The global video games market size was valued at USD 199.74 billion in 2022 and is projected to grow from USD 307.19 billion by 2029, exhibiting a CAGR of 6.3% during the forecast period. Fortune Business Insights™ mentioned this in a report titled, “Video Games Market, 2023-2029.”
The report provides an extensive overview of key drivers and challenges impacting market augmentation over the forecast timeframe. It studies the market thoroughly by fragmenting it into segments and regions. Growth rate and market share estimates of each segment and region are documented as well. Moreover, the report encompasses a company profiles section that briefs readers about strategic moves made by leading players and enables them to make informed decisions.
List of Key Players Profiled in the Video Games Market Report:
- Sony Group Corporation (Japan)
- Microsoft (U.S.)
- Nintendo (Japan)
- Tencent (China)
- Activision Blizzard (U.S.)
- Electronic arts (U.S.)
- Epic Games (U.S.)
- Take-two interactive (U.S.)
- Ubisoft (France)
- Bandai Namco Holdings Inc. (Japan)
Increasing Integration of Advanced Technologies will Stimulate Industry Expansion
The growing integration of 3D, sound effects, high-definition graphics, Augmented Reality (AR), and Virtual Reality (VR) in games increases their appeal. Video games nowadays are very realistic due to their high-quality visual effects, sound effects, and detailing. A shift toward user-centricity and personalization is further contributing to the global video games market growth.
On the other hand, rising concerns regarding growing aggression among teenagers due to the promotion of violence in games will act as a challenge for businesses operating in this domain.
Key Industry Development-
- July 2022: Asus launched the new ROG Phone 6 Pro and ROG Phone 6 and expanded its gaming smartphone line. The phones have an IPX4 rating, the latest Snapdragon 8+ Gen 1 system-on-chip, 512 GB storage, and up to 18GB RAM.