The Video Game Market is projected to grow from USD 42.158 billion in 2024 to USD 67.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2024 - 2032). Additionally, the market size for video game was valued at USD 39.4 billion in 2023.
Technology advances, continued software and hardware innovation, rising internet penetration, and real-time graphics rendering improvements, are the key market drivers enhancing the market growth.
Figure 1: Video Game Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
It is predicted that technological breakthroughs and ongoing innovation in hardware and software to improve real-time depiction of images will fuel market expansion throughout the course of the anticipated timeframe. The industry is anticipated to expand as a result of widespread smartphone use, rising internet usage, and the accessibility of online games. Over the course of the forecast period, it is projected that the popularity of multiplayer, Free2Play (F2P), and massively multiplayer online (MMO) games will continue to rise. Therefore, game creators place a high value on hardware efficiency and compatibility. The widespread adoption of cutting-edge gaming consoles with complex features, like record & share and cross-platform games, is being encouraged by changing consumer preferences and rising levels of disposable wealth around the world. Since they have noticed that many people utilise social media to find the video game of their choice, game developers are publishing a variety of games on social media to draw gamers, including action, role-playing, simulation, and strategy games. Sales of video games and associated accessories are also influenced by the rising recognition of e-sports competitions and the rise in the number of professional athletes. The potential of gaming as a technique for promoting cognitive learning is also being researched. Despite being in its infancy, the idea of "gaming to learn" is steadily growing in popularity.
Games have become more graphically sound and extremely beneficial as a result of the rising integration of 3D, high-definition visuals, sound effects, Virtual Reality (VR), and Augmented Reality (AR). Because they are more attractive, they have a better chance of attracting a sizable customer base. Reality is now more faithfully reflected in video games. They appear more realistic because to the greater visual effects, finishing, and sound effects.
Game makers are concentrating on creating more realistic graphics for their games as a result of the transition from 8-bit to 64-bit resolution. Because of the quick and continuous advancements in technology, game production is now more user-centric and personalised. Due to the enhanced customer involvement and likeability of the resolution technology improvement, the market develops quickly. On high-definition monitors, such as HD, FHD, UHD, and 4K, you can see the video games' decent visuals. The demand for more realistic video games has substantially increased due to high-definition monitors' availability in 720p and 1080p. Apple, for example, announced in October 2022 that it would debut its new 27-inch external display for marketing in the first quarter of the following year. This external display is 5K thanks to Apple's ProMotion technology, which can increase the refresh rate to 120Hz and alter it depending on the situation. Thus, driving the Video Game market revenue.
The global Video Game market segmentation, based on Gaming Device, includes Console, Tablet, and Smartphone. Smartphone segment dominated the global market in 2022. During the anticipated time term, it is expected that the smartphone category will continue to rule the market. The global smartphone penetration rate is one factor promoting the growth of the smartphone market. It is also possible to draw a connection between the expansion of the smartphone industry and the rise in popularity of portable tablets with bigger screens that are better for playing games.
The global Video Game market segmentation, based on Gaming Type, includes Online and Offline. Offline segment dominated the global market in 2022. The category is expanding as multiplayer video games become more and more popular. Online gaming also makes it possible to communicate with other players in-game, which enhances the overall gaming experience and is positive for the sector's growth. Social networking sites are particularly good at giving online video games a virtual platform.
The global Video Game market segmentation, based on End User, includes Kids, Teenagers, and Adults. Teenagers segment dominated the global Video Game market in 2022. Due to improvements in mobile and laptop technology, today's teenagers have grown up in a highly technologically advanced society. As a result, they are more digitally savvy than their ancestors.
Figure 2: Video Game Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Video Game Market dominated this market in 2022 (45.80%). Currently, a sizable percentage of the industry is accounted for by North America, thanks to the ever-expanding technological advancements in consoles and other devices. The gaming industry has seen an exponential expansion in North America as a result of recent advancements in gadget technology and ubiquitous internet accessibility. Further, the U.S. Video Game market held the largest market share, and the Canada Video Game market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: VIDEO GAME MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Video Game market accounted for the healthy market share in 2022. Due to the rising popularity of online gaming contests in Europe and the increasing number of online gamers, players in the industry are releasing solutions that might allow gamers to access AAA titles. Further, the German Video Game market held the largest market share, and the U.K Video Game market was the fastest growing market in the European region
The Asia Pacific Video Game market is expected to register significant growth from 2023 to 2032. Due to China's development into a major gaming hub, the regional market was able to dominate the global market. China's relentless increase in smartphone penetration is fueling regional market expansion. Tencent Holdings Limited of China has risen to the top of the global video game market as a result of actively pursuing inorganic development strategies like the acquisition of Riot Games and Supercell Oy. Moreover, China’s Video Game market held the largest market share and the Indian Video Game market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Video Game market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Video Game End User must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Video Game End User to benefit clients and increase the market sector. In recent years, the Video Game End User has offered some of the most significant advantages to medicine. Major players in the Video Game market, including Sony Corporation, Microsoft Corporation, Apple Inc., Google LLC, Bandai Namco Entertainment Inc., Take-Two Interactive Software Inc., Nintendo Co. Ltd, Activision Blizzard Inc., Electronic Arts Inc., and Ubisoft Entertainment SA, are attempting to increase market demand by investing in research and development Gaming Devices.
