Video Games Market to Grow Three-Fold, Surpassing US$ 510 Billion by 2031; Google and Meta to be the Trendsetters

Video Game Companies Leveraging Best AR & VR Experience to Provide Seamless Gaming Experience

The video games market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players’ strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as game type, hardware, physical platform, and digital platform across key regions.

NEW YORK, Aug. 25, 2022 /PRNewswire/ — The global video games market is likely to grow at 13% CAGR between 2021 and 2031. Global video games sales are expected to reach almost US$ 510 billion by 2031, with developing countries accounting for sizeable demand during the forecast period (2021-2031).

The video game market continues to witness steady growth, prompting tech giants such as Google, Microsoft Facebook, and Apple to enter this lucrative space. Google’s Stadia and Meta’s Unity Technologies are already quite popular with amateur gamers.

According to Fact.MR’s analysis, a key focus area for video game companies is to make a shift from cartridges/discs to streaming/cloud based service. Subscription-based video game offerings are also gaining popularity as these are affordable for users.

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Video game manufacturers are also incorporating virtual reality (VR) and augmented reality (AR) to provide an immersive experience to their users. For instance, Oculus VR has launched virtual reality headsets that provide an amazing sound experience to users. As per Fact.MR’s analysis, numerous video game manufacturers are likely to integrate VR and AR in their offerings to gain competitive edge.

Key Takeaways:

  • The U.S. is expected to remain a lucrative market for video game companies. Fact.MR estimates the market to grow at 11% CAGR during 2021-2031
  • China is one of the most prominent markets for video games globally and recorded sales at US$ 30 billion in 2020
  • Based on digital platform, mobile/tablet video games are likely to remain most preferred, registering 11% CAGR during the forecast period
  • By hardware, handheld console video games are anticipated to gain traction during the assessment period.
  • Virtual reality in terms of digital platform is expected to witness impressive growth at 10% CAGR between 2021 and 2031

Growth Drivers:

  • Innovation in gaming technology has led to better graphics and user experience, creating renewed interest among gamers, propelling growth
  • Growing smartphone and internet penetration has created easy accessibility, allowing more people to play video games
  • Advent of online streaming, AR, and VR has boosted the popularity of video games, making them appealing to a broader audience

Restraints:

  • Health impact of video games, especially their role in myopia has meant that many parents are now opting for physical games and activities. This has led to a decline in sales in many countries
  • Governments around the world are banning certain video games based on user complaints or security threats which has created challenge for video game manufacturers

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Competitive Landscape

Leading video game companies are launching new versions of their best-selling games to garner attention of consumers. Video game companies are also incorporating latest technology to improve the overall gaming experience for users. Further, mergers and acquisitions are also a key strategy for video game manufacturers to boost their position in this market.

For instance,

  • In August 2022, Microsoft announced it is interested in acquiring Activision Blizzard for US$ 70 Billion. The deal is currently being reviewed by regulators around the world
  • Take-Two Interactive, maker of the popular Grand Theft Auto bought mobile giant Zynga for US$ 12 billion in 2022

Key Companies Profiled by Fact.MR

  • Activision Blizzards Inc
  • Nintendo Co. Ltd
  • NVIDIA Corp
  • Sony Corp
  • Microsoft Corp
  • Electronic Arts Inc
  • Ubisoft Entertainment SA
  • King Digital Entertainment Plc
  • Supercell Oy
  • Take Two
  • Vivendi
  • Konami
  • Disney
  • THQ
  • SEGA

More Valuable Insights on Video Games Market

In the latest study, Fact.MR offers a detailed study on global video games for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of video games market with analysis across below segments:

Game Type

  • Action Video Games
  • Adventure Video Games
  • Arcade Video Games
  • Casual Video Games
  • Children’s Entertainment Video Games
  • Strategy Video Games
  • Sports Video Games
  • Shooter Video Games
  • Role-Playing Video Games
  • Racing Video Games

Hardware

  • Handheld Console Video Games
  • Static Console Video Games
  • Video Gaming Accessories

Physical Platform

  • Computer Video Games
  • Console Video Games

Digital Platform

  • Online Video Games
  • Mobile/Tablet Video Games
  • Handheld Video Games
  • Virtual Reality Video Games

Region

  • North America
  • Latin America
  • Europe
  • Japan
  • APEJ
  • MEA

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Key Questions Covered in the Video Games Market Report

  • What is the projected value of the video games market in 2021?
  • What will be the demand outlook for video games until 2031?
  • What are the opportunities expected to create for video games companies?
  • Which region is expected to lead in the global video games market during 2021-2031?
  • Which are the factors driving the video games market during the forecast period?
  • Which segment is expected to dominate in the video games market during the forecast period?

Explore Fact.MR’s Coverage on Gaming Industry:

Gaming Controller Market: The gaming controller market is poised to expand at over 7% CAGR during 2021-2031. Custom-made balance boards are the bestselling technology in gaming controller market. As per Fact.MR, the U.S. and China are predicted to be the leading countries in gaming controller market.

Wearable Gaming Accessories Market: The global wearable gaming accessories market is valued at US$ 3.4 billion in 2022. It is expected to grow at 15.7% CAGR and reach US$ 14.9 billion by 2032. Fact.MR opines, VR headset accessories account for the highest demand and are likely to hold over 40% market share.

Gaming Hardware Market: The gaming hardware market is valued at US$ 36.3 billion in 2022. Global sales are likely to grow at 4.6% CAGR during 2022-2032, and are set to reach US$ 56.8 billion by 2032. Demand in the market is primary attributed to rapid technological advancements such as cloud gaming or gaming-as-a-service in video games.

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https://www.factmr.com/industry/consumer-goods

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.

Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.

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SOURCE Fact.MR



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