Video games market Size Worth USD 752.86 Billion in 2032 | Emergen Research

Vancouver, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global video games market size was USD 221.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 13.0% during the forecast period. Increasing penetration of smart devices, rapid advancements in Augmented Reality (AR), Virtual Reality (VR) , and metaverse technology, and rising number of virtual gaming competitions around the world are major factors driving market revenue growth.

The global video games market size was USD 221.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 13.0% during the forecast period. Increasing penetration of smart devices, rapid advancements in Augmented Reality (AR), Virtual Reality (VR), and metaverse technology, and rising number of virtual gaming competitions around the world are major factors driving market revenue growth.

Furthermore, rising number of virtual gaming competitions around the world is also expected to drive market revenue growth during the forecast period. The most well-known competitive video games also have another distinguishing quality, which is their enormous appeal among offline and online audiences. This includes broadcasts via traditional media outlets and platforms like Twitch or YouTube, as well as live streams of the competition. As a result, major market companies are organization global virtual esports competitions, which is significantly boosting the revenue growth of this market.

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However, concerns surrounding data privacy, security, policies and workforces as well as high cost regarding maintenance and training data preparation are major factors, which could restrain market revenue growth. Online gaming can be risky because of phishing scams, malware, and identity theft.  The chat feature, which lets players communicate with other players, is one of the possible risks of playing online games with strangers. Criminals may be able to obtain private information such as name, phone number, and home address through the chat feature. Spyware tactics can occasionally target gamers, especially if they are working with a dubious online gaming company. Hence, such factors could restrain market revenue growth.

Segment Insights:

On the basis of platform, the global video games market is segmented into mobile, Personal Computers (PC), and console.

The mobile segment accounted for largest revenue share in the global video games market in 2022. Mobile games make up approximately half of the revenue and consumption in the video game business globally. More demanding mobile games can be played on today's high-end smartphones owing to their processing power and capabilities, and the always-connected features will increase player engagement. In order to compete with iPhones and Android flagships, portable console manufacturers such as Nintendo and Steam, are trying to integrate Fifth generation (5G) capabilities into their products. Furthermore, rapid advancements in Augmented Reality (AR) And Virtual Reality (VR) technology, is also expected to drive revenue growth of this segment during the forecast period.

Genre Insights:

On the basis of genre, the global video games market is segmented into action, adventure, arcade, indie, racing, shooting, Role Playing Games (RPG), sports, strategy, puzzles, and others.

The shooting segment is expected to account for significantly large revenue share in the global video games market during the forecast period. Shooter was the most popular gaming genre in 2022, with a study showing that 57% of customers reported they had played at least one shooter game in the previous 12 months. First-person shooters with a high level of violence are among the most widely played gaming genres, particularly among adults. The first-person shooter mixes them in a unique method where a player's ability to feel in control and satisfied is maximized in a virtual world. With games, such as Call of Duty and Halo franchises, are huge successes for both console and PC, or games including Counter-Strike: Global Offensive, which have maintained their enormous fanbase and popularity over the past decade and thrived as an Esport, these games are frequently an entry point into video games today. These are some of the key factors driving revenue growth of this segment.

Regional Insights:

The North America market accounted for largest revenue share in the global video games market in 2022. This is owing to increasing number of key strategic initiatives and funding in the field of video games, as well as rising consumer interest and rapid adoption of video gaming in various platforms such as mobile and console gaming, especially in the U.S.. For instance, according to a 2020 Entertainment Software Association (ESA) research, the average age of gamers is rising as video games become more prevalent in American culture.

The Europe market is expected to register fastest revenue growth rate in the global video games market during the forecast period. This is attributed to rising government approvals and major key strategic initiatives as well as rising Research & Development (R&D). For instance, European Union promotes the creation of video games through its Creative Europe initiative, although the little sum granted (for example, USD 6.5 million in 2022) and rigorous eligibility criteria do not represent a true support plan for co-productions and the creation of European video games. In addition, rising product approvals by key video game startup companies in this region is also expected to drive market revenue growth during the forecast period.         

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Major Companies and Competitive Landscape

The global video games market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective video games solutions. Some major players included in the global video games market report are:

• Epic Games, Inc.
• Microsoft Corporation
• Ubisoft Entertainment
• Nintendo
• Sony
• Gameloft
• Blizzard Entertainment, Inc.
• TENCENT HOLDING LIMITED
• Electronic Arts Inc.
• Take-Two Interactive Software, Inc.

Strategic Development

• On 18 January 2023, Microsoft Corp. acquired Activision Blizzard Inc, a pioneer in game creation and interactive entertainment content publishing. This purchase will speed up the expansion of Microsoft's gaming business across mobile, PC, console, and cloud platforms and will serve as a foundation for the metaverse.
• On 21 April 2022, Sony Interactive Entertainment (SIE) announced the acquisition of Firewalk Studios from ProbablyMonsters Inc., which is developing an original AAA multiplayer game for the PlayStation 5 (PS5) and PC. According to the corporation, Firewalk will work with Bungie and Haven Interactive Studios as well as other development teams to define a new generation of live service experiences for PlayStation gamers.

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For the purpose of this report, Emergen Research has segmented the global video games market on the basis of game play, platform, genre, age group, and region:

• Game Play Outlook (Revenue, USD Billion; 2019-2032)
  • Single Player
  • Multi-Player
• Platform Outlook (Revenue, USD Billion; 2019-2032)
  • Mobile
  • PC
  • Console
• Genre Outlook (Revenue, USD Billion; 2019-2032)
  • Action
  • Adventure
  • Arcade
  • Indie
  • Racing
  • Shooting
  • Role Playing Games (RPG)
  • Sports
  • Strategy
  • Puzzles
  • Others
• Age Group Outlook (Revenue, USD Billion; 2019-2032)
  • Kids
  • Adolescents
  • Adults
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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