Authored By: Sarah
11 Jul 2024

 Video Game Market Size to grow by USD 115.2 billion between 2024-2028

According to a research report “ Video Game Market” by Platform (Mobile devices, Consoles, Computing devices) Type (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 115.2 billion, at a CAGR of  9.44% during the forecast period. The mobile gaming sector represents a significant portion of the overall video game industry, experiencing robust growth due to the expanding penetration of smartphones and enhanced internet accessibility. This segment leads the global video game market in size and is witnessing substantial expansion compared to other sectors. The proliferation of affordable smartphone models, such as Xiaomi's Redmi series, Samsung's J series, and OPPO's A series, in developing markets like China, India, and Mexico, is fueling the expansion of mobile gaming. These economical devices cater to a large consumer base in these regions, contributing to the sector's growth trajectory.

Browse market data tables, figures, and in-depth TOC on “Video Game Market” by Platform (Mobile devices, Consoles, Computing devices) Type (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Platform, the Mobile devices segment is projected to dominate the market size in 2024

The offline sector in the global video game market encompasses games that do not necessitate an ongoing Internet connection for gameplay. These titles cater to individual players or, in certain instances, local multiplayer groups utilizing the same device. This segment is highly favored by gamers seeking uninterrupted gameplay experiences, free from the inconvenience of Internet connectivity disruptions. Offline games are accessible across multiple platforms, including consoles, personal computers, and mobile devices. They are predominantly acquired as physical copies or digital downloads, allowing for unhindered play without the need for a constant Internet connection.

By Type, Offline  segment is expected to hold the largest market size for the year 2024

The mobile devices segment dominated the global video game market in 2023, accounting for the largest share, with the trend continuing due to the increasing number of consumers utilizing smartphones and tablets as their preferred gaming platforms. Mobile games, characterized by their smaller scale and simplicity, cater to a broader audience, particularly casual gamers seeking convenient, short-form entertainment. With approximately 3.5 billion smartphone users globally, the video game industry holds a substantial addressable market.

APAC is forecasted to hold the largest market size by region in 2024

The video game market represents a significant and growing business sector. According to industry reports, global revenue is projected to reach USD159.3 billion in 2020. Key trends include the rise of mobile gaming, increasing popularity of esports, and the integration of virtual and augmented reality technologies. Companies are investing heavily in research and development to capitalize on these trends and meet consumer demand for immersive gaming experiences.

The Video Game Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Activision Blizzard Inc.
  • Alphabet Inc.
  • Apple Inc.
  • Aristocrat Leisure Ltd.
  • Bandai Namco Holdings Inc.
  • Capcom Co. Ltd.
  • Electronic Arts Inc.
  • Enad Global 7 AB
  • Epic Games Inc.
  • Konami Group Corp.
  • Krafton Inc.
  • Microsoft Corp.
  • NetEase Inc.
  • Nintendo Co., Ltd.
  • Playtika Holding Corp.
  • Roblox Corp.
  • SEGA SAMMY CREATION INC.
  • Sony Group Corp.
  • Take Two Interactive Software Inc.
  • Tencent Holdings Ltd.
.

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Research Analysis Overview

The video game market has experienced significant growth in recent years, catering to various needs from educational purposes to pure pleasure. With advancements in technology, input devices such as controllers and keyboards have evolved into gamepads, providing a more immersive gaming experience. Competitions and online multi-player games have become a major part of the scene, allowing video gamers to connect and compete in real-time strategy games and 3D simulations. Technologically advanced smartphones and the advent of streaming media services and cloud gaming have made video games more accessible than ever. Hyper-scale cloud capabilities and 5G networks have enabled cloud gaming services, allowing players to stream games directly from the cloud, eliminating the need for high-end hardware. Game developers continue to push the boundaries of what's possible in the industry, creating immersive worlds and experiences. The integration of 5G and cloud gaming services is set to revolutionize the market, making gaming more accessible and enjoyable for all. Whether it's for relaxation, competition, or just plain fun, the video game market has something for everyone.

Market Research Overview

The video gaming industry is experiencing a significant transformation with the rise of web-based gameplay and technologically advanced smartphones. The ubiquity of smartphones and the versatility of video games have made them accessible to a wider audience, including those who may not have had access to traditional gaming platforms. The demographics of video gamers are also transforming, with an increasing number of older adults and women entering the scene. Virtual Reality (VR) and Augmented Reality (AR) are revolutionizing the way we experience video games, offering immersive experiences that were once only possible in theaters. The graphics of video games have also seen a major leap forward, with high-quality 3D graphics and computer-generated effects becoming the norm. The video game hardware industry is also innovating, with gamepads, keyboards, and specialized input devices offering fine-motor abilities and eye-hand coordination essential for many games. The rise of cloud gaming services and streaming media platforms has made it easier for consumers to access new games and compete in esports tournaments. The potential customers for video games are vast, with the number of gamers continuing to grow. The industry is driven by primary market drivers such as pleasure, relaxation, and social interaction. The shift towards mobile gaming and the increasing portability of gaming products have made video games an increasingly popular form of recreation. The video game industry is a thriving profession, with game developers and creators having full command over the creative process. The industry is also adapting to changing consumer preferences, with open-source software, online gaming, and real-time strategy games becoming increasingly popular. The future of video gaming is bright, with 5G networks and technologically advanced smartphones set to offer even more immersive experiences. The industry is also exploring the use of artificial intelligence (AI) and sound effects to enhance the overall gaming experience. The societal availability of video games, along with their educational purposes and ease of accessibility, make them an essential part of modern life.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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