Video Game Market
The video game market was valued at USD 155.09 billion in 2019 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.5% from 2020 to 2027.
With the advent of new technologies, such as virtual reality, artificial intelligence, and e-sports, the video game industry is poised for further growth. In particular, the mobile gaming market is expected to grow strongly in the coming years. Several factors are driving the growth of the video game market:
- There is a growing demand for video games from all age groups.
- The increasing affordability of video game consoles and PCs is another key factor.
- Broadband Internet availability worldwide makes it easier for people to access online games.
- The increasing popularity of e-sports is also driving the growth of the video game market.
- The rise of social media platforms, such as Twitch and YouTube, boosts the video game industry by making it easier for gamers to share their gaming experiences with others.
All these factors are expected to contribute to the growth of the video game market.
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Report Scope:
Parameter | Details |
Revenue Forecast in 2019: | USD 155.09 Billion |
Growth Rate: | CAGR of 14.5% from 2020 to 2027 |
Growth Period: | 2020 -2027 |
Report Coverage: | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Drivers of the Video Game Market
The upgradation in video game quality and the availability of the Internet have pervaded a craze among youngsters about video games. Moreover, the advancement in multiplayer and cloud gaming has also driven the market.
COVID 19 analysis
Covid-19 has had a profound effect on the video game market. The pandemic has forced many people indoors and given them more time to play video games. This pandemic has resulted in a surge in sales of game consoles and games. The video game market was already growing rapidly before the pandemic hit. However, the pandemic has had a significant impact on the way people play video games. With more people staying at home, there has been a surge in demand for home entertainment options such as game consoles and games.
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Regional analysis
The global video game market is growing rapidly, with the Asia Pacific region having the largest share. The Asia Pacific region is expected to see the highest growth due to the increasing popularity of mobile and online games. China is the largest market in the region. North America is the second largest market and is forecast to grow. The region is home to some of the largest companies in the industry, such as Electronic Arts and Activision Blizzard. The European market has a strong presence of independent game developers and publishers. The region has a large base of mobile gamers and is one of the fastest-growing markets for the video game industry.
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Market segmentation
The video game market can be segmented in several ways. One way is by console type. There are three main consoles: personal computers (PC), game consoles, and mobile devices. Each console has its market. For example, the PC market includes online and offline games, while the game console market includes handheld, home, and micro consoles. The mobile device market includes both smartphones and tablets. Another way to segment the video game market is by region. The four main regions are North America, Europe, Asia-Pacific, and the Rest of the World. Finally, the video game market can be segmented by genre. The three main genres are action, adventure, and shooter. Other genres include role-playing, simulation, and sports. Hence the market is growing at a fast pace.
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