Video Game Market To Hit Value 3.69 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Karmarkar on December 8th, 2022

The global video game market size is anticipated to reach USD 583.69 billion by 2030, growing at a CAGR of 12.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the continued advances in the latest technologies, such as Augmented Reality (AR) and Virtual Reality (VR). As the entertainment industry continues to evolve, gaming is emerging as a popular mode of entertainment along with watching films and listening to music, which also bodes well for the growth of the market over the forecast period.

Advances in VR technology, the immersive gaming experience offered by VR, the growing adoption of VR headsets, and the continued development of VR- and AR-related products, such as Head-Up Displays (HUD) and Head-Mounted Displays (HMD), are prompting game developers to generate VR content to capitalize on the opportunities emerging thereby. At the same time, VR peripherals, such as Google Cardboard, are transforming mobile phones into affordable gaming platforms and allowing individuals to turn their smartphones into VR gaming devices. All these factors are expected to play a decisive role in driving the growth of the market.

The rising smartphone penetration rate is opening substantial opportunities for vendors to develop mobile video games. Vendors are trying to grab this opportunity either by developing their own mobile video games or by acquiring gaming companies. For instance, in January 2022, Take-Two Interactive Software, Inc. acquired Zynga Inc, one of the prominent players in developing, marketing, and operating social games as live services played on various mobile platforms, including iOS and Android, consoles, and social media. The acquisition would allow the company to develop and deploy free-to-play variations of its games.

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Advances in technology and continued innovation in both hardware and software to enhance the real-time rendering of graphics are expected to drive the growth of the market over the forecast period. The proliferation of smartphones, the growing internet penetration rate, and the easy availability of games on the internet are expected to contribute to the growth of the market.

Video Game Market Report Highlights

• The mobile segment is projected to grow at the highest CAGR over the forecast period in line with the increasing smartphone penetration rate across the globe
• The growing preference for tablet phones for improved viewing and playing experience is expected to contribute to the growth of the mobile segment
• The online segment is estimated to witness substantial growth over the forecast period in line with the growing popularity of online betting, gambling, and social media gaming and the continued rollout of high-speed data networks
• Asia Pacific is expected to grow at the highest CAGR over the forecast period, partly driven by the growing smartphone and internet penetration rate in countries, such as China, India, and South Korea

The growing preference for online gaming among individuals is driving the popularity of massively multiplayer online (MMO), Free2Play (F2P), and multiplayer games; and the trend is anticipated to continue over the forecast period. Hence, game developers are focusing on the compatibility and efficiency of hardware. At the same time, the changing consumer preferences and the rising levels of disposable income across the globe are driving the large-scale adoption of advanced gaming consoles equipped with sophisticated features, such as record & share and cross-platform gameplay.

Having realized that several individuals use social media to find the video game of their choice, game developers are launching several games across various genres, including action, role play, simulation, and strategy, on social media to attract customers. The growing popularity of e-sports tournaments and the increasing number of professional gamers are also driving the sales of video games and accessories. The potential of gaming as an educational tool to develop cognitive learning is also being explored. The concept of ‘gaming to learn’ is still in its nascent stages but gaining traction gradually.

List of Key Players in the Video Game Market

• Activision Blizzard
• Apple Inc.
• Disney
• Electronics Art Inc.
• Lucid Games
• Microsoft
• Nintendo
• Rovio Entertainment Corporation
• Sony Interactive Entertainment Inc.
• Tencent Holdings Limited