The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Video Games market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Video Games
The report offers actionable and valuable market insights of Video Games. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Video Games Market across various industries and regions.
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The video games market registered soaring growth in 2021 with worldwide revenues up by nearly a tenth each year. A new forecast by Fact.MR estimates that video games revenues will more than triple between 2021 and 2031, reaching US$ 510 Bn with a CAGR of almost 13%.
Mobile video games have gained high traction, capturing nearly 50% market share of video gaming industry, while immense popularity of the PlayStation has bolstered the market demand for gaming consoles.
This newly published and insightful report sheds light on Market Insights of Video Games, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Video Games Market.
Historically, from 2016 to 2020, video games sales witnessed impressive growth, registering a CAGR of around 8% to top US$ 151 Bn by the end of the said period. Sales have especially catapulted amidst the COVID-19 pandemic, with online videogames anticipated to be the fastest-growing segment over the forecast period.
The advent of online streaming and adoption of VR in gaming are amongst the prominent factors for market growth. Furthermore, the rapid growth in internet users is propelling the global revenue gathering. In 2020, Asia dominated the market with nearly 55% revenue and is predicted to witness substantial growth in the forthcoming years.
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Key Segments Covered
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Game Type
- Action Video Games
- Adventure Video Games
- Arcade Video Games
- Casual Video Games
- Children’s Entertainment Video Games
- Strategy Video Games
- Sports Video Games
- Shooter Video Games
- Role-Playing Video Games
- Racing Video Games
-
Hardware
- Handheld Console Video Games
- Static Console Video Games
- Video Gaming Accessories
-
Physical Platform
- Computer Video Games
- Console Video Games
-
Digital Platform
- Online Video Games
- Mobile/Tablet Video Games
- Handheld Video Games
- Virtual Reality Video Games
Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In June 2016, Tencent has announced the acquisition of 85% ownership of Supercell, the massively profitable Finnish firm behind hit game Clash of Clans, for around US$ 8.6 Bn.
- In March 2021, Microsoft finalized its US$7.5 Bn deal to acquire ZeniMax Media, the parent company of Doom and Fallout studio Bethesda Softworks. The finalization comes just a day after Microsoft secured regulatory approval from the EU for the acquisition, and it will now bolster the company’s first-party Xbox games studios up to a total of 23.
Key Market Projections
- According to the report, by the end of 2017, nearly one-third of video games sold in the world will be action & fighting games. However, towards the end of the forecast period, action video games are expected to witness sluggish growth owing to increasing concerns of violent games influencing the mindset of young generations. Sports games will also remain a top-seller in the global video games market, creating over US$ 3.8 Bn incremental opportunities between 2017 and 2022.
- In Asia-Pacific excluding Japan (APEJ) region, a majority of video game sales are influenced by the penetrating trend of multi-player user dungeons (MUDs). Moreover, consumers in the APEJ region are growing more inclined towards interactive games available through smartphone applications. By the end of 2022, the video games market in the APEJ region is expected to surpass US$ 34 Bn in value.
- North America is anticipated to remain the largest market for video games through 2022. The prevalence of digital platforms such as gaming consoles, smartphones, and portable media devices has propelled the use of video games in the US and Canada. The growing inclination of North American gamers towards advanced user interface technologies such as Virtual Reality (VR) is influencing the future strategies of video game developers.
- Handheld gaming devices will remain the sought-after hardware for video games in the future. Procuring more than two-fifth of the global revenue share, global sales of this key video gaming hardware – handheld consoles – will bring in more close to US$ 60 Bn revenues by the end of 2022. During the forecast period, global sales of static consoles are expected to gain relatively higher traction, compared to handheld consoles.
- On the basis of physical platforms, console games will continue to dominate the global video games market, particularly due to enhanced user engagement offered by console games. Computers, correspondingly, will also remain a great physical dais for playing video games, especially for their compatibility with multiple video game developers. The report also projects that nearly one-fourth of video game revenues procured in the global market will be accounted by the digital platform – PC (personal computers). Console games, again, will be a dominant segment in terms of digital platforms, procuring close to US$ 100 Bn revenues by 2022-end.
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Key Question answered in the survey of Video Games market report:
- Sales and Demand of Video Games
- Growth of Video Games Market
- Market Analysis of Video Games
- Market Insights of Video Games
- Key Drivers Impacting the Video Games market
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- Restraints Shaping Market Growth
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More Valuable Insights on Video Games Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Video Games, Sales and Demand of Video Games, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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