Online Segment is Expected to Dominate the Global Video Game Market
The
market's expansion is attributed to the ongoing trend of online gaming, the
emergence of high bandwidth network connectivity, and the continuous demand for
3D games
.
According
to TechSci Research report, “Global Video Game Market - By Country,
Competition, Forecast & Opportunities, 2028”. The Global Video Game Market is anticipated to project
robust growth in the forecast period with a CAGR of 14.55 % through 2028. The market's expansion is attributed to the
ongoing trend of online gaming, the emergence of high bandwidth network
connectivity, and the continuous demand for 3D games. In addition, an upsurge
in the penetration of smartphones has made video games more accessible,
portable, and social. This has further driven industry growth with the
emergence of technologically advanced and more powerful smartphones. The market
players are also focusing on developing advanced gaming products and services to
attract a larger customer base, which is positively influencing the overall
industry.
The
outlook of the market is being further enhanced by a steady growth in the
number of video gamers year over year. The population growth, broadening
demographics, increased accessibility, social interaction, and connectivity,
and changing perceptions and cultural acceptance of gaming led to a significant
rise in number of gamers. These factors have contributed to the mainstream
popularity of video games as a form of entertainment, leading to a growing
number of players worldwide. This, in turn, is expected to fuel the market
demand over the forecast period.According to Newzoo, there are 3.22 billion
gamers worldwide as of 2023. However, this number is expected to rise to 3.32
billion gamers worldwide by 2024.
Browse
over xx market data Figures spread through 180 Pages and an in-depth TOC on " Global Video Game Market.”
The
emergence of the 5G network further boosted the number of gamers around the
globe. Major market players have taken profound steps in this direction to gain
a competitive edge. In January 2022, AT&T announced to join forces with
NVIDIA Corp. to deliver high-end 5G cloud gaming experiences. This initiative
will enable users to play around 100 free-to-play titles and games they own on
renowned PC game stores, such as Epic Games Store, Steam, Ubisoft Connect,
Origin, GOG, etc. The realistic, state-of-the-art graphics built on NVIDIA RTX
technology and advanced AI features will provide a virtual world experience to
gamers.
Based
on Region, The North America Video Game Market dominated this market in 2022
(45%). Currently, a sizable percentage of the industry is accounted for by
North America, thanks to the ever-expanding technological advancements in
consoles and other devices. The gaming industry has seen an exponential
expansion in North America as a result of recent advancements in gadget
technology and ubiquitous internet accessibility. Further, the U.S. Video Game
market held the largest market share, and the Canada Video Game market was the
fastest growing market in the North America region.
Key market players in the Global Video Game Market include:
- Sony
Corporation
- Microsoft
Corporation
- Apple
Inc.
- Google
LLC
- Bandai
Namco Entertainment Inc
- Take-Two
Interactive Software Inc
- Nintendo
Co. Ltd
- Activision
Blizzard Inc
- Electronic
Arts Inc
- Ubisoft
Entertainment SA
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“It
is predicted that technological breakthroughs and ongoing innovation in
hardware and software to improve real-time depiction of images will fuel market
expansion throughout the course of the anticipated timeframe. The industry is
anticipated to expand as a result of widespread smartphone use, rising internet
usage, and the accessibility of online games. Over the course of the forecast
period, it is projected that the popularity of multiplayer, Free2Play (F2P),
and massively multiplayer online (MMO) games will continue to rise. Therefore,
game creators place a high value on hardware efficiency and compatibility. The
widespread adoption of cutting-edge gaming consoles with complex features, like
record & share and cross-platform games, is being encouraged by changing
consumer preferences and rising levels of disposable wealth around the world.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Video Game Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast
Segmented By Gaming Device (Console, Tablet, and
Smartphone), By Gaming Type (Online and Offline), By End User (Kids, Teenagers,
and Adults), By Region, Competition 2018-2028 has evaluated the future growth
potential of Portable Video Game Market and provides statistics and information
on market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Portable Video Game Market.
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