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.”
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 Coverage-
The study offers a thorough analysis of the major factors and difficulties influencing market augmentation during the projected period. Through division into several segments and geographical areas, the market is thoroughly studied. Estimates of each segment's growth rate and market share are also provided. Additionally, the report includes a section on company profiles that helps readers make informed judgements by providing them with information on the strategic movements made by major players.
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.
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.
Segments-
Increasing Penetration of Smartphones will Drive Market Growth