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Video Game Market earned USD 196.3 billion in 2021, will grow at CAGR of 9.3%, to grow USD 399.8 billion in 2029 | Size, Share, Industry Report
Video Game Market
Video Game Market earned USD 196.3 billion in 2021 and is anticipated to reach USD 399.8 billion in 2029, expanding at a CAGR of 9.3% during 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/video-game-market/
The factors driving the growth of Video Game Market includes proliferation of smartphone, laptops and tablets, improvements in internet connectivity, growing consumers preference for online gaming, rise in the number of e-sports tournaments and increasing influence of social media platforms around the world. According to the report published by Statista, the revenue generated by Global eSports Market was calculated around USD 996 million in 2020 and is expected to reach USD 1.87 billion by the end of 2025, which will accelerate the Video Game Market share in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Augmented reality (AR), rising focus by developers on enhancing graphics and display resolution of the games and rapid urbanization, are some of the additional factors supplementing the Video Game Market size. In addition, the increasing investments by leading players on research and development, technological innovations in the gaming consoles, strategic mergers, and partnerships between key players, rising population growth rates and growing disposable incomes, are further pushing the Video Game Market Growth.
However, growth of the Video Game Market is hindered attributed to increasing incidences of fraud during gaming transactions.
The prominent players operating in the market are Nintendo, BANDAI NAMCO Entertainment Inc., Rovio Entertainment Corporation, Tencent, Sony Corporation, Microsoft, Apple Inc., Activision Blizzard, Inc., Lucid Games Ltd and Electronic Arts Inc., among others.
Based on Device Type, the Console segment is predicted to grow at a robust CAGR during the forecast period
As per the Video Game Market Trends, consoles enhance the experience of gamers and are innovative features and are easily available on online platforms, are some of the factors responsible for the segment's growth.
Based on Platform Type, the Online segment is projected to expand at a remarkable CAGR over the forecast period
According to the Video Game Market Report, online games facilitate in-game communication and enhances gaming experience along with rising influence of social media platform, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
As per the Video Game Market Research, presence of the leading players such as Nintendo, BANDAI NAMCO Entertainment Inc. and Sony Corporation, rise in the number of eSports events, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
In 2020, Tencent partnered with Japanese gaming companies in response to the rising US-China technology friction.
In 2020, Microsoft completed the acquisition of ZeniMax Media, for USD 7.5 billion, this acquisition will hold major gaming titles such as Fallout, The Elder Scrolls, Doom, Quake, and Wolfenstein.
Market Segmentation
Segmentation by Device Type
Tablet
Smartphone
Console
PC
Others
Segmentation by Genre
Action Games
Shooter Games
Role-Playing Games
Sports Games
Racing Games
Adventure Games
Strategy Games
Others
Segmentation by Age Group
Age Group 10-20
Age Group 21-35
Age Group 36-50
Age Group 51-65
Segmentation by Platform Type
Online Games
Offline Games
Segmentation by Gamer Type
Casual Gamers
Extreme Gamers
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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