NEWARK, Del, July 24, 2023 (GLOBE NEWSWIRE) -- The Video Game Market refers to the economic sector that involves buying, selling, and distributing video games and related hardware and accessories. It is a vast and rapidly evolving industry that caters to the production, development, and consumption of interactive electronic entertainment.
The Video Game Industry is anticipated to expand at a staggering 13.5% CAGR from 2023 to 2033. The global market is expected to increase from US$ 227 Billion in 2023 to US$ 805.3 Billion by 2033, according to FMI.
MMO, Free2Play (F2P), and multiplayer games are getting increasingly popular, and this video game industry trend is projected to continue during the forecast period. As a result, game makers are particularly interested in hardware effectiveness and compatibility.
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At the same time, altering consumer preferences is driving widespread utilization of cutting-edge gaming consoles with complicated capabilities such as record & share and cross-platform gameplay, increasing the scope of the video game business.
The video game market share is expected to grow as a result of the extensive use of smartphones, increased internet penetration, and the accessibility of online games, Further, the development of progressively creative gaming features by video game market-leading companies might be one of the fundamental drivers of market expansion in the future years.
Audio recognition, downloadable content, and revolutionary computer graphics are just a few of the gaming technologies that enhance consumer experiences and drive video game consumption.
China's persistent rise in smartphone use fueled the Asia Pacific market's expansion. Tencent Holdings Limited of China has risen to the top of the worldwide video game business by relentlessly exploring inorganic growth tactics such as acquiring Riot Games and Supercell Oy.
Key Takeaways from the Video Game Market:
- The market expanded at a CAGR of 12.3% during the last five years.
- In 2022, North America Video Game Market held a 41% market share.
- In 2022 the United States Video Game Market captured a 19% market share.
- Indian Video Game Market is projected to expand at a CAGR of 13%.
- The offline Gaming Type led the video game market in 2022, accounting for nearly 64% of the market.
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How Does the Competition Look in the Video Game Market?
The video game market is fragmented due to many existing market rivals and emerging competitors. Further, companies worldwide are focusing on capacity expansion and process development.
- NFL Pro Era, a football video game for Meta Quest and PlayStation, was released in April 2022 due to a collaboration between the NFL and the sports technology business StatusPRO. Market participants aggressively focus on innovation and product differentiation to maintain their market share.
- Tencent invested in ByteDance in January 2020 in order to join the main gaming business.
- In partnership with sports technology corporation StatusPRO, NFL Pro Era, a football video game for Meta Quest and PlayStation, was introduced in April 2022.
- Microsoft disclosed plans to buy video game holding company Activision Publishing in January 2022.
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Top 10 Companies in Video Game Market and Their Marketing Strategy
- Activision Blizzard
- Apple Inc.
- Disney
- Electronics Art Inc.
- Lucid Games
- Microsoft
- Nintendo
- Rovio Entertainment Corporation
- Sony Interactive Entertainment Inc.
- Tencent Holdings Limited
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Get More Valuable Insights into the Video Game Market Report
Future Market Insights presents an unbiased analysis of the global video game market in its new offering, presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033. Further, the study reveals essential insights By Device (Console, Mobile, Computer), Type (Online, Offline), and Region.
Segmentation Analysis of the Video Game Market
By Device:
- Console
- Mobile
- Computer
By Type:
- Online
- Offline
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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Gaming Hardware Market Analysis - The global gaming hardware market is forecasted to be valued at US$ 35,566 Million in 2022. During the forecast period ranging from 2022 to 2032, sales of gaming hardware are expected to grow at a CAGR of 5.1%, to be valued at US$ 58,662.4 Million.
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