The video game market was valued at $231.4 billion in 2022 and is expected to reach $446.5 billion by 2032 registering a CAGR of 6.5%.
Video games are electronic games that involve interaction with a user interface, typically through a controller or keyboard, and are played on a variety of platforms such as consoles, computers, and mobile devices. Video games have grown to be a popular form of entertainment with a multibillion-dollar global industry. Action, adventure, role-playing, simulation, sports, and strategy games are all examples of video games. They can be played alone or in groups, locally or online. While some consider video games to be a kind of escapism or a waste of time, others consider them to be a true art form and a fantastic instrument for education and training. Video games can give gamers a sense of accomplishment, social contact, and even stress alleviation. In contrast, excessive video game use can lead to addiction, social isolation, and physical health issues. Players must practice safe gaming behaviors, and parents must monitor their children's video game use.
The gaming and esports businesses have grown enormously in the recent decade, giving a boost to numerous esports leagues across the globe. Many corporations and businesses have stepped forward to assist in the formation of teams in various esports leagues to attract people interested in electronic gaming. The rise of esports competitions has raised awareness of electronic gaming and inspired young people to pursue it as a career.
In the last five years, the gaming population has grown at a reasonable rate, with an average annual rise of 17.6 million and an annual growth rate of 5%. The rise in the gaming population has fueled the sales of gaming peripherals such as gaming keyboards and mice. Different gaming peripheral manufacturing companies are going for tie-ups with the esports leagues to promote their product and Increase awareness among consumers about the specialization and characteristics of their new gaming keyboards. The Increased growth of the esports industry has fueled the growth of the video games market.
Gaming addiction and the promotion of violence through various games have been the subject of concern for governments across the globe, resulting in Increased melancholy and aggressive behavior in youngsters. As a result, numerous countries have prohibited games that may cause participant’s emotional discomfort. Furthermore, many countries have set time limits for how much time a person can spend playing video games. For example, in August 2021, China prohibited players under the age of 18 from playing online games on holidays and limited the number of hours that may be played on weekends. This regulation restricts the growth of market participants and their user base.
Cloud gaming, also known as game streaming on demand and game streaming, is a technology that allows gamers to broadcast games over the internet without the requirement for a high-quality gaming computer or console. Cloud gaming, which allows games to be played on remote servers with real-time transmission onto the player's device, offers quick and responsive gameplay. Cloud gaming provides various advantages to players, Including Increased accessibility, convenience, performance, and cost-effectiveness. Some of the most prominent cloud gaming platforms are Google Sadia, Amazon Luna, GeForceNow, and Microsoft xCloud. These platforms provide a diverse selection of games, ranging from small titles to AAA blockbusters, and allow gamers to access them via a variety of devices. These issues are being addressed by upgrading internet infrastructure and developing streaming technology to make cloud gaming more engaging. Cloud gaming has the potential to transform the video game sector by making games more accessible, fun, and cost-effective for users.
Video games are electronic games that involve interaction with a user interface, typically through a controller or keyboard, and are played on a variety of platforms such as consoles, computers, and mobile devices. Video games have grown to be a popular form of entertainment with a multibillion-dollar global industry. Action, adventure, role-playing, simulation, sports, and strategy games are all examples of video games. They can be played alone or in groups, locally or online. While some consider video games to be a kind of escapism or a waste of time, others consider them to be a true art form and a fantastic instrument for education and training. Video games can give gamers a sense of accomplishment, social contact, and even stress alleviation. In contrast, excessive video game use can lead to addiction, social isolation, and physical health issues. Players must practice safe gaming behaviors, and parents must monitor their children's video game use.
The gaming and esports businesses have grown enormously in the recent decade, giving a boost to numerous esports leagues across the globe. Many corporations and businesses have stepped forward to assist in the formation of teams in various esports leagues to attract people interested in electronic gaming. The rise of esports competitions has raised awareness of electronic gaming and inspired young people to pursue it as a career.
In the last five years, the gaming population has grown at a reasonable rate, with an average annual rise of 17.6 million and an annual growth rate of 5%. The rise in the gaming population has fueled the sales of gaming peripherals such as gaming keyboards and mice. Different gaming peripheral manufacturing companies are going for tie-ups with the esports leagues to promote their product and Increase awareness among consumers about the specialization and characteristics of their new gaming keyboards. The Increased growth of the esports industry has fueled the growth of the video games market.
Gaming addiction and the promotion of violence through various games have been the subject of concern for governments across the globe, resulting in Increased melancholy and aggressive behavior in youngsters. As a result, numerous countries have prohibited games that may cause participant’s emotional discomfort. Furthermore, many countries have set time limits for how much time a person can spend playing video games. For example, in August 2021, China prohibited players under the age of 18 from playing online games on holidays and limited the number of hours that may be played on weekends. This regulation restricts the growth of market participants and their user base.
Cloud gaming, also known as game streaming on demand and game streaming, is a technology that allows gamers to broadcast games over the internet without the requirement for a high-quality gaming computer or console. Cloud gaming, which allows games to be played on remote servers with real-time transmission onto the player's device, offers quick and responsive gameplay. Cloud gaming provides various advantages to players, Including Increased accessibility, convenience, performance, and cost-effectiveness. Some of the most prominent cloud gaming platforms are Google Sadia, Amazon Luna, GeForceNow, and Microsoft xCloud. These platforms provide a diverse selection of games, ranging from small titles to AAA blockbusters, and allow gamers to access them via a variety of devices. These issues are being addressed by upgrading internet infrastructure and developing streaming technology to make cloud gaming more engaging. Cloud gaming has the potential to transform the video game sector by making games more accessible, fun, and cost-effective for users.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the video game market analysis from 2022 to 2032 to identify the prevailing video game market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the video game market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global video game market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Platform Type
- Offline
- Online
By Device
- Smartphones
- PC
- Consoles
By Age Group
- Generation Z
- Generation Y
- Generation X
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Argentina
- Rest of LAMEA
Key Market Players
- Activision Blizzard, Inc.
