Newark, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The global video games market was valued at USD 227.60 billion in 2023 and is projected to grow at a CAGR of 7.99% from 2024 to 2033. By 2033, the market is expected to reach USD 490.81 billion. The growth of the global video game market will be driven by technological advancements in video game development.
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The video games market has experienced significant growth due to increasing adoption of gaming platforms and the rise of online gaming. It encompasses various segments including console games, PC games, and mobile games.
Report Scope:
| Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 7.99% |
| 2033 Value Projection | USD 490.81 billion |
| Market Size in 2023 | USD 227.60 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 236 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Microorganism Type, Application, Process Type, Mode of Operation, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Video Games Market Growth Drivers | The technological advancements |
Recent Development: Recent developments in the video games market include advancements in virtual reality (VR) and augmented reality (AR), the rise of cloud gaming, and increased investment in eSports. The industry is also seeing innovations in game design and graphics technology.
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Leading companies in the industry include Activision Blizzard, Electronic Arts Inc., Epic Games, Lucid Games, Microsoft, Nintendo, Sony Interactive Entertainment Inc., Google LLC, Tencent Holdings Limited, and Ubisoft, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The device type segment is divided into console, computer and mobile. The mobile segment dominated the market, with a market share of around 52% in 2022. Mobile are the most affordable means of playing video games, unlike a console or a computer. The ever-expanding smartphone market, with technological advancements and product innovations, offers consumers a wide variety of affordable and accessible choices of products, which drives the segment's growth. The lowering of retail prices of smart, along with the increasing disposable income of consumers, is augmenting the rising smartphone ownership. The increasing internet penetration and the development of high-end smartphones that support gaming will bode well for the market. The platform type segment is divided into online and offline. The offline segment dominated the market, with a market share of around 54% in 2022. Offline video games do not require an internet connection to be played. Offline games allow users a seamless gaming experience without the internet or poor internet connection. They can be played anywhere. Their user interface is better given the non-requirement of an internet connection. The lack of universal internet coverage and poor internet penetration in several economies make offline games more popular. Furthermore, the gaming experience remains the same, which augments the segment's growth. Offline games save money on data and the device's battery on which they are played.
Drivers:
• Growing Popularity: Increased popularity of gaming across different age groups.
• Technological Advancements: Innovations in VR, AR, and cloud gaming are enhancing user experiences.
• Rise in Disposable Income: Higher disposable income allows for greater spending on gaming products and services.
• Increased Smartphone Penetration: Growth in mobile gaming due to widespread smartphone usage.
Restraints:
• High Development Costs: Rising costs associated with game development and technology.
• Regulatory Challenges: Stringent regulations and age restrictions impacting game availability.
• Market Saturation: Intense competition leading to market saturation and reduced profit margins.
Opportunities:
• Emerging Markets: Expanding opportunities in emerging markets with growing internet access and disposable income.
• Integration of AI: Utilization of artificial intelligence to enhance game design and player experience.
• Cross-Platform Play: Increasing demand for cross-platform compatibility among different gaming systems.
Regional Segmentation Analysis:
• North America: Leading market due to high adoption rates and technological advancements.
• Europe: Significant market with growing interest in gaming and eSports.
• Asia-Pacific: Fastest-growing region driven by large populations and increasing smartphone usage.
• Latin America: Emerging market with expanding gaming community and improving internet infrastructure.
• Middle East & Africa: Growing market with increasing investments in gaming infrastructure and rising interest in eSports.
For more detailed and specific figures, you may want to refer to Brainy Insights' full market report on the Video Games Market.
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.
For more information in the analysis of this report, speak to research analyst: https://www.thebrainyinsights.com/enquiry/request-customization/13598
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