Global Video Game Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Video Game Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Video Game market finds that the global Video Game market reached a value of USD 210352.0 million in 2022. It’s expected that the market will achieve USD 336670.12 million by 2028, exhibiting a CAGR of 8.15% during the forecast period.

Video games attracted more attention during the pandemic

Since people had to stay at home, video games became an excellent tool to satisfy their social needs. Not only popular games gained more downloads, but outdated games also had increasing downloads over the same period last year. The revenue of the video games market kept rising, and home quarantine stimulated people to spend more time playing video games. Therefore, that aroused the payment on video games.

Innovation Will Continue to Remain a Key Catalyst Even in the Post COVID-19 Period

The market will continue to benefit from rapid developments in hardware and software gaming platforms and effervescent investments in the development of new game genre, ideas and titles. Few of the factors responsible for improved player engagement and thereby the increase in the number of active gamers worldwide include launch of virtual reality headsets and smart glasses that lend visual realism to games; development of graphic-intensive games with more engaging and digitally immersive gameplays; rise of social games with viral connections for more continuous engagement; launch of games with no pre-defined ends, with ample in-game rewards and continuous offline evolution of game characters designed for addictive play style; Always On sensors in electronic wearables, the ensuing rise of video game enablement on wearables and design of micro-engagement models targeted at grabbing player attention for just few seconds for an extreme user engagement. Asia-Pacific including China will remain a large and growing market worldwide led by factor such as expanding base of affluent middle-class population with a high degree of technological sophistication; strong penetration of smartphones, mobile Internet and the ensuing popularity of wireless games, browser-based games and downloadable games; growing preference for interactive entertainment; and escalating popularity of social games, free-to-play games and pay-to-play games.

Increasing tendency from physics games to online games

The growing trend from physical games to online games has led industry players to focus on hardware compatibility and efficiency. Free2Play (F2P), Massively Multiplayer Online (MMO) and multiplayer games are gradually becoming popular, and this trend is expected to continue in the next eight years. The game industry is one of the largest economic sectors in the world. It attracted a variety of audiences and generated billions of dollars in revenue. Online gaming is one of the most important areas in the global gaming market and is becoming more and more popular. Due to the growth and popularity of digital content, online games have received increasing attention. Due to the growth of online games and their worldwide popularity, the video game market has been promoted.

Possibility of verticalization in academia

The video game market is in high demand in various ways such as educational institutions and corporate companies. The adoption of games as an educational tool provides opportunities for in-depth and cognitive learning. The concept of play learning has existed for a long time. However, the possibility of verticalization in academia may only be developed recently. This will also promote the development of the video game market.

The appeal of video games will fade

The demand for video games is declining, and the harsh criticism stems from the fact that late investment in video games has assumed the proportion of addiction among gamers, especially in developed countries. Due to the adverse effects on the psychology and overall behavior of the video game disorder, the video game disorder has a significant impact on social life, which has become a key factor affecting the dynamics of the video game market. This can explain the sluggish market growth in the next few years. However, it may take several years for the appeal of video games to fade, which will adversely affect demand.

Region Overview:

Geographically, Asia Pacific held the largest market share – 49.51% in 2022.

Company Overview:

Sony is one of the major players operating in the Video Game market, holding a share of 12.35% in 2023.

Sony

Sony is a multinational conglomerate originating from Japan. Its main business is to develop electronic products. Its business areas span consumer electronics, professional electronics, electronic games, finance, entertainment, records, movies, semiconductors, etc.

Tencent

Tencent Technology Co., Ltd. is the largest Internet company in mainland China. The headquarter is located in Tencent Binhai Building, Nanshan District, Shenzhen. Tencent's business expanded to different fields such as social, entertainment, finance, information, tools and platforms. Currently, Tencent owns the most used social software Tencent QQ and WeChat in mainland China, as well as Tencent Games, the largest online gaming community.

Segmentation Overview:

As for product types, the Adventure and Role Playing segment held the largest market share in 2022.

Application Overview:

In the Video Game market, 94.1% of the total value was generated through the Adults segment by application in 2022.

Key Companies in the global Video Game market covered in Chapter 3:

Take-Two Interactive
Activation Blizzard
Nexon
Sony
Apple
KONAMI
Valve
Google
Tencent
EA
Ubisoft
Microsoft
Nintendo
NetEase
BandaiNamco
Netmarble

In Chapter 4 and Chapter 14.2, on the basis of types, the Video Game market from 2018 to 2029 is primarily split into:

Action
Adventure and Role Playing
Arcade
Strategy
Simulation

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Video Game market from 2018 to 2029 covers:

Kids
Adults

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)