Video Game Market 2022-2028: Rise In Interest In Video Games, And Increasing Usage Of Smartphones And Consoles
The Global Video Game Market size is expected to reach USD 317.17 Billion in 2028 and register a CAGR of 8.9% over the forecast period, according to the latest report by Reports and Data. Increase in per capita income, rise in interest in video games, and increase in usage of smartphones and consoles are key factors fueling market revenue growth. Games have become an important part of social and entertainment fabric in various countries across the globe and adoption of various gaming platforms is propelling market revenue growth.
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Video game industry has witnessed a major surge in demand during the COVID-19 pandemic due to mandatory lockdown in many countries. People are turning to gaming platforms which are attracting more and more players in terms of online traffic. The pandemic has pushed at-home activities such as video games at the forefront of entertainment. Rise in community and social gaming, new console releases, and increase in launches of new hit titles are contributing significantly to growth of the market. However, increasing piracy and online fraud is a major factor restraining market growth.
Free to Play (F2P) games are a powerful way to drive profits in the market. With low barrier to entry, playing experience is improving at a rapid rate, and more people are joining, which makes purchased items more valuable and attractive to gamers. Games like Fortnite, Call of Duty: Warzone, and Candy Crush are example of games where players play for free at the start and then pay for boosters, extra lives, and strategic moves as their interest in the game becomes more gripping. Increase in live streaming trend and emergence of platforms like Twitch is also driving market growth. Development of handheld game consoles is another factor driving the demand for video games.
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Top Profiled in the Global Video Game Market Report:
- Microsoft Corporation,
- Apple, Inc.,
- Nintendo Co., Ltd.,
- Activision Blizzard, Inc.,
- Electronic Arts, Inc.,
- Disney Consumer Products
By Device Outlook
By Type Outlook
By Application Outlook
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By End-use Outlook
Key Takeaways of the Global Video Game Market Report:
- A comprehensive overview of the global Video Game industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Video Game market.
- Elaborate study of the leading regional markets in the global Video Game market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
Key Regional Markets Covered in the Report:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
Rest of Middle East & Africa
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