The global video games market is projected to grow at a staggering 13% value CAGR, reaching US$ 650 billion, following an assessment period ranging from 2022-2032. As per a newly published report on this industry by Fact.MR, a valuation of US$ 192.59 billion has been anticipated during FY 2022.
From 2017-2021, demand for video games flourished at a growth rate of 4.3%, concluding at US$ 170.53 Billion. Developments in technology and continued innovation in both hardware and software to improve the real-time rendering of graphics are likely to drive the growth of the market throughout the conjecture period.
Mobile video games have gained high traction, capturing nearly 50% market share of the video gaming industry, while the immense popularity of the PlayStation has bolstered the market demand for gaming consoles. With smartphones and other device’s usage at an all-time high, video gaming has never been so convenient, easy, and affordable. Widespread technological advancements have made it possible to access video games at our fingertips. Advanced graphics provide a real-time experience for all users.
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Key Takeaways from the Market Study
- Global video games market to expand nearly 3x from 2022-2032.Based on game type, action video games are the most sought-after component, flourishing at a 12.5% CAGR.
- By Hardware, the handheld video games segment is likely to register a CAGR of ~13%.
- The Asia Pacific to emerge as one of the most opportunistic markets, witnessing a significant growth rate throughout the forecast period 2022-2032.
“Extensive popularity of PlayStation and games like PubG and Counterstrike have created a buzz in the gaming industry. The integration of modern technologies like AI & VR has enhanced the player’s gaming experience.” comments an analyst at Fact. MR.
Rising Popularity of PlayStations and Mobile Games Fuels Growth in the Video Game Industry
The surge of e-sports and sports-based video games has revolutionized the gaming industry, paving the way for exponential market growth. Rapid advancements in gaming console processing units have significantly amplified the global demand for video games. As technology continues to evolve, gaming experiences have become more immersive and realistic, further fueling consumer interest. Innovations in computer graphics have also played a crucial role in enhancing the visual appeal and engagement levels of modern video games. Experts now believe that gaming technology is no longer a barrier but rather a driving force behind the rapid expansion of the industry worldwide.
Enhanced Mobile Hardware Elevates the Gaming Experience
With smartphone usage at an all-time high, video gaming has never been more accessible, affordable, or convenient. Breakthroughs in mobile hardware and graphics technology have transformed the gaming landscape, offering users a seamless and immersive experience at their fingertips. Mobile gaming, in particular, has emerged as the dominant segment in the industry, largely due to its easy accessibility and affordability. The COVID-19 pandemic further accelerated the demand for mobile video games, as stay-at-home mandates led to a significant increase in screen time and online gaming participation.
Virtual Reality Integration Drives the Future of Gaming
The rapid advancement of mobile technology has ushered in a new era of gaming, attracting a broader audience and fostering industry expansion. The growing popularity of online gaming has encouraged new players to enter the market, integrating cutting-edge technologies such as virtual reality (VR) to enhance user experiences. As the industry continues to embrace these innovations, the future of gaming looks more immersive and dynamic than ever before, solidifying its position as one of the most rapidly evolving entertainment sectors.
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Competitive Landscape
The global market is highly fragmented with the presence of a large number of local and regional players. Market players are concentrating on product launches to broaden their market footprints.
- In January 2022, Microsoft Corp. announced plans to acquire Activision Blizzard Inc., a leader in game development and interactive entertainment content publisher. This acquisition will accelerate the growth in Microsoft’s gaming business across mobile, PC, console, and cloud and will provide building blocks for the metaverse.
- In February 2022, NintendoCo. Ltd continues its development expansion with the acquisition of long-time partner SRD. The deal is the latest step in Nintendo’s plan to expand its internal development capabilities.
- In June 2021, Tencent announced the acquisition of 85% ownership of Supercell, the massively profitable Finnish firm behind the hit game Clash of Clans, for around US$ 8.6 Bn.
- In March 2021, Microsoft finalized its US$7.5 Bn deal to acquire ZeniMax Media, the parent company of Doom and Fallout studio Bethesda Softworks. The finalization comes just a day after Microsoft secured regulatory approval from the EU for the acquisition, and it will now bolster the company’s first-party Xbox games studios up to a total of 23.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Video Games market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.
The study reveals essential insights based on Game Type (Action, Adventure, Arcade, Casual, Children’s Entertainment, Strategy, Sports, Shooter, Role-Playing, Racing) Hardware (Handheld Console, Static Console, Video Gaming Accessories) Physical Platform (Computer, Console) Digital Platform (Online, Mobile/Tablet, Handheld, Virtual Reality) across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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