Dublin, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom Video Game Market Forecast Report by Platform Type, Age Group, Device and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The United Kingdom Video Game market is expected to reach US$ 9.13 Billion in 2023 to US$ 21.45 Billion by 2032, with a CAGR of 9.96 % from 2024 to 2032.
Some of the key drivers driving the market's growth are the expanding pool of casual gamers, the growing popularity of mobile gaming, the thriving esports scene, the considerable advancements in gaming technology, and strong consumer expenditure on entertainment. 
United Kingdom Video Game Overview
The production, dissemination, and consumption of interactive digital entertainment on a range of platforms, such as consoles, PCs, and mobile devices, are all included in the video game market in the United Kingdom. It covers hardware such gaming consoles and accessories as well as game software, both digital and physical. Diverse customer preferences, technical developments, and increased interest in eSports and gaming genres are driving the market. Subscriptions, in-game sales, and new technologies like VR and AR are important market niches.
As a major player in the global gaming business, the UK market is well-represented by both domestic and foreign developers. In the UK entertainment business, video games account for 40% of sales, according to the ERA Yearbook 2024. The Entertainment Researchers Association (ERA) asserts that consumer expenditure on both digital and physical goods reached a record £4.7 billion in 2023.
Notable Technological Developments
Advancements in gaming technology, such augmented reality (AR), virtual reality (VR), and powerful gaming consoles, improve the gaming experience and draw in more gamers. For example, Sony PlayStation debuted the PS VR 2, the company's newest virtual reality headset, in February 2023. It is intended to be compatible with Sony's PlayStation 5, a next-generation console that has been beset by production delays because of persistent shortages of semiconductors.
In a similar vein, Sandbox VR formally launched its largest venue worldwide and its first-ever UK location outside of London in August 2023 at Hammerson's Bullring & Grand Central in Birmingham's downtown. The launch of Sandbox VR is in line with Hammerson's plan to revitalize its properties by introducing fresh brands, industry firsts, and immersive ideas in an effort to draw in more customers and increase the variety of income sources.
The fact that Bullring & Grand Central were chosen shows how well-liked and superior Hammerson's city center properties are by well-known companies. Seven specially created interactive worlds are housed in the new location, including the recently released epic fantasy game "Seekers of the Shard: Dragonfire" and an engrossing clone of the Netflix hit "Squid Game" which debuted in early autumn 2023.
Government Initiatives and Support
Through programs like the High-end Television Tax Relief, which offers financial incentives for game development and investment, the UK government supports the video game sector. By lowering production costs, these tax breaks entice domestic and foreign developers to enter the UK market. These initiatives strengthen the business climate, which in turn propels industry expansion and solidifies the UK's standing as a major participant in the global gaming market.
With a new framework developed by the Department for Culture, Media and Sport in collaboration with industry experts, the UK government is seeking to learn more about video games, including how the sector can boost the economy as a whole and how games may enhance users' wellness.
The government pledged £77 million in further financing for the creative sectors in June 2023. Specifically, £5 million will go toward supporting the UK Games Fund, which gives grants to up-and-coming video game developers. It has now been determined that 22 "rising star" video gaming firms will get £3 million of this. These studios will be able to clinch publishing deals and hire more personnel thanks to funding of up to £150,000 each.
United Kingdom Video Game Company Analysis
Major participants in the United Kingdom Video Game market include Activision Blizzard, Bandai Namco Holdings, Sega Sammy Holdings, Electronic Arts Inc., Take Two Interactive Software, Microsoft, Nintendo, Sony and Tencent Holdings.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $9.13 Billion |
| Forecasted Market Value (USD) by 2032 | $21.45 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | United Kingdom |
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. United Kingdom Video Game Market
6. Market Share Analysis
6.1 Platform Type
6.2 Age Group
6.3 Device
7. Platform Type
7.1 Online
7.2 Offline
8. Age Group
8.1 Generation X
8.2 Generation Y
8.3 Generation Z
9. Device
9.1 Smartphones
9.2 Computer
9.3 Consoles
10. Porter's Five Analysis
11. SWOT Analysis
12. Company Analysis
- Activision Blizzard
- Bandai Namco Holdings
- Sega Sammy Holdings
- Electronic Arts Inc.
- Take Two Interactive Software
- Microsoft
- Nintendo
- Sony
- Tencent Holdings
For more information about this report visit https://www.researchandmarkets.com/r/kxhjqg
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