Analysis of Video Games market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global market for video games reached a valuation of around US$ 170.53 Billion in 2021 and is slated to accelerate at a CAGR of 13% to top US$ 650 Billion by 2032. Developments in technology and continued innovation in both hardware and software to improve the real-time rendering of graphics are likely to drive the growth of the market throughout the conjecture period.
Mobile video games have gained high traction, capturing nearly 50% market share of the video gaming industry, while the immense popularity of the PlayStation has bolstered the market demand for gaming consoles.
Video Games Market Size (2022)
US$ 192.59 Billion
Projected Market Value (2032F)
US$ 650 Billion
Global Market Growth Rate (2022-2032)
Asia Pacific Market Share (2022)
North America Market Share (2022)
Market Share of mobile video games (2022)
Key Companies Profiled
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The global video game market size surpassed nearly US$ 170.53 Billion, registering nearly 11% CAGR from 2017 to 2021. Technological advancements such as virtual reality, and the global video games industry has offered a plethora of expansion opportunities for major developers.
Based on type, online gaming exhibits massive potential for growth in the upcoming future. Gone will be the days of purchasing game cassettes and CDs during a specific holiday season. Online subscriptions have enabled unlimited streaming of online games by professionals, a trend that will majorly stimulate demand.
Manufacturers are highly likely to concentrate their operations across emerging markets in the Asian region- with India, South Korea, China, and Japan emerging as major gaming hubs in forthcoming years. Based on the aforementioned trends, it is expected that the global market for video games will surge at a whopping 13% CAGR from 2022 to 2032.
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Emerging Popularity of PlayStations and Mobile Games to Proliferate the Demand for Video Games
Sports games or more popularly e-sports have cemented the way for a new phenomenon in the video games industry. With the rapid advances in processing units used in gaming consoles, the demand for video games across the world has multiplied manifold.
Besides, with developments in computer graphic techniques, video games bring a feeling of more immersive experiences for gamers. These advances have been so massive that experts suggest gaming technology is no longer a constraint but an enabler in the rapid growth of the market globally.
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Enhanced Mobile Hardware Boosts the Excellent Gaming Experience
With smartphones and other devices usage at an all-time high, video gaming has never been so convenient, easy, and affordable. Widespread technological advancements have made it possible to access video games at our fingertips. Advanced graphics provide a real-time experience for all users.
Amongst all smart devices, mobile gaming has emerged as the most popular. Easy accessibility and greater affordability are attributed as chief drivers behind increased smartphone usage. Sales of mobile video games especially spiked amidst the COVID-19 pandemic, as stay-at-home directives prompted people to increase screen time.
Integration of Virtual Reality in the Creation of New Games has amplified the Popularity of Video Games
The mobile technology boom in recent years has transformed the industry and opened the doors to a new generation of gamers. Owing to the emerging popularity of online gaming, several new players are entering the industry with the integration of cutting-edge technology for an enhanced gaming experience.
For instance :
The future of gaming is all about the latest trends, integration, and innovation. The new platforms are just going to make it more entertaining. Emerging popularity has skyrocketed the sales of the mobile gaming industry and is predicted to witness tremendous growth over the coming years.
Integration of Artificial Intelligence & Emergence of New Gaming Companies Will Further Expand the Regional Share
In terms of revenue contribution, prominent regions like the Asia Pacific and North America are the major contributors accounting for the highest share. The proliferation of smartphones, the mounting internet penetration rate, and the easy accessibility of games on the internet are likely to contribute to the growth of these market
In 2022, the Asia Pacific dominated the market; accounting for nearly 42% share of the global revenue collection. The surfacing of China as a primary gaming hub endorsed the regional market to govern the overall market. The persistent increase in the smartphone penetration rate in China is propelling the growth of the regional market. Tencent Holdings Limited of China aroused as the largest player in the global video game market due to its inorganic growth strategies, such as the acquisition of Riot Games and Supercell Oy, which the company has been pursuing aggressively.
