Video Games Market Outlook 2031
The Video Games Market was USD 307.15 Billion 2022 and is likely to reach USD 652.91 Billion in 2031, expanding at CAGR of 8.74% during 2023 – 2031. The growth of the market is attributed to the technological advancement and innovation in both hardware and software.
Video game is developing as one of the most lucrative businesses in the entertainment sector. Constant development in Augmented Reality (AR) and Virtual Reality (VR) is serving the market.
Globally, easy availability and accessibility of games on the internet and increasing penetration of internet services are helping the market expansion. Developers in game industry are continuously updating and forcing the technological limits related to the real-time execution of graphics in the video game market. The increasing inclination towards online games from physical games is leading the market players to concentrate on efficiency and hardware compatibility.
Massively Multiplayer Online (MMO), multiplayer games, and Free2Play (F2P) are constantly gaining popularity, this is projected to continue over the next eight years. The increasing level of disposable income leads to rise the consumer spending on gaming products. Moreover, changing consumer preferences controls the huge adoption of advanced gaming consoles furnished along with advanced features including record and share and cross-platform gameplay.
The social media gaming is anticipated to cater the impact on shaping up the market growth. The presence of several genres of games includes role play, strategy, action, and simulation, which is expected to increase the interest of the customers. Increasing popularity of eSports tournaments and rising number of professional gamers are resulting in rising sales of video games and accessories including gaming hardware and software.
In corporate enterprises and educational institutes, the demand of this market is rising. The acceptance of gaming as an educational tool gives chances for cognitive and deeper learning. The concept of ‘gaming to learn’ is present there for longer period of time. Still, the potential of gamification possibilities in academics is exploited.
Video Games Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of gaming platforms, such as E-sports is major factor responsible for the market growth over the forecast period.
- Emergence of cloud gaming, increasing cross-platform publishing and play games, and advancement in cloud technology are projected to boost the market growth in the coming years.
- Growing adoption of mobile and browser games and rising use of the internet are expected to drive the growth of the market.
- Rising proliferation of mobile phones, empowering nature of games, and availability of different genres such as simulation, strategy, and action are estimated to fuel the market growth.
- Increasing inclination towards online games and rising gamers involvement are anticipated to spur the expansion of the market.
- Advancements in next-gen technology, including 5G and cloud gaming is projected to fuel the market growth.
- Rising privacy concerns, stringent regulations, and copyright issues are anticipated to hamper the market growth in the coming years.
- Increasing fraud during gaming transactions and rising video game-related health issues are expected to impede the expansion of the market in the coming years.
Scope of Video Games Market Report
The report on the global video games market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Video Games Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Devices (Console, Mobile, and Computer), Types (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Microsoft Corporation; Nintendo Co., Ltd.; Rovio Entertainment Corporation; NVIDIA Corporation; Valve Corporation.; PlayJam Ltd.; Bluestack Systems, Inc.; and Sony Corporation
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Video Games Market Segment Insights
Console segment is expected to grow at a significant pace
On the basis of devices, the video games market is segmented into console, mobile, and computer. The mobile segment is expected to hold a key share of the market during the forecast period owing to rising penetration of smartphones around the world. The mobile device segment is anticipated to rise in momentum due to growing demand of tablets. They also have advantages such as larger displays and better viewing experience.
However, the console segment is anticipated to expand at a rapid pace during the forecast period. The console has some advantages such as availability of sound systems and high-end displays which gives rich and improved experience for the customer which is projected to fuel the segment growth over the forecast period. Moreover, enable recording and online sharing of in-game footage are features of the consoles. Dynamic simulation is one other feature of next-generation gaming consoles which creates feeling of immersion and consenting the gamer for the influence across the globe.
Online segment is projected to hold a major market share
Based on types, the market is bifurcated into online and offline. The online segment is expected to account for a key share of the market during the forecast period owing to rising demand of multiplayer games as they offers in-game communication and advances overall gaming experience. For the expansion of online video games, the social networking sites are dominating virtual platform. Rising awareness about interactive entertainment systems and increasing number of gamers are projected to boost the growth of the segment.
Moreover, increasing penetration of cloud gaming and smartphones is expected to drive the segmental growth. Companies present in the market for the development of video game consoles are focusing on capitalization of opportunities given through online video games
Asia Pacific is expected to dominate the market
On the basis of regions, the video games market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to development of China as a major gaming hub. The rising demand of entertainment and increasing penetration of smartphone in China are projected to drive the regional market growth.
Growing number of online gamers and increasing online gaming tournament in Asia Pacific region is fuelling the vendors to introduce several platforms which helps gamers for accessing AAA rated games. The new cloud gaming service permits gamers for accessing AAA games of on underpowered device anytime and anywhere. South Koreas is also significantly contributing in the regional market growth by increasing focus on e-sports and multiplayer online games.
Segments
The global video games market has been segmented on the basis of
Devices
Types
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the video games market are Microsoft Corporation; Nintendo Co., Ltd.; Rovio Entertainment Corporation; NVIDIA Corporation; Valve Corporation.; PlayJam Ltd.; Bluestack Systems, Inc.; and Sony Corporation. Major market players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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