The global video game industry size was valued at USD 188.73 billion in 2021 and is projected to grow from USD 199.74 billion in 2022 to USD 307.19 billion by 2029, exhibiting a CAGR of 6.3% during the forecast period. The industry is set to gain traction from increasing technological advancements.
Fortune Business Insights™ mentioned this in a report titled, “Video game industry, 2023-2029.”
The video game industry continues to be a dynamic and innovative force, captivating audiences across the globe with its blend of cutting-edge technology, immersive storytelling, and interactive experiences. From indie studios pushing the boundaries of creativity to AAA titans delivering blockbuster spectacles, the industry's landscape is as diverse as it is exciting. With advancements in virtual reality, augmented reality, and cloud gaming, players are increasingly transported to worlds limited only by imagination. Moreover, the rise of esports has transformed gaming into a global phenomenon, where skilled competitors vie for glory and recognition on digital battlegrounds. As the industry evolves, fueled by passion and innovation, it remains a vibrant ecosystem where players, developers, and enthusiasts converge to celebrate the boundless possibilities of interactive entertainment.
Leading Players Featured in the Research Report:
Companies leading the video game industry are Sony Group Corporation (Japan), Microsoft (U.S.), Nintendo (Japan), Tencent (China), Activision Blizzard (U.S.), Electronic arts (U.S.), Epic game (U.S.), Take-two interactive (U.S.), Ubisoft (France), Bandai Namco Holdings Inc. (Japan), and more.
Report Coverage-
The report provides an extensive overview of key drivers and challenges impacting industry augmentation over the forecast timeframe. It studies the industry thoroughly by fragmenting it into segments and regions. Growth rate and industry share estimates of each segment and region are documented as well. Moreover, the report encompasses company profiles section that briefs readers about strategic moves made by leading players and enables them to make informed decisions.
Drivers & Restraints-
Increasing Integration of Advanced Technologies will Stimulate industry Expansion
The growing integration of 3D, sound effects, high-definition graphics, Augmented Reality (AR), and Virtual Reality (VR) in game increases their appeal. Video game nowadays are very realistic due to their high-quality visual effects, sound effects, and detailing. A shift toward user centricity and personalization is further contributing to the global video game industry growth.
On the other hand, rising concerns regarding growing aggression among teenagers due to the promotion of violence in game will act as a challenge for businesses operating in this domain.
What are the factors driving applications of the Video game industry?
Technological Advancements: The relentless pace of technological innovation is a major driver of video game applications. From high-definition graphics to virtual reality (VR) and augmented reality (AR), advancements have enabled developers to create more immersive and visually stunning game. These technologies are not just for entertainment; they also find applications in fields like training simulations and healthcare.
Gaming Consoles and Platforms: The proliferation of gaming consoles and platforms, such as Xbox, PlayStation, and PC gaming, has expanded the reach of video game. These platforms provide a stable ecosystem for game developers to create and distribute their products, attracting a wide range of gamers.
Mobile Gaming: The rise of smartphones has brought gaming to the fingertips of billions. Mobile gaming apps offer convenience and accessibility, making gaming a part of everyday life. This has opened up new avenues for game developers and increased the diversity of gaming applications.
Esports and Competitive Gaming: Esports has emerged as a significant driver of the video game industry. Competitive gaming tournaments and leagues have not only turned professional gaming into a career but have also boosted the development of game designed for esports. This trend is expected to continue as esports gains more mainstream recognition.
Streaming and Content Creation: Platforms like Twitch and YouTube Gaming have allowed gamers to become content creators. The ability to livestream gameplay and create engaging content has turned gaming into a spectator sport, further expanding the reach and applications of video game.
Educational and Training game: Video game are increasingly being used as educational tools. Serious game, designed with learning objectives in mind, are utilized in schools, universities, and corporate training programs. These game offer an engaging and interactive way to acquire knowledge and skills.
Health and Wellness: Gamification has entered the realm of healthcare and wellness. Gamified apps and devices encourage physical activity, manage chronic conditions, and aid in mental health therapy. game are also used in physical rehabilitation and pain management.
Segments-
Increasing Penetration of Smartphones will Drive industry Growth
Based on device, the global industry is split into smartphones, PC/laptop, and consoles. Among these, the smartphones segment held the largest video game industry share. Increasing adoption of smartphones and easy access to 5G networks resulted in a rise in the number of gamers. Technological advancements in smartphones and availability of high speed internet have boosted mobile gaming, which will also aid industry proliferation.
Technological Advancements and Tech Savvy Populace will Aid industry Proliferation
According to age group, the industry is divided into generation X, generation Y, and generation Z. Generation Z is tech savvy as they grew up in an era of technological advancements, availability of high speed internet, and growing smart phone penetration.
Launch of Gaming Smartphones Will Propel the industry
As per platform type, the industry is arrayed into online and offline. Among these, the online segment captured the largest share due to launch of new smartphones with advanced features, increasing digitization, and rapid internet penetration. The segment consists of various types of game such as first-Person Shooter game (FPS), Multiplayer Online Battle Arena game (MOBA), Real-Time Strategy game (RTS), Battle Royale game, and others.
Geographically, the industry is fragmented into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Regional Insights-
Asia Pacific to Dominate Stoked by Presence of Leading Players
Asia Pacific is a leading contributor to industry growth owing to the presence of leading companies in the region and rising internet and smartphone penetration. The growing usage of smartphones urges developers to focus on developing multiplayer video game such as PUBG and COD to meet the demand of expanding consumer base, which, in turn, propels industry expansion.
North America is projected to grow rapidly owing to expanding gaming community, easy access to internet, and availability of devices with advanced technology.
Competitive Landscape-
Product Launches to Promote industry Augmentation
Leading companies often make strategic decisions such as partnerships, mergers & acquisitions, collaborations, and investments in research & developments to maximize profits. One such decision is to launch new products with advanced features to meet growing consumer requirements.
Key industry Development-
July 2022: Asus launched the new ROG Phone 6 Pro and ROG Phone 6 and expanded its gaming smartphone line. The phones have IPX4 rating, latest Snapdragon 8+ Gen 1 system-on-chip, 512 GB storage, and up to 18GB RAM.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/video-game-industry-102548