The global video game market is projected to reach USD 720.1 billion, with a Compound Annual Growth Rate (CAGR) of 12.6% by 2032. This substantial growth rate underscores the potential for significant returns on investment in the video game industry.
Fort Collins, Colorado, May 06, 2024 (GLOBE NEWSWIRE) —
The growing popularity of video games drives industry developments.
The year 2023 witnessed a significant upswing in the demand for video games, primarily propelled by the burgeoning popularity of mobile gaming. This trend, which piqued the interest of casual gamers, can be attributed to the widespread adoption of smartphones with enhanced computing capabilities and high-speed internet. This, in turn, led to a substantial expansion within the mobile gaming industry, with the emergence of competitive mobile gaming and esports tournaments further augmenting its profile.
The increasing viewership and revenue generated from esports tournaments have not only attracted a sizable audience but also sparked significant investments in the industry. A notable example is the partnership between the Qatar Esports Federation and esports production company ESB, which announced the launch of a DOTA 2 league with a staggering prize pool of USD 2.6 million in March 2024, further solidifying the growing influence of esports in the video game market.
The increasing popularity of casual games has spurred innovation in game monetization strategies, making these titles more affordable for a broader audience. Gaming developers are adapting popular PC games for mobile platforms, leading to a convergence of gaming platforms and further propelling market growth. Titles such as Assassin’s Creed, Resident Evil, and Grand Theft Auto, initially developed for PCs, are now being tailored for smartphones. Similarly, Google introduced Play Games Beta, enabling Android games to be played on PCs, contributing to the accessibility and ubiquity of gaming experiences across different platforms.
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Segmentation Overview:
The video game market has been segmented into device, type, and region.
Mobile is the leading segment for the device category and is projected to retain a prominent position in the coming years.
- The video game market segmentation, based on device, includes console, mobile, and computer segments. The mobile segment held the largest market share in 2023. This can be attributed to the exponential innovation in smartphones’ technological capabilities over the years, which have offered very high-quality graphics and gaming experiences.
Online is the fast-growing segment expected to dominate in the forecast period.
- Based on type, the video game market has been categorized into online and offline. The online segment held the largest market share in 2023. Online games foster community and social interaction among players, allowing them to connect and compete with others worldwide.
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Video Game Market Report Highlights:
- The video game market growth is anticipated at a CAGR of 12.6% by 2032.
- The video game market demand grew in 2023 due to the rising popularity of mobile gaming, fueling the interest of casual gamers.
- Saudi Arabia and the UAE are at the forefront of the video game market due to the high demand from the youth population and the high disposable income in this region.
- Some prominent players in the video game market report include Activision Blizzard, Apple Inc., Disney, Electronic Arts Inc., Lucid Games, Gameloft, Microsoft Corp., Nintendo, Rovio Entertainment Corporation, Sony Interactive Entertainment Inc. and Tencent Holdings Ltd.
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