video game market
video game market
The video game market earned $196.3 billion in 2021 and is expected to reach $399.8 billion in 2029, growing at a CAGR of 9.3% during the period 2022-2029.
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Factors driving the growth of the video game market include proliferation of smartphones, laptops and tablets, improved internet connectivity, growing consumer preference for online games, increase in number of esports tournaments and the growing influence of social media platforms around the world. According to the report published by Statista, the revenue generated by Global eSports Market was calculated around USD 996 million in 2020 and is expected to reach USD 1.87 billion by the end of 2025, which will accelerate the video game market share in the years to come. Additionally, the growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Augmented Reality (AR), increasing developer focus on improved graphics and game display resolution and rapid urbanization, are some of the other factors supplementing the video game market size. In addition, increasing investments by major players in research and development, technological innovations in game consoles, strategic mergers and partnerships among major players, increasing population growth rates and rising incomes available, are further pushing the growth of the video game market.
However, the growth of the video game market is hampered due to the increase in cases of fraud during gambling transactions.
Major players operating in the market are Nintendo, BANDAI NAMCO Entertainment Inc., Rovio Entertainment Corporation, Tencent, Sony Corporation, Microsoft, Apple Inc., Activision Blizzard, Inc., Lucid Games Ltd, and Electronic Arts Inc., among others.
Based on device type, the console segment is expected to grow at a robust CAGR during the forecast period
According to the video game market trends, consoles enhance the experience of gamers and are innovative features and are easily available on online platforms, are some of the factors responsible for the growth of the segment.
On the basis of platform type, the online segment is expected to grow at a remarkable CAGR during the forecast period
According to the video game market report, online games facilitate in-game communication and improve gaming experience, along with the growing influence of social media platform, propel the growth of the segment.
Based on region, Asia-Pacific region is expected to capture major market share during the forecast period
According to the study on the video game market, the presence of major players such as Nintendo, BANDAI NAMCO Entertainment Inc. and Sony Corporation, the increase in the number of eSports events, the increase in revenue per capita and the rates of High population growth are some of the important factors. increase market growth in the Asia-Pacific region.
In 2020, Tencent partnered with Japanese game companies in response to growing technology friction between the United States and China.
In 2020, Microsoft completed the acquisition of ZeniMax Media, for $7.5 billion, this acquisition will own major game titles such as Fallout, The Elder Scrolls, Doom, Quake and Wolfenstein.
Segmentation by device type
Segmentation by gender
Segmentation by age group
Age group 10-20
Age Range 21-35
Age range 36-50
Age range 51-65
Segmentation by platform type
Segmentation by type of player
Segmentation by region
Rest of APAC
the United States of America
The rest of Europe
United Arab Emirates
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This press release was published on openPR.