New York, United States , Dec. 01, 2023 (GLOBE NEWSWIRE) -- The Global Video Game Market Size is to grow from USD 253.6 Billion in 2022 to USD 924.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 13.8% during the projected period.
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A video game, often known as a computer game, is a sort of electronic game that may be played with the help of an input device such as a gamepad, keyboard, or controller. Video games can be used for entertainment and leisure, as well as competitions and education. Some video games are designed to help users improve their fine motor skills and eye-hand coordination. Consumers are more likely to buy a new game if it offers them something fresh, which is one of the most important aspects of the video game market. As a result, consoles and other video game hardware have advanced at an unprecedented rate. The video game market is predicted to rise as a result of factors such as shifting consumer preferences from traditional to online games, increased use of internet services in parallel with the ease of accessibility and affordability of online games, and technological innovation and development. Rising urbanization, changing demographics, increased portability, social contact, and accessibility, as well as changed perceptions and society's openness to embrace gaming, all contributed to a significant increase in the number of gamers. Furthermore, the rising popularity of web-based gaming and the rising number of esports events are expected to drive demand over the projection period.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Video Game Market Size, Share, and COVID-19 Impact Analysis, By Device (Console, Mobile, Computer, Cloud Gaming, Virtual Reality, Others), By Type (Online, Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The mobile segment is dominating the market with the largest revenue share over the forecast period.
On the basis of device, the global video game market is segmented into the console, mobile, computer, cloud gaming, virtual reality, and others. Among these, the mobile segment is dominating the market with the largest revenue share of 43.6% over the forecast period. The increased popularity of smartphones, combined with rising global internet usage, creates significant opportunities for mobile gaming. Furthermore, the growing popularity of mobile gaming among the younger generation is projected to give the mobile device category with an economically viable possibility.
The online segment accounted for the largest revenue share of more than 54.2% over the forecast period.
On the basis of type, the global video game market is segmented into online and offline. Among these, the online segment is dominating the market with the largest revenue share of 54.2% over the forecast period. The expansion of the online recreational gaming business, as well as the increasing number of players of massively multiplayer online (MMO) and free-to-play (F2P) games, are all contributing to the growth of this market.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 41.7% market share over the forecast period. The region's massive population, combined with quick growth in mobile video games and competitive gaming, propels it to the heart of the worldwide video game market. Asia Pacific is a diverse region with a huge population and many cultures, making it a significant contributor to the worldwide video game market. Mobile gaming has grown in China, India, and Southeast Asia, thanks primarily to the increased availability of smartphones and mobile internet. On the other hand, North America is predicted to expand the fastest during the forecast period. North America, which mostly consists of the United States and Canada, is a well-established market with a long history of video game creation and distribution. While North America has always lagged behind Asia in terms of esports, leagues such as the LCS (League of Legends Championship Series) have received significant attention. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Video Game Market include Electronic Arts Inc., Disney, Google LLC, Lucid Games, Epic Games, Microsoft Corp., Nintendo, Tencent Holdings Ltd., Ubisoft Entertainment SA, Activision Blizzard, Apple Inc., THQ Nordic GmbH, Sega Corporation, Rovio Entertainment Corporation, Sony Inc., King Digital Entertainment Plc., and among others.
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Recent Market Developments
On June 2023, Samsung's gaming hub portfolio expanded to nearly 3,000 games with the launch of antstream arcade and blacknut. The arrival of antstream arcade and blacknut on the samsung gaming hub for Samsung smart TVs and monitors unlocks a new level of premium arcade games for the whole family.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Video Game Market based on the below-mentioned segments:
Video Game Market, Device Analysis
- Console
- Mobile
- Computer
- Cloud Gaming
- Virtual Reality
- Others
Video Game Market, Type Analysis
- Online
- Offline
Video Game Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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