- Bandai Namco Entertainment America Inc.
- Electronic Arts Inc.
- Epic Games, Inc
- Lucid Games
- Microsoft Corporation
- Nintendo of America Inc.,
- Sony Interactive Entertainment Inc.
- Take-Two Interactive Software, Inc.
- Ubisoft Entertainment.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VIDEO GAME MARKET, BY DEVICE
CHAPTER 5: VIDEO GAME MARKET, BY AGE GROUP
CHAPTER 6: VIDEO GAME MARKET, BY PLATFORM TYPE
CHAPTER 7: VIDEO GAME MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Video Game Market,' The video game market was valued at $231.40 billion in 2022, and is estimated to reach $446.4 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.Video games are electronic games that involve interaction with a user interface, typically through a controller or keyboard, and are played on a variety of platforms such as consoles, computers, and mobile devices. Video games have evolved into a popular kind of entertainment, with a multibillion-dollar global industry. Various types of video games are there, including action, adventure, role-playing, simulation, sports, and strategy games. They can be played solo or with others, locally or online. While some see video games as a kind of escapism or a waste of time, others see them as a real art form and an excellent tool for education and training. Video games can provide players with a sense of success, social contact, and even stress relief. Excessive or problematic video game use, on the other hand, can lead to addiction, social isolation, and physical health problems. It is important for players to practice responsible gaming habits and for parents to monitor their children's video game use.
As 3D, sound effects, augmented reality (AR), high-definition (HD) graphics, and virtual reality (VR) graphics have become more integrated, games have become more graphically sound and functional. They are more appealing and, as a result, can attract a large consumer base. Video games have become more realistic in terms of portrayal. With high-quality visual effects, detailing, and sound effects, they appear more natural. Developers are working on making games with more realistic graphics as technology develops from 8-bit resolution to 64-bit resolution. Technical advancements in game production have been continuous and rapid, leading to a tendency toward personalization and user-centricity. This development in resolution technology boosts customer engagement and likeability, leading to rapid market advancement. Graphics for video games are adequate on high-definition monitors such as HD, FHD, UHD, and 4K. High-definition televisions with 720p and 1080p resolutions have significantly raised the demand for more realistic games. For example, Apple claimed in October 2022 that its new 27-inch pro-motion external display will be available early the following year. This 5K external display includes Apple's ProMotion technology, which adjusts the refresh rate based on the situation and can reach 120Hz. Furthermore, advancements in Graphic Processor Unit (GPU) technology have smoothed performance; thus, a combination of technologically advanced GPU and display gives an excellent performance-to-visuals ratio. Examples: In November 2022, Advanced Micro Devices (AMD), a subsidiary of the U.S. multinational Semiconductor Company, announced that they were releasing their next generation 'RDNA 3' graphics card. The RTX 4090 graphics card is to be introduced ahead of the competition since Nvidia's direct competitor and high-speed GPU manufacturer has begun publicizing plans for its release.
During the COVID-19 period, the government's lockdown worked to boost the gambling sector's market growth. Individuals from all across the globe have begun to invest in online and offline games, and the ratio of players has dramatically increased during the shutdown. During the pandemic, game-developing companies such as Tencent and Sony saw a threefold boost in sales. Though the gaming industry was booming, the gaming accessories industry declined due to a disrupted supply chain and lack of labor & raw materials. The gaming keyboard market had a drop in market growth during the early days of the pandemic until manufacturing concerns were resolved.
Governments have banned certain games or developer companies because of the fast development of cloud gaming technology, causing data breaches and cyber security threats that had adversely impacted consumer behavior which may hamper the market expansion. For instance, in July 2022 the Indian Government banned Battleground Mobile India (BGMI) due to concerns about security breaches and asked for it to be taken down by Apple and Play Store. In countries such as Brazil, Venezuela, and South Korea, too much violence is a reason to ban video games. Owing to the restriction of government censorship, developers need to develop a custom version that would lead to increased development and maintenance costs. For example, a new Call of Duty & Cold War trailer was pulled from the market in August 2020 on account of its content not being approved by the government. This is why a short version was to be released later by the company.
The gaming business has a significant influence on the economies of Western countries such as the U.S. The gaming business in the U.S. employs approximately two million people and generates millions of dollars in tax receipts. The government's attempts to encourage the gaming sector have expanded individual engagement and contributed to improving the industry's market worth. The governments of emerging nations, such as India, are incorporating Esports into traditional sporting disciplines. The government has urged the Ministry of Electronics and Information Technology and the Sports Ministry to include e-Sports in multi-sport events using the authority provided by clause (3) of Article 77 of the Constitution. The expanding endeavors by developing-nation governments to encourage electronic gaming are predicted to give a chance for the gaming sector to grow at an exponential rate and generate higher valuation.
Companies Mentioned
- Activision Blizzard, Inc.
- Bandai Namco Entertainment America Inc.
- Electronic Arts Inc.
- Epic Games, Inc
- Lucid Games
- Microsoft Corporation
- Nintendo of America Inc.,
- Sony Interactive Entertainment Inc.
- Take-Two Interactive Software, Inc.
- Ubisoft Entertainment.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | June 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 231.4 billion |
| Forecasted Market Value ( USD | $ 446.5 billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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