Sony Group Corp. (Sony) manufactures a variety of products, including devices, tools, medical equipment, semiconductors, and electronics. The company's products include batteries, software, televisions, cell phones, cameras, music systems, game consoles, and other electrical equipment. Sony produces, buys, and distributes motion films, television programmes, and recorded music in addition to operating television and digital networks. Through distributors, sales divisions, and online direct sales, the company promotes its products. Under the names Airpeak, Sony, PlayStation, Walkman, Blu-ray, Cyber-shot, Bravia, Exmor, and Experia, it offers products for sale. Africa, the Middle East, Asia-Pacific, and the Americas are all where the company has activities. Sony's corporate headquarters are in Minato-Ku, Tokyo, Japan. In November 2020, Sony unveiled the Play Station 5 in the United States. The console was superior to its successor both technologically and aesthetically.
Tencent Holdings Ltd. (Tencent) provides internet services and portals. The company offers services such wireless internet, interactive entertainment, instant messaging, online media, e-commerce, and online advertising. Additionally, it offers entertainment, information, and communication services. Value-added services, online commerce and payment services, and value-added services are all provided through its portals. The company also operates in the sale of products, copyright licencing, production and distribution of films and television shows for third parties, among other activities. Tencent operates the websites Tencent Pictures, QQ, Weixin/WeChat, QQ Wallet, Q Zone, QQ Browser, and QQMail to offer its services. Encent has business operations in North America, Asia-Pacific, Europe, the Middle East, and Africa. Its headquarters are in Shenzhen, Guangdong, China. Tencent Holdings Limited and NVIDIA Corporation introduced START, a new cloud gaming service, in December 2021 to let gamers play AAA games on low-end devices.
The latest entry into the Super Mega Baseball series, Super Mega Baseball 4, was released by Electronics Art Inc. in June 2023. The most significant development in the franchise’s history is the presentation upgrade brought about by Super Mega Baseball 4.
Call of Duty: Modern Warfare® II and Call of Duty: Warzone 2.0 were greatly improved upon during December 2022 by Infinity Ward's developers as well as the Call of Duty® teams. We spoke to Michal Drobot, who is Poland Studio Head and Technology Fellow at Infinity Ward, about four ‘technological pillars’ that collectively enhance Modern Warfare II.
Membership with Nintendo Switch Online + Expansion Pack* now allows members to play the original GoldenEye 007TM game for the Nintendo 64TM system that was first released in 1997.
Ultimate members now have access to GeForce NOW RTX 4080 SuperPODs, currently being made available due to their support of RTX 4080 class performance and functionalities such as NVIDIA DLSS3, an NVIDIA Ada Lovelace GPU architecture technology.
Newgen Gaming received a $1 million investment from nCore Games in February, making it Newgen Gaming’s first round of funding with Penta Esports being operated under this brand name in the esports industry. Engaging in various verticals such as tournaments, leagues, and content, among others, Penta Esports provides opportunities for esports athletes in different titles and platforms.
In a ten-year arrangement with Microsoft announced in February this year, Nvidia intends to bring Xbox PC games onto its NVIDIA GeForce NOW cloud gaming service. With more than twenty-five million users across more than one hundred countries globally, GeForce NOW lets players stream Xbox PC games onto devices like PCs, Chromebooks, macOS machines, plus smartphones, amongst others. Again, Microsoft has acquired Activision Blizzard, and now it will only exclusively stream the PC-based games made by Activision Blizzard to NVIDIA’s GeForce NOW platform.
In October 2022, Electronic Arts Inc. signed a contract with Marvel for a long-term collaboration producing at least three other action-adventure games on PCs and consoles. All these new releases are set in the Marvel universe with their own stories. The first title from Motive Studios is a single-player third-person perspective PC and console game that explores Iron Man as its subject matter.
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 39.4 Billion |
| Market Size 2024 | USD 42.158 Billion |
| Market Size 2032 | USD 67.7 Billion |
| Compound Annual Growth Rate (CAGR) | 6.10% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Gaming Device, Gaming Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Sony Corporation, Microsoft Corporation, Apple Inc., Google LLC, Bandai Namco Entertainment Inc., Take-Two Interactive Software Inc., Nintendo Co. Ltd, Activision Blizzard Inc., Electronic Arts Inc., and Ubisoft Entertainment SA |
| Key Market Opportunities | Growing Gaming Type array |
| Key Market Dynamics | Huge growth in the polyurethane foam Gaming Type, increase in industrialization activities in Asia Pacific, and increasing demand from the construction industry |
Frequently Asked Questions (FAQ) :
The global Video Game market size was valued at USD 39.4 Billion in 2023.
The global market is projected to grow at a CAGR of 6.10% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Sony Corporation, Microsoft Corporation, Apple Inc., Google LLC, Bandai Namco Entertainment Inc., Take-Two Interactive Software Inc., Nintendo Co. Ltd, Activision Blizzard Inc., Electronic Arts Inc., and Ubisoft Entertainment SA
The Smartphone Gaming Device dominated the market in 2023.
The Offline Gaming Type had the largest share in the global market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
