The global video game market was valued at USD 188.73 billion in 2021 and is expected to grow from USD 199.74 billion in 2022 to USD 307.19 billion by 2029. This represents a compound annual growth rate (CAGR) of 6.3% over the forecast period. The market's growth is primarily driven by ongoing technological advancements. These insights are detailed in a report titled Video Games Market, 2022-2029 by Fortune Business Insights™.
Several leading companies dominate the global video game market, including:
Smartphone Penetration Driving Growth
The global video game market is divided by device type into smartphones, PCs/laptops, and gaming consoles. Among these, smartphones hold the largest share of the market. As smartphones become more accessible and 5G networks expand, the number of mobile gamers has grown significantly. Enhanced smartphone capabilities, along with the availability of high-speed internet, are contributing to the expansion of mobile gaming, which is expected to further propel market growth.
Tech-Savvy Generations Fuel Demand
The market is also segmented by age group, including Generation X, Generation Y, and Generation Z. Among these, Generation Z stands out as the most tech-savvy group, having grown up with digital technology, the internet, and smartphones. Their familiarity with technology and online gaming is a key driver for the market.
Online Gaming Dominates the Market