The global video game market size is anticipated to reach USD 398.15 billion by 2027, registering a CAGR of 12.9% from 2020 to 2027, according to a new report by Grand View Research, Inc. Technological advancements in hardware and software are anticipated to accelerate the market growth. Video game has emerged as one of the most lucrative industries in the entertainment sector, besides the film and music industries. Continuous advancements in Augmented Reality (AR) and Virtual Reality (VR), have been instrumental in opening up several avenues for the overall gaming market expansion.
The introduction of VR and the immersive gaming experience offered by VR is subsequently boosting the market growth. The adoption of VR headsets is on the rise and is increasingly prompting market players to generate VR content to capitalize on the opportunities created by virtual reality. Mobile phones offer cheaper platforms for gaming and users can turn their smartphones into VR gaming devices with the help of VR peripherals such as Google Cardboard.
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Rising penetration of mobile gaming provides substantial opportunities to vendors in the market to develop mobile video games. Vendors are also trying to grab this opportunity by developing their own mobile games or by acquiring mobile video game developers. For instance, in February 2018, Disney Interactive entered into a mobile game agreement with Glu Mobile to develop mobile games based on characters from Disney and Pixar film franchises.
The growth in the development of VR and AR related products, such as Head-Up Displays (HUD) and Head Mounted Displays (HMD), has enhanced the gaming experience, making it more engaging. Vendors are focusing on launching various video game subscription services which allow users to download and play games. For instance, in September 2019 Apple, Inc. introduced Apple Arcade, a game subscription service for desktop and mobiles. The new game subscription service allows users to download and play number of games from App Store that have no in-app purchase or any additional costs by paying one-month subscription fee.
Video Game Market Report Highlights
• The mobile segment is projected to gain momentum and expand at the highest CAGR over the forecast period, owing to the increasing smartphone penetration across the globe. The use of tablet phones for an improved viewing and playing experience is further expected to contribute to the growth
• The online segment is estimated to witness substantial growth over the next eight years, attributed to the increasing broadband penetration and growing online betting, gambling, and social network gaming
• Asia Pacific is expected register fastest growth over the forecast period. Countries such as China, India, and South Korea are offering lucrative growth opportunities, which can be partly attributed to the growing smartphone and internet penetration in these countries
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Video Game Market Segmentation
Grand View Research has segmented the global video game market on the basis of device, type, and region:
Video Game Device Outlook (Revenue, USD Billion, 2016 - 2027)
• Console
• Mobile
• Computer
Video Game Type Outlook (Revenue, USD Billion, 2016 - 2027)
• Online
• Offline
Video Game Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
• Asia Pacific
o China
o Japan
o South Korea
• Latin America
o Brazil
• Middle East & Africa
o Egypt
o Jordan
o Saudi Arabia
o UAE
List of Key Players in Video Game Market
• Tencent Holdings Limited
• Nintendo Co., Ltd.
• Microsoft Corporation
• Sony Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.