAQ) :

The  video game market forecast period is 2022-2030

The market is expected to register a CAGR of ~7.00% over the next 10 years, according to  video game market research.

Europe is expected to register the highest 7.00% CAGR during 2022-2030

Asia-Pacific held the largest share in 2021

The market size is expected to be USD 65 billion by 2030.

Sony Corporation (Japan), Microsoft Corporation (US), Apple Inc. (US), Google LLC (US), and Bandai Namco Entertainment Inc. (Japan) are the major companies operating in the market.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players‚Äô financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
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