Video Game Market to Undertake Strapping Growth During 2021-2031 | Microsoft Corporation, Nintendo Co., Ltd., Rovio Entertainment Corporation, Sony Corporation

New York, According to a new market research report published by Global Insight Services Video Game Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

With the release of innovative games and applications by various video gaming industry companies, the video gaming industry is predicted to grow at a quick rate. Gaming is one of the most popular types of entertainment in the modern world, especially among teenagers and young adults.

The increasing adoption of internet services, as well as the widespread availability and accessibility of online games around the world, are likely to boost market growth prospects in the future years. Game creators are constantly improving and pushing the technological limits in terms of real-time rendering of images and which is also predicted to fuel growth.

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Cloud gaming services focus on leveraging hyper-scale cloud capabilities, streaming media services, and global content delivery networks to build the next generation of social entertainment platforms. These factors have an anticipated positive impact on market growth.

COVID-19 impact Analysis:

The worldwide economy continues to be impacted by the COVID-19 pandemic; nevertheless, the video game sector is predicted to develop significantly in the next months. Companies are seeing an increase in the number of users and the number of hours players spend playing online games as governments around the world have ordered home quarantining to prevent the spread of the COVID-19. Furthermore, a number of gaming companies are making their online games available for free download. Moreover, people were not able to participate in outdoor activities or social gatherings. They were unable to see their friends and family. This led to a vast amount of people to use Gaming as an escape, a mental coping mechanism.

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Key Trends and Drivers:

Mobile gaming has surpassed both console and PC gaming as the most popular form of gaming worldwide. The accessibility of mobile gaming is one of the key reasons for its appeal. Almost everyone owns a smartphone that includes games. The growing popularity of mobile games is due to several technology developments and enhancements, such as augmented reality, virtual reality, and cloud gaming.
Young people are increasingly turning to video games to pass time. It has been helpful in increasing market expansion.
The good news for investors in this business is that players and publishers are increasingly coming together to push gaming to new heights of financial success.
During the forecast period, the global social gaming market is expected to rise due to rising smartphone demand.

Restraints and Challenges:

During the projected period, restrictions on social networking sites are expected to limit the worldwide social gaming market's growth.
The growing number of gamers who play video games frequently, particularly children, is frequently turned into an addiction. According to studies, this has a negative impact on their education and causes social anxiety. As a result, such activities discourage parents from purchasing a gaming system for their children.
The global video game market's income generation is being impacted by the increasing availability of low-cost and free-to-play games for mobile and laptop devices.

Segmentation:

By Device Outlook

Console
Mobile
Computer

Key Players:

Microsoft Corporation
Nintendo Co., Ltd.
Rovio Entertainment Corporation
Sony Corporation
Apple
Google
BlueStacks
Mad Catz
Playjam
EA Sports

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Reasons to buy Video Game Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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