Video Game Market is Projected to Grow Expeditiously: to Reach USD 446.4 Billion by 2032, Report

Allied Market Research published a report, titled, "Video Game Market by Device (Smartphone, PC, and Consoles), Age Group (Generation Z, Generation Y, and Generation X), and Platform Type (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2023-2032.". According to the report, the global video game market was valued at $231.4 billion in 2022, and is projected to reach $446.4 billion by 2032, registering a CAGR of 6.5% from 2023 to 2032.

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Prime determinants of growth

The global video game market is driven by rise in trend of competitive multiplayer games, technological advancements, and growth in the esports industry. However, Government have banned certain games or developer companies due to the fast development of cloud gaming technology, causing data breaches and cyber security threats leading to consumer behavior being adversely impacted as well as hindering market expansion. On the other hand, the growing preference for cloud gaming is creating lucrative opportunities for market growth.

The smartphones segment to maintain its leadership status throughout the forecast period

By device, the smartphones segment held the highest market share in 2022, accounting for arund two-thirds of the global video game market revenue and is estimated to maintain its leadership status throughout the forecast period. The demand for online games will increase as a result of increased accessibility. In addition, the increased affordability of smartphones is a significant contributor to market growth. The PC segment would showcase the fastest CAGR of 7.1% during the forecast period. As technology continues to improve, PCs are becoming more powerful and capable of running games at higher frame rates and with more detail than ever before.

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The online segment to maintain its leadership status throughout the forecast period

By platform type, the online segment held the highest market share in 2022, accounting for more than two-thirds of the global video game market share and is estimated to maintain its leadership status throughout the forecast period. This segment would showcase the fastest CAGR of 6.8% during the forecast period. Online games helped to facilitate in-game communications and contributed to enhancing the overall gaming experience, which bodes well for the growth of this segment.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the total revenue and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 7.6% from 2023 to 2032. Asia-Pacific has a large ecosystem of game developers, publishers, and other industry stakeholders, which fosters a supportive and competitive climate for the business. This ecosystem encompasses a wide spectrum of organizations, from small independent studios to major international enterprises, and it fosters a diversified and dynamic gaming culture.

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Leading Market Players: -
Activision Blizzard, Inc.
Bandai Namco Entertainment America Inc.
Electronic Arts Inc.
Epic Games, Inc.
Lucid Games
Microsoft Corporation
Nintendo of America Inc.
Sony Interactive Entertainment Inc.
Take-Two Interactive Software, Inc.
Ubisoft Entertainment

Key Market Insights

By device, the smartphone segment dominated the market in 2022 and is expected to witness the highest growth.
By age group, the Generation Z segment dominated the market in 2022 and is expected to witness the highest growth.
By platform type, the online segment dominated the market.
By region, Asia-Pacific is expected to witness the highest growth.

Know More- https://www.globenewswire.com/news-release/2023/07/18/2706564/0/en/Video-Game-Market-to-Reach-446-4-Billion-Globally-by-2032-at-6-5-CAGR-Allied-Market-Research.html

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