Global Video Games Market Outlook
According to a new report by Expert Market Research titled “Global Video Games Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global video games market reached a value of approximately USD 196.2 billion in 2022. Aided by the growing demand for interactive digital entertainment across various sectors, including education, retail, and the hospitality industry, the market is projected to further grow at a CAGR of 13% between 2023 and 2028 to reach a value of USD 399.6 billion by 2028.
A video game is any game that can be played virtually and cooperatively, whether offline or online. They are often played on a computer or other electronic device with a high-resolution display screen, a television, or other device, as well as a remote control for manipulating graphic pictures. A vital component of contemporary culture is the development of video games, which combine graphic design, coding, and narrative.
A number of industries, including fashion, music, film, and the entertainment industry, are being significantly impacted by video games. The video games market is expanding as a result of an increasing number of professional and casual players who engage in gaming for leisure, entertainment, or passive income. Video game consumption has further expanded across the globe as a result of the rise in demand for interactive and immersive experiences.
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Additionally, the development of digital distribution platforms and the esports industry have accelerated video games market expansion. Numerous cognitive advantages of playing video games have been documented, including bettering problem-solving abilities, memory, and coordination. The development of the global video game market has further been facilitated by the expanding customer base’s need for entertaining and intellectually interesting experiences.
Asia Pacific is one of the significant regions in the global video games market due to the presence of a large number of users in China, South Korea, and Japan. The key factors driving the regional market growth include rapid urbanisation, rising disposable income, and a change in entertainment habits. The rich and engaging experiences that video games offer are encouraging more and more consumers in the region to use them as a form of entertainment.
Technological advancements such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) in game creation are improving game design and producing better user experiences. These developments enable improved gaming, quicker development, and more effective resource management, thereby fuelling the global video games market growth.
Video Games Market Segmentation
The market can be divided based on device, age group, platform type, and region.
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Market Breakup by Device
- Consoles
- Mobile
- PC/Laptop
Market Breakup by Age Group
- Generation X
- Generation Y
- Generation Z
Market Breakup by Platform Type
- Online
- Offline
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global video games companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Sony Group Corporation
- Microsoft Corporation
- Nintendo Co., Ltd.
- Activision Blizzard, Inc.
- Electronic Arts Inc.
- Epic Games, Inc.
- Take-Two Interactive Software, Inc
- Rovio Entertainment Oyj
- Lucid Games Limited
- Tencent Holdings Ltd.
- Bandai Namco Holdings Inc.
- Others
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