Video Games Market Soars to New Heights in 2023 | Exhibiting a CAGR of 6.3%

In 2023, the video games market saw remarkable growth, driven by record-breaking revenue, diverse gaming offerings, the release of next-gen consoles, and the rise of cloud gaming. Esports continued to thrive, and cross-platform play became more common, fostering a more inclusive and interconnected gaming community.

Video Games Market

Pune, India, Sept. 13, 2023 (GLOBE NEWSWIRE) — The global video games market size was valued at USD 188.73 billion in 2021 and is projected to grow from USD 199.74 billion in 2022 to USD 307.19 billion by 2029, exhibiting a CAGR of 6.3% during the forecast period. The market is set to gain traction from increasing technological advancements.

Fortune Business Insights™ mentioned this in a report titled, “Video Games Market, 2023-2029.”

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Leading Players Featured in the Research Report:

Companies leading the video games market are Sony Group Corporation (Japan), Microsoft (U.S.), Nintendo (Japan), Tencent (China), Activision Blizzard (U.S.), Electronic arts (U.S.), Epic Games (U.S.), Take-two interactive (U.S.), Ubisoft (France), Bandai Namco Holdings Inc. (Japan), and more. 

Report Scope & Segmentation:

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Report Coverage-

The report provides an extensive overview of key drivers and challenges impacting market augmentation over the forecast timeframe. It studies the market thoroughly by fragmenting it into segments and regions. Growth rate and market share estimates of each segment and region are documented as well. Moreover, the report encompasses company profiles section that briefs readers about strategic moves made by leading players and enables them to make informed decisions.

Drivers & Restraints-

Increasing Integration of Advanced Technologies will Stimulate Industry Expansion

The growing integration of 3D, sound effects, high-definition graphics, Augmented Reality (AR), and Virtual Reality (VR) in games increases their appeal. Video games nowadays are very realistic due to their high-quality visual effects, sound effects, and detailing. A shift toward user centricity and personalization is further contributing to the global video games market growth.

On the other hand, rising concerns regarding growing aggression among teenagers due to the promotion of violence in games will act as a challenge for businesses operating in this domain.

COVID-19 Impact-

Implementation of Stringent Lockdowns Boosted Product Demand

The spread of COVID-19 worldwide prompted governments to announce social distancing norms and implement lockdowns to curb the growing number of cases. Offices and schools were shut down and people were forced to isolate themselves at home. This propelled the demand for video games. Smartphone penetration also increased which raised the demand for multiplayer games.

What are the factors driving applications of the Video Games Market?

• Technological Advancements: The relentless pace of technological innovation is a major driver of video game applications. From high-definition graphics to virtual reality (VR) and augmented reality (AR), advancements have enabled developers to create more immersive and visually stunning games. These technologies are not just for entertainment; they also find applications in fields like training simulations and healthcare.
• Gaming Consoles and Platforms: The proliferation of gaming consoles and platforms, such as Xbox, PlayStation, and PC gaming, has expanded the reach of video games. These platforms provide a stable ecosystem for game developers to create and distribute their products, attracting a wide range of gamers.
• Mobile Gaming: The rise of smartphones has brought gaming to the fingertips of billions. Mobile gaming apps offer convenience and accessibility, making gaming a part of everyday life. This has opened up new avenues for game developers and increased the diversity of gaming applications.
• Esports and Competitive Gaming: Esports has emerged as a significant driver of the video games market. Competitive gaming tournaments and leagues have not only turned professional gaming into a career but have also boosted the development of games designed for esports. This trend is expected to continue as esports gains more mainstream recognition.
• Streaming and Content Creation: Platforms like Twitch and YouTube Gaming have allowed gamers to become content creators. The ability to livestream gameplay and create engaging content has turned gaming into a spectator sport, further expanding the reach and applications of video games.
• Educational and Training Games: Video games are increasingly being used as educational tools. Serious games, designed with learning objectives in mind, are utilized in schools, universities, and corporate training programs. These games offer an engaging and interactive way to acquire knowledge and skills.
• Health and Wellness: Gamification has entered the realm of healthcare and wellness. Gamified apps and devices encourage physical activity, manage chronic conditions, and aid in mental health therapy. Games are also used in physical rehabilitation and pain management.

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Segments-

Increasing Penetration of Smartphones will Drive Market Growth

Based on device, the global market is split into smartphones, PC/laptop, and consoles. Among these, the smartphones segment held the largest video games market share. Increasing adoption of smartphones and easy access to 5G networks resulted in a rise in the number of gamers. Technological advancements in smartphones and availability of high speed internet have boosted mobile gaming, which will also aid market proliferation.

Technological Advancements and Tech Savvy Populace will Aid Market Proliferation

According to age group, the market is divided into generation X, generation Y, and generation Z. Generation Z is tech savvy as they grew up in an era of technological advancements, availability of high speed internet, and growing smart phone penetration.

Launch of Gaming Smartphones Will Propel the Market

As per platform type, the market is arrayed into online and offline. Among these, the online segment captured the largest share due to launch of new smartphones with advanced features, increasing digitization, and rapid internet penetration. The segment consists of various types of games such as first-Person Shooter Games (FPS), Multiplayer Online Battle Arena Games (MOBA), Real-Time Strategy Games (RTS), Battle Royale games, and others.

Geographically, the market is fragmented into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.

Regional Insights-

Asia Pacific to Dominate Stoked by Presence of Leading Players

Asia Pacific is a leading contributor to market growth owing to the presence of leading companies in the region and rising internet and smartphone penetration. The growing usage of smartphones urges developers to focus on developing multiplayer video games such as PUBG and COD to meet the demand of expanding consumer base, which, in turn, propels market expansion.

North America is projected to grow rapidly owing to expanding gaming community, easy access to internet, and availability of devices with advanced technology.

Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Market Trends
• Key Insights
  • Overview of the Parent/Related Markets
  • Regulatory Landscape
  • Industry SWOT Analysis
  • Recent Industry Developments – Policies, Partnerships, New Product  Launches, and Mergers & Acquisitions
  • Impact of COVID on the Video Games Market
    • Impact of COVID-19
    • Supply Chain Challenges
    • Potential Opportunities due to COVID-19
• Global Video Games Market Analysis, Insights and Forecast, 2018-2029
  • Key Findings / Summary
  • Market Size Estimates and Forecast 
    • By Device
      • Smart Phones
      • PC/Laptop
      • Consoles
    • By Age Group
      • Generation X
      • Generation Y
      • Generation Z
    • By Platform Type
      • Online
      • Offline
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • South America
      • Middle East & Africa

TOC Continued…!

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Competitive Landscape-

Product Launches to Promote Market Augmentation

Leading companies often make strategic decisions such as partnerships, mergers & acquisitions, collaborations, and investments in research & developments to maximize profits. One such decision is to launch new products with advanced features to meet growing consumer requirements.

Key Industry Development-

• July 2022: Asus launched the new ROG Phone 6 Pro and ROG Phone 6 and expanded its gaming smartphone line. The phones have IPX4 rating, latest Snapdragon 8+ Gen 1 system-on-chip, 512 GB storage, and up to 18GB RAM.

Read Related Insights:

Gaming Market Size to Worth USD 665.77 Billion by 2030 | With a 13.1% CAGR

Board Games Market Size Worth USD 26.04 Billion by 2030 | Board Games Industry Expected CAGR 10.36%

eSports Market to Surpass USD 6.75 Billion by 2030, exhibiting a CAGR of 21.5%

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• Video Games Market