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Video Games Market Forecasted to Expand Rapidly, Projecting Us$ 650 Billion Value by 2032, with 13% CAGR

05-15-2024 07:44 AM CET | Consumer Goods & Retail

Press release from: Fact.MR

Video Games Market Forecasted to Expand Rapidly, Projecting Us$

In 2021, the global video game market was valued at approximately US$ 170.53 billion and is projected to grow at a CAGR of 13%, reaching over US$ 650 billion by 2032. The market's expansion is expected to be driven by advancements in technology and ongoing innovations in both hardware and software, enhancing real-time graphics rendering.

Mobile video games have gained significant traction, accounting for nearly 50% of the video gaming industry's market share. Additionally, the immense popularity of the PlayStation has significantly boosted the demand for gaming consoles.

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The video games market is experiencing unprecedented growth, driven by technological advancements, evolving consumer preferences, and the rise of new gaming platforms. This article delves into the latest trends shaping the video games market and their impact on the entertainment landscape.

The Rise of Mobile Gaming:

Mobile gaming continues to lead the video games market, with smartphones becoming the primary gaming device for millions of players worldwide. The convenience of gaming on-the-go and the accessibility of high-quality games on mobile platforms have propelled mobile gaming's growth. Popular titles like "PUBG Mobile," "Fortnite," and "Genshin Impact" are attracting a massive player base, driving revenue and engagement in this sector.

Key Companies Profiled:

• Nintendo Co. Ltd.
• NVIDIA Corp.
• Sony Corp.
• Microsoft Corp.
• Electronic Arts Inc. (EA)
• Ubisoft Entertainment SA
• King Digital Entertainment Plc.
• Supercell Oy
• Take-Two Interactive
• Vivendi SE
• Konami Holdings Corporation
• Disney Interactive Studios
• THQ Nordic GmbH
• Sega Corporation

Growth of Cloud Gaming:

Cloud gaming is revolutionizing the industry by allowing players to stream games directly to their devices without the need for expensive hardware. Services like Google Stadia, NVIDIA GeForce Now, and Microsoft's Xbox Cloud Gaming (formerly Project xCloud) are gaining traction, offering gamers a seamless experience with minimal latency. As internet infrastructure improves, cloud gaming is expected to become a mainstream option, expanding the market's reach.

E-Sports and Competitive Gaming:

E-sports has emerged as a major trend, transforming gaming into a spectator sport with a global audience. Competitive gaming tournaments, such as "The International" (Dota 2) and "League of Legends World Championship," are drawing millions of viewers and generating substantial revenue through sponsorships, advertising, and merchandise sales. The professionalization of e-sports is also creating new career opportunities for gamers, commentators, and analysts.

Virtual Reality (VR) and Augmented Reality (AR):

VR and AR technologies are enhancing the gaming experience by providing immersive and interactive environments. VR headsets like the Oculus Rift, PlayStation VR, and HTC Vive are gaining popularity, offering players a more engaging way to experience games. AR games, such as "Pokémon GO," have captured the imagination of players by blending virtual elements with the real world. These technologies are set to redefine the boundaries of gaming, creating new possibilities for developers and players alike.

Read More: https://www.factmr.com/report/124/video-games-market

The Indie Game Revolution:

The indie game sector is thriving, with independent developers creating innovative and unique gaming experiences. Platforms like Steam, itch.io, and the Epic Games Store provide indie developers with the tools and visibility needed to reach a global audience. Successful indie titles like "Among Us," "Hades," and "Celeste" have demonstrated that smaller studios can compete with major publishers, driving creativity and diversity in the market.

Competitive Landscape:

Prominent players are adopting innovative strategies, including groundbreaking marketing tactics, technological advancements, and mergers and acquisitions.

In January 2022, Microsoft Corp. announced its plans to acquire Activision Blizzard Inc., a leading game developer and publisher of interactive entertainment content. This acquisition aims to accelerate Microsoft's growth in the gaming sector across mobile, PC, console, and cloud platforms, while also laying the groundwork for the metaverse.

In February 2022, Nintendo Co. Ltd continued its expansion efforts by acquiring long-time partner SRD. This acquisition marks a significant step in Nintendo's strategy to enhance its internal development capabilities.

In June 2021, Tencent acquired an 85% ownership stake in Supercell, the highly profitable Finnish company behind the hit game Clash of Clans, for approximately US$ 8.6 billion.

In March 2021, Microsoft completed its US$ 7.5 billion acquisition of ZeniMax Media, the parent company of Bethesda Softworks, known for games like Doom and Fallout. The deal was finalized just a day after receiving regulatory approval from the EU, boosting Microsoft's first-party Xbox game studios to a total of 23.

Key Segments in Video Games Industry Research:

• By Game Type :
o Action
o Adventure
o Arcade
o Casual
o Children's Entertainment
o Strategy
o Sports
o Shooter
o Role-Playing
o Racing
• By Hardware :
o Handheld Console
o Static Console
o Video Gaming Accessories
• By Physical Platform :
o Computer
o Console
• By Digital Platform :
o Online
o Mobile/Tablet
o Handheld
o Virtual Reality
• By Region :
o North America
o Latin America
o Europe
o Japan
o APEJ
o Middle East & Africa

The video games market is evolving rapidly, fueled by technological advancements and changing consumer preferences. From the rise of mobile and cloud gaming to the growth of e-sports and the impact of VR/AR technologies, the industry is poised for continued expansion and innovation. As the market diversifies, there are ample opportunities for developers, publishers, and players to explore new frontiers in gaming. The future of the video games market promises exciting developments, making it an exhilarating time for all stakeholders involved.

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United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

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