The mounting number of online gamers and the burgeoning popularity of online gaming tournaments in the Asia Pacific is encouraging market players to introduce platforms that can potentially allow gamers to access AAA games. For instance, in December 2021, Tencent Holdings Limited partnered with NVIDIA Corporation to launch START, a new cloud gaming service, to allow gamers to access AAA games on underpowered devices. South Korea is expected to contribute significantly to the growth of the regional market owing to the rising popularity of e-sports and massively multiplayer online games in the country.
Other regions are also gaining significant market share, backed by the emerging craze for mobile video games and the popularity of PlayStation (PS) among adults looking for an exceptional gaming experience embedded with advanced graphics and tools.
The U.S market was estimated at nearly US$ 43 Billion in 2021 and is expected to register a CAGR of around 11% during the forecast period. Espousing gaming platforms, such as E-sports, drives the market in the country.
Furthermore, the arrival of cloud gaming and expanding internet penetration in the country, which is approximately 94% as of May 2021, according to the International Telecommunication Union, has further increased the average time spent across digital media by an adult. These factors are driving the digital gaming market in the country.
The mobile gaming market in China is presently the most popular in the world and is one of the most lucrative. In 2021, China's mobile gaming revenues cultivated by 31% to a value of nearly US$ 30 Billion.
Moreover, technical innovations, expanding market demographics, and an increase in video game-related merchandise have all contributed to the video game industry's new scope.
China retains its position as the world’s largest gaming market in 2021 with 55% of the total global players. Sales especially picked up pace in the post-pandemic period, registering over a 15% gain in Q3 2021, racking up US$ 10.4 billion in revenue.
Mobile video games have gained high traction by leaving behind gaming consoles and PC games way back in past few years. Furthermore, it dominates the gaming industry with nearly 55% share, reaching US$ 162 Billion in 2021.
Moreover, it is projected to grow with a CAGR of 11% and the market value is likely to nearly double by 2031 end. With the growing strength of streaming (supported by 5G), cloud gaming services, and mobile esports, most gamers will embrace mobile gaming in the next few years.
Despite being a fairly new industry, the demand for virtual reality is growing fairly well, counting within the video gaming segment, which allows gamers to transport themselves to different worlds.
The virtual reality gaming space is expanding its professional value with the assistance of innovations. Awareness of state-of-the-art VR accessories, such as headsets, bodysuits, and gloves, is rapidly growing amongst players. A CAGR of around 10% is projected for this segment.
With powerful data encryption techniques, gaming is set to become secure from hackers and middle-way thefts in online transactions. The technology is likely to make in-game purchases even safer and more frequent. It’s anticipated that by end of 2023 people will make USD 200 Billion worth of in-game purchases.
Since the debut of video games on Metaverse has become hype, many gaming studios and companies have started carving the first game in Metaverse. The market in Metaverse games is anticipated to cross a valuation of USD 710.21 Billion by 2027. NFT sales in 2021 amounted to USD 25 Billion from USD 94.9 Million in the previous year 2020. This is anticipated to increase in the forecast period owing to rising virtual reality in Metaverse gaming. NFT also initiated the “play to earn” (P2E) model which encourages people to play games by offering financial incentives.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
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By 2032, the Video Games landscape is slated to reach a valuation of US$ 650 Billion.
As per Fact.MR’s projections, the market for Video Games in the Asia Pacific will likely expand at a 42% CAGR.
Based on Hardware, the handheld segment for sales of Video Games captures the highest share, documenting a 12.5% value CAGR.
The Mobile gaming segment is expected to grow the fastest, at a CAGR of ~13%.
From 2022 to 2032, the Video Games industry is poised to flourish at a 13% CAGR.
As of 2022, Fact.MR expects the Video Games industry to be valued at US$ 192.59 Billion.
According to Fact.MR, a CAGR of 11% was recorded for the Video Games market from 2017-2021.
As of 2021, the Video Games market was valued at US$ 170.53 Billion.
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