Newark, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 200 billion in 2022 global video games market will reach USD 473.47 billion in 2032. According to several international data organizations, the worldwide gaming industry is expected to reach 3 billion users by the end of 2023. It supports more than a million jobs in the United States alone. It contributes approximately 5 billion to the US economy. Similar numbers are seen worldwide in countries like China, India, Europe as a collective, and Brazil, among others. The covid-19 pandemic has contributed positively to the expansion of the gaming industry. The development of new games has also skyrocketed in recent years. Nearly 2000 video development schools are driving innovations and advancements in the industry. Therefore, the collective benefits of the gaming industry for the economy will drive investments, innovations and development in the forecast period.
Request PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/13598
Key Insight of the Global Video Games Market
Asia Pacific is expected to dominate the market during the forecast period.
The large populations of China and India provide a substantial player base for the area. Given the innovation and developments spearheaded by the Chinese and Japanese mobile companies, the public can access inexpensive, cutting-edge gaming phones. Favourable market development for the area is many game developers and key market players with headquarters in China. The advent and growth of the professional gaming industry have created a rich market for the creation of video games. The growing number of professional players and streams accelerates the regional market's expansion and growth.
In 2022, the mobile segment dominated the market with the largest market share of 52% and market revenue of 104 billion.
The device type segment is divided into console, computer and mobile. In 2022, the mobile segment dominated the market with the largest market share of 52% and market revenue of 104 billion.
In 2022, the offline segment dominated the market with the largest market share of 54% and market revenue of 108 billion.
The platform type segment is divided into online and offline. In 2022, the offline segment dominated the market with the largest market share of 54% and market revenue of 108 billion.
Advancement in market
June 2023 - Creators can easily incorporate AI models into the Unity Runtime for their games and applications with Unity Sentis. With the aid of this ground-breaking tool, developers can easily embed their AI model across various platforms, including mobile devices, PCs, the web, and gaming consoles. A ground-breaking cross-platform solution called Unity Sentis ushers in a new era in which AI models are integrated into the dynamic 3D engine. It opens up limitless opportunities where the lines between the virtual and real worlds become hazy, and creativity knows no limitations.
Procure Complete Report (230 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.thebrainyinsights.com/buy-now/13598/single
Market Dynamics
Driver: The development of advanced technologies.
The creation of gaming hardware, software, and services that are available, inexpensive, and useful has been made possible by technical developments. The creation of video games that work with smart mobile phones has been made possible by technological breakthroughs. It has also made it possible to introduce VR and AR, which provide users with an immersive gaming experience. The graphics, design, and development of gaming have seen a major transformation thanks to 3D modelling, making it more appealing and engaging and growing the market for video games. As a result, there is a greater demand for video games due to rising smartphone ownership, extending and deepening internet penetration, and affordable data connectivity options. Creating games that are compatible with smartphones, are free to play and are easily available has ensured that users may always play games. Thus, the expansion of the global video game market will be fueled by technical improvements.
Restraints: Video games' detrimental consequences on one's physical and mental well-being.
Video games are known to reduce stress and enhance mental and cognitive capacities. But according to studies, young people today spend too much time playing video games, which has several detrimental repercussions on their physical and mental health. Addiction may result from playing video games excessively and frequently. It may sabotage a regular sleep pattern and result in insomnia, anxiety, or sadness. Long periods of sitting can deteriorate physical health and create back eye, and heart issues. It can have crippling long-term repercussions on a user's health, including weight and muscle atrophy. Extreme suicide cases with video game losses have been documented, underscoring the parents' growing worries over their kids' video game use. As a result, the market's expansion will be hampered by the growing concerns about the harmful impacts of video games on user health.
Opportunities: The growth of the professional gaming industry.
Creating online multiplayer games like PUBG on standard smartphones ushered in a new era of competitive gaming. The creation of these sophisticated games paved the way for professional gaming, in which players participated in local, national, and international tournaments and made gaming their full-time job. Professional gaming's influence rose tremendously, inspiring live TV events, game development contests, and a sharp increase in video game downloads. As a result, during the projection period, the growth of professional gaming will spur innovation, rivalry, and overall market growth in the video games industry.
Challenges: The indiscriminate banning of games due to geopolitical tensions.
The geopolitical tensions between countries often lead to trade wars or bans on government figures and authorities. All these restrictions offer several key challenges to private industry players who operate internationally. For instance, banning several Chinese applications, including video games, the Indian Authorities following the border skirmishes led to significant financial and market losses for the Chinese developers. Similar events challenge the market's growth and limit the global video games market's development.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.thebrainyinsights.com/enquiry/buying-inquiry/13598
Some of the major players operating in the global video games market are:
• Activision Blizzard
• Electronic Arts Inc.
• Epic Games
• Lucid Games
• Microsoft
• Nintendo
• Sony Interactive Entertainment Inc.
• Tencent
• Tencent Holdings Limited
• Ubisoft
Key Segments cover in the market:
By Device Type
• Console
• Computer
• Mobile
By Platform Type
• Online
• Offline
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
For more information in the analysis of this report, speak to research analyst: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13598
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
