Video Game Market

Video Game Market

The global video game market revenue was valued at USD 248.52 billion in 2023 and is poised to grow from USD 274.63 billion in 2024 to USD 664.96 billion by 2033, at a CAGR of 10.32% during the forecast period 2024 - 2033. It has had a huge influence on worldwide entertainment due to the wide range of people playing this game. Today customers have a wider variety of choices than earlier, this evolution is boosting the video game market.

Video Game Market Statistics

Market Overview

The video game market is the entertainment sector which consists of electronic games in which players control images on the video screen. The rising usage of smartphones has also made video games accessible, and widely played. This has also compelled industries to supply smartphones with enhanced features and larger capacity battery life. Industries are concentrating on building evolved gaming products to provide a better gaming experience that attracts a huge number of customers.

The request for video games is expected to grow with the availability of smartphones and improvements in hardware and software to advance the real-time interpretation of visuals. The global acceptance of advanced gaming comforts with multifaceted functionality. The market stake is estimated to grow as an effect of the extensive use of smartphones, growing internet saturation, and the convenience of online games.

One of the main factors of the market growth in the forthcoming years is the outline of progressively advanced gaming characteristics by the video game market's main companies. Voice acknowledgment, downloadable content, and advanced computer graphics are a few of the gaming features that progress user practices and rise in demand for video games. As a consequence, the market continues an active ecosystem, engaging participants from each corner of the world and presenting new technology frequently.

Collaborating gaming, augmented reality (AR), and virtual reality upcoming potential expect that these progressions will continue to change how people play and participate in digital media. The video game market is a strong and speedily growing sector that has expanded to a huge extent and also evolved drastically.

  • Due to advanced technology the demand for games such as multiplayer, free2player (F2P), and massively multiplayer online (MMO) are increasing rapidly.
  • The extensive adoption of gaming with complex features like recording and sharing is encouraging users and spreading its hype all over the world.
  • High visuals, sound effects, virtual reality, and augmented reality are also attracting widespread customers towards gaming.

Cloud gaming features have driven the video game market

In the current scenario, the video game market continues to grow and develop as a consequence of several significant phenomena. The appearance of cloud gaming features has made superior-quality gaming more manageable than ever before, permitting users to stream games directly to their devices. As an outcome of this tendency, the divisions between gaming on console tables, personal computers, and mobile phones are gradually becoming less clear.

The acceptance of eSports has raised competitive gaming to a widespread cultural phenomenon. Main eSports struggles now have large prize pools, and expert gaming confederations have a lot of audiences, making eSports a successful profession. Developments in augmented reality and virtual reality gaming involvements have unlocked new potentials for immersive gameplay. Finally, single games are becoming progressively common as minute firms create advanced and distinguishing practices that attract an extensive range of gamers. As a completion, the video game corporation is placed for continuing development and multiplicity as new revolutions in expertise and occupational models are presented.

On the other hand, rising uncertainties about data safety and piracy guard, as well as an upsurge in gaming-associated scams, are all conceivable risks that could hinder the video game market development. Over the progression of the estimated period, the market development is also predicted to be controlled by a shrill growth in health problems and illnesses connected with video game addiction.

Video Game Market Highlights

Report Attribute Key Statistics
Market Revenue in 2024 USD 274.63 Billion
Market Revenue by 2033 USD 664.96 Billion
Market CAGR 10.32% from 2024 to 2033
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Top Companies in the Video Game Market

  • Electronic Arts
  • Nintendo
  • Microsoft
  • Sony
  • Take-two Interactive
  • Activision Blizzard
  • Bandai Namco Entertainment
  • Tencent
  • NetEase
  • Ubisoft
  • Nexon
  • Square Enix
  • Playtika
  • Roblox
  • Capcom
  • Embracer Group
  • Epic Games
  • Google
  • Apple
  • GameStop Corp.
  • Nvidia
  • NCSOFT
  • Sega

Recent Development by GameStop Corp.

  • In May 2024, GameStop Corp. which is a global multichannel videogame, consumer electronics, etc announced its development of accepting cryptocurrencies for payments in US locals.

Recent Development by Epic Games

  • Epic Games is a leading interactive entertainment company, it operates one of the world’s largest games Fortnite. In February 2024, Epic Games announced that Fortnite iOS is back on track and confirmed the store for iOS is in development.

Regional Insights

Asia Pacific held the dominating stake of the video game market in 2023 and the region is detected to endure the place through the estimated period. The main factor is the growing population of the region which suggests a considerable customer base for the gaming market. Moreover, the growing nonrefundable revenues and growing development in countries such as China, Japan, South Korea, and India have led to larger expenditures on entertainment, along with video games. Also, the growing fame of mobile gaming is predicted to support the provincial development of the market in the upcoming years.

Bar Chart 632180

North America held a significant share of the video game market in 2023 due to leading creators like Microsoft and Sony from this region. The acceptance and universal influence of these gaming consoles share the dominance in the region in the market. North America is the originator of some of the world's major and most significant gaming corporations such as Microsoft, Sony, Electronic Arts, and many others. These firms have a noteworthy impression on the market, both in terms of game growth and console business.

Bar Chart 384261

The European video game market reported a healthy market stake. The growing acceptance of online gaming competitions in Europe and the growing number of online players in the market are clearing keys that might permit gamers to get titles. Additionally, the German market holds one of the chief market segments, and the Umarket was the wildest-rising market in the European region.

Market Potential and Growth Opportunity

Introduction of Advanced Technologies Rising the Potential of the Video Game Market

The social features of virtual reality (VR) and augmented reality (AR) gaming offer prospects for gamers to link and relate in virtual atmospheres, encouraging community construction and combined gameplay. Beyond entertaining, the acceptance of visual reality (VR) and augmented (AR) technologies in gaming ranges to other businesses, like education, healthcare, and training, further varying the market and revealing extra applications for these. In summary, the acceptance of visual reality (VR) and augmented reality (AR) in gaming carries out thrilling new scopes, driving revolution, growing the market, and altering the way players are involved with video games.

Video Game Market News

  • In May 2024, Embracer Groups increased the price of video games by over $70 because of its growing development costs and market competition. Embracer CEO LARS WINGEFORS explained all the reasons behind the hiked price later.
  • In January 2023, Nintendo launched its famous franchise Fire Emblem, including character improvements and advancements as well as added some new features that will improve the attention of the customers.
  • In August 2022, Philips developed its gaming monitor lineup in India with the launch of two new premium gaming monitors named, the 27M1N3200ZA and the 24M1N3200ZA.

Market Segmentation

By Type

  • Online
  •  
  • Offline

By Platform

  • Computer
  • Console
  • Mobile

By Business Model

  • Free-to-play
  • Pay-to-play
  • Play-to-earn

Buy this Research Report@ https://www.precedenceresearch.com/checkout/3218

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308