Video Games Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Consumer Goods & Services
Report Code - OMR-CGS-216
Format: PDF, PPT, and Excel
Video Games Market to Produce a Market Growth of 6.8% During Forecast; Rising Popularity of Gaming Consoles, Increasing Smartphone Sales, Improving Connectivity Solutions, and Widening Multiplayer Games to Augment Market Growth
A "video game" is any electronic game performed by moving an input device or user interface to receive sensory input from a display device, such as a television, computer monitor, flat-panel display, tablet on a handheld device, or virtual reality headgear. Not all video games, however, necessitate visual displays. Text adventures and computer chess can be played on teletype printers, for example. Most modern video games have audio output, whether through speakers or headphones.
Although the outbreak of the COVID-19 pandemic had a severe impact on the global economy, the video game industry experienced extraordinary growth. As a direct consequence of the shutdowns and limits on the movement of people imposed by governments worldwide to prevent the spread of coronavirus, both the number of players and the overall amount of time spent playing online games increased. Multiple game developers have made their games available for free distribution on the Internet. However, the pandemic also caused delays and interruptions in the goods launches of other companies.
Key Takeaways of the Video Games Market
By Device
The cellphone sector was the most profitable in 2022. During the anticipated time frame, the cell phone sector will maintain its market dominance. The expansion of the mobile market is primarily attributable to the increasing rate of smartphone adoption worldwide.
By Device
In 2022, offline commerce generated the most revenue. However, it is anticipated that the Internet market will expand at the quickest rate. This market has expanded due to the increasing popularity of multiplayer video games.
By Region
In 2022, the Asia-Pacific region dominated the global market. While China invests the most overall, Japan contributes the most per capita. Honor of Kings and Genshin Impact, two of the most popular mobile apps globally, were created in both countries.
Competitive Gaming to Take a Step Towards a Revenue Growth Spurt
In recent years, the prevalence of competitive mobile multiplayer games has skyrocketed. PlayerUnknown's Battlegrounds (PUBG) and Call of Duty (COD) are two of the most popular games in esports. These video games are enjoyed in a multiplayer environment in which players can interact with one another, resulting in heightened immersion. In addition, the multiplayer mode's real-time competitive nature gives participants a sense of accomplishment.
In addition, Graphics Processing Unit (GPU) technology advancements result in improved performance; therefore, a technologically advanced GPU coupled with an equally advanced display provides the optimal balance between the two. In November 2022, for instance, the American multinational semiconductor company Advanced Micro Devices (AMD) introduced its "RDNA 3" graphics processing unit (GPU) of the third iteration. The introduction is a response to Nvidia's upcoming release of its RTX 4090 GPU, another high-speed GPUs manufacturer, and direct competitor.
Increasing Population for Gamers and Improving Internet Access to Accumulate Revenue
There were 2.7 billion mobile enthusiasts in the world in 2022, and they played 90 billion games. In 2022, role-playing games (RPGs) led the field with a 31% share of global in-app purchase revenue, driven by massively multiplayer online role-playing games (MMORPGs). In terms of downloads, however, hypercasual games headed the group, making up 29% of all mobile game downloads. In addition, 55% of mobile enthusiasts are female, and mobile games account for 21% of all Android applications and 25% of all iOS applications downloaded.
The ubiquity of internet access, the rising prevalence of smartphones, and the advent of high-capacity wireless networks such as 5G are creating growth opportunities in gaming markets around the globe. Seven percent of the global population will have access to 5G technology by the end of 2021, according to GSMA research. One hundred seventy wireless carriers will have launched commercial 5G services by November of that year. This allowed smartphone manufacturers to introduce 5G variants to consumers.
Global Video Games Market Prominent Players
• Sony Group Corporation (Japan)
• Tencent (China)
• Epic Games (U.S.)
• Ubisoft (France)
• Bandai Namco Holdings Inc. (Japan)
• Nintendo (Japan)
• Microsoft (U.S.)
• Electronics Arts (U.S.)
• Take-two Interactive (U.S.)
• Activision Blizzard (U.S.)
• Google LLC (U.S.)
• Apple Inc. (U.S.)
Report Scope for Video Games Market
Device
• Console
• Mobile
• Computer/PC
• Cloud
Type
• Online
• Offline
Distribution Channel
• Physical Retail Stores
• Digital Distribution Platforms
• Direct sales
Video Games Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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