According to Fortune Business Insights, the global video games market size was valued at USD 188.73 billion in 2021 and is projected to grow from USD 199.74 billion in 2022 to USD 307.19 billion by 2029, exhibiting a CAGR of 6.3% during the forecast period.
Information Source:
Key Companies Covered in the Video Games Market:
- Sony Group Corporation (Japan)
- Microsoft (U.S.)
- Nintendo (Japan)
- Tencent (China)
- Activision Blizzard (U.S.)
- Electronic arts (U.S.)
- Epic Games (U.S.)
- Take-two interactive (U.S.)
- Ubisoft (France)
- Bandai Namco Holdings Inc. (Japan)
Report Coverage-
The report explains the drivers and challenges affecting market proliferation in the upcoming years. It includes an exhaustive analysis of the market by fragmenting it into segments and regions. Moreover, the report entails a company profiles section inclusive of strategic decisions undertaken by them recently. It also studies the impact of COVID-19 and enables investors to make informed decisions by providing accurate predictions regarding market conditions.
Drivers & Restraints-
Rising Consumer Inclination Toward Multiplayer Games to Fuel Market Growth
Gamers are more inclined toward competitive multiplayer mobile games such as Call of Duty (COD) and Player Unknown Battlegrounds (PUBG). The increasing popularity of Esports is another factor fueling the market. These video games allow gamers to interact with fellow players, thus increasing engagement. These games enable players to compete with others in real time and create a sense of self-achievement, which further increases their popularity and boosts demand.
On the other hand, governments impose bans on some developers and games to protect players against data breaches, exposure to violence, or cyber security threats, which will hinder the video games market growth.
Regional Insights-
Asia Pacific to Lead Backed by Growing Smartphone and Internet Penetration
Asia Pacific held the largest market share in the recent past due to increasing internet and smartphone penetration in China and India. Furthermore, various leading players have their headquarters in China which also contributes to market expansion in this region. The availability of social media platforms has allowed gamers to socialize beyond games which enhances the reach of video games.
Meanwhile, North America is predicted to grow substantially in the coming years due to technological advancements and easy access to high-speed internet
Competitive Landscape-
Launch of Innovative Products to Promote Market Expansion
Industry leaders often make strategic decisions such as partnerships, collaborations, and mergers & acquisitions to enlarge profit margins and strengthen their foothold in the market. One such move is the launch of new products & technologies to meet the ever-growing needs of consumers.
Key Industry Developments-
October 2022: Samsung launched the Odyssey Ark, a new 55-inch curved gaming monitor. The new monitor is equipped with advanced features such as 4K resolution, a 165 Hz refresh rate, 1 ms of response time, Cockpit Mode, AMD FreeSync Premium Pro, and Ark Dial.
