Video Game Market Is Expected To Expand At A CAGR Of 12.9% From 2022 To 2030

 Video Game Industry Overview

The global video game market size is anticipated to reach USD 583.69 billion by 2030, growing at a CAGR of 12.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the continued advances in the latest technologies, such as Augmented Reality (AR) and Virtual Reality (VR). As the entertainment industry continues to evolve, gaming is emerging as a popular mode of entertainment along with watching films and listening to music, which also bodes well for the growth of the market over the forecast period.

Advances in VR technology, the immersive gaming experience offered by VR, the growing adoption of VR headsets, and the continued development of VR- and AR-related products, such as Head-Up Displays (HUD) and Head-Mounted Displays (HMD), are prompting game developers to generate VR content to capitalize on the opportunities emerging thereby. At the same time, VR peripherals, such as Google Cardboard, are transforming mobile phones into affordable gaming platforms and allowing individuals to turn their smartphones into VR gaming devices. All these factors are expected to play a decisive role in driving the growth of the market.

The rising smartphone penetration rate is opening substantial opportunities for vendors to develop mobile video games. Vendors are trying to grab this opportunity either by developing their own mobile video games or by acquiring gaming companies. For instance, in January 2022, Take-Two Interactive Software, Inc. acquired Zynga Inc, one of the prominent players in developing, marketing, and operating social games as live services played on various mobile platforms, including iOS and Android, consoles, and social media. The acquisition would allow the company to develop and deploy free-to-play variations of its games.

 

Video Game Market Segmentation

Grand View Research has segmented the global video game market based on device, type, and region:


Based on the Device, the market is segmented into Console, Mobile, and Computer.

  • The mobile segment dominated the market in 2021 with a revenue share of over 40%. The mobile segment is expected to continue dominating the market over the forecast period. The growth of the mobile segment can be attributed to the increasing smartphone penetration rate across the globe.
  • The console segment is expected to grow at a considerable growth rate over the forecast period. Lucrative features, such as high-end displays and sound systems designed to provide an improved and enriched experience to gamers, are anticipated to drive the growth of the console segment. Consoles are also equipped with innovative features that allow gamers to record in-game footage and share it online.

 


Based on the Type, the market is segmented into Online, and Offline.

  • The offline segment dominated the market in 2021 with a share of over 62%. However, the online segment is expected to grow at the highest CAGR over the forecast period. The growth of the segment can be attributed to the growing popularity of multiplayer games. Online games also facilitate in-game communication and contribute toward enhancing the overall gaming experience, which bodes well for the growth of the segment. 
  • The growing demand for interactive entertainment systems and the rising number of gamers considering online video games as an entertainment tool of their choice are also expected to play a major role in driving the growth of the online segment. The increasing penetration rate of smartphones and the growing preference for cloud gaming is also opening new opportunities for the growth of the online segment.

 

Key Company & Market Share Insights

Market players are largely focusing on the development of next-generation video game consoles and engaging video game content. Popular video game consoles available in the market include PlayStation 4 by Sony Corporation, Xbox One by Microsoft, and Wii U by Nintendo, among others. In April 2022, NFL collaborated with sports technology company StatusPRO to launch a football video game called NFL Pro Era for Meta Quest and PlayStation. Market players are focusing aggressively on innovation and product differentiation to cement their respective market shares.

Market players are also putting a strong emphasis on enhancing customer experience by offering products featuring multi-utility features that allow end-users to play games and browse the internet simultaneously. These multi-utility gaming consoles are anticipated to play a niche role in driving the growth of the market over the forecast period. Market players are also focusing on merger & acquisition deals as part of their efforts to stay competitive in the market. For instance, in January 2022, Microsoft announced plans to acquire video game holding company Activision Publishing, Inc. Some prominent players in the global video game market include:

  • Activision Blizzard
  • Apple Inc.
  • Disney
  • Electronics Art Inc.
  • Lucid Games
  • Microsoft
  • Nintendo
  • Rovio Entertainment Corporation
  • Sony Interactive Entertainment Inc.
  • Tencent Holdings Limited

 

Order a free sample PDF of the Video Game Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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