The video game market will triple, surpassing US$510 billion by 2031; Google and Meta will be the Trendsetters


Video game companies leverage best AR and VR experience to deliver smooth gaming experience

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

NEW YORK, August 25, 2022 /PRNewswire/ — The global video game market is expected to grow at a CAGR of 13% between 2021 and 2031. Global video game sales are expected to reach nearly 510 billion US dollars by 2031developing countries representing a significant demand during the forecast period (2021-2031).

The video game market continues to experience 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 hugely popular with amateur gamers.

According to Fact.MR analysis, one of the main areas of focus for video game companies is moving from cartridges/discs to streaming/cloud service. Subscription video game deals are also gaining popularity as they are affordable for users.

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Video game makers are also integrating virtual reality (VR) and augmented reality (AR) to provide an immersive experience for their users. For example, Oculus VR has launched virtual reality headsets that provide amazing sound experience to users. According to Fact.MR’s analysis, many video game manufacturers are likely to integrate virtual reality and augmented reality into their offerings to gain competitiveness.

Key points to remember:

  • The United States should remain a lucrative market for video game companies. Fact.MR estimates the market to grow at a CAGR of 11% in 2021-2031
  • China is one of the most important markets for video games in the world and recorded sales at 30 billion US dollars in 2020
  • Based on digital platform, mobile/tablet video games are likely to remain the most preferred, registering a CAGR of 11% over the forecast period
  • By hardware, handheld video games are expected to gain traction over the review period.
  • Virtual Reality as a Digital Platform is Expected to Grow Impressively at 10% CAGR Between 2021 and 2031

Growth drivers:

  • Innovation in gaming technology has led to better graphics and user experience, sparking renewed interest among gamers, propelling growth
  • The growing penetration of smartphones and the internet has created easy accessibility, allowing more people to play video games
  • The advent of online streaming, augmented reality and virtual reality has boosted the popularity of video games, making them appealing to a wider audience

Constraints:

  • The health impact of video games, particularly their role in myopia, has resulted in many parents now opting for physical games and activities. This led to a drop in sales in many countries
  • Governments around the world are banning certain video games due to user complaints or security threats, which has created a challenge for video game makers

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Competitive landscape

Major video game companies release new versions of their best-selling games to grab consumers’ attention. Video game companies are also incorporating the latest technologies to improve the overall gaming experience of users. Moreover, mergers and acquisitions are also a key strategy for video game manufacturers to strengthen their position in this market.

For instance,

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

Top Companies Featured 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 information about the video game market

In the latest study, Fact.MR offers a detailed study of the global Video Games for the forecast period 2021 to 2031. This study also highlights the key drivers for the sales promotion of the Video Games market with an analysis of the sections below:

Type of game

  • Action video games
  • Adventure video games
  • Arcade video games
  • Casual video games
  • Entertainment video games for children
  • Strategy video games
  • Sports video games
  • Shooting video games
  • Role-playing video games
  • racing video games

Material

  • Video games for portable consoles
  • Video games on static console
  • Video game accessories

Physical platform

  • computer video games
  • Video game consoles

Digital platform

  • Online video games
  • Mobile/tablet video games
  • Portable video games
  • virtual reality video games

Region

  • North America
  • Latin America
  • Europe
  • Japan
  • APEJ
  • AEM

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Key Questions Answered in the Video Games Market Report

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

Explore Fact.MR’s coverage of the gaming industry:

game controller market: The game controller market is poised to grow at over 7% CAGR in 2021-2031. Custom-made balance boards are the best-selling technology in the game controller market. According to Fact.MR, the United States and China are expected to be the leading countries in game controllers market.

handheld gaming accessories market: The global portable gaming accessories market is valued at US$3.4 billion in 2022. It is expected to grow at a CAGR of 15.7% and reach US$14.9 billion by 2032. According to Fact.MR, VR headset accessories represent the highest demand and are likely to hold over 40% market share.

game hardware market: The gaming hardware market is valued at US$36.3 billion in 2022. Global sales are expected to grow at a CAGR of 4.6% over the period 2022-2032 and are expected to reach US$56.8 billion by 2032. The demand in the market is mainly attributed to rapid technological advancements such as cloud gaming or games as a service in video games.

Discover more reports from Fact.MR on the consumer goods industry

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

About Fact.MR

Fact.MR is a market research and advisory agency with deep expertise in emerging market intelligence. Covering a wide range – from automotive and industry 4.0 to healthcare, technology, chemicals and materials, even to the most specialized categories. We are committed to providing information that helps companies better understand their target markets. We understand that making sense of the vast maze of data can be overwhelming for businesses. That’s why focus on offering information that can really make a difference in terms of results.

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

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