Video Game Market Trends, Industry Share, Growth Drivers, Business Opportunities and Demand Forecast to 2029

 According to Fortune Business Insights, the global video games market size was valued at USD 199.74 billion in 2022  and is projected to grow to 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.”

Information Source:

https://www.fortunebusinessinsights.com/video-game-market-102548

Report Coverage-

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.

Drivers & Restraints-

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.

Regional Insights-

Asia Pacific to Dominate Stoked by Presence of Leading Players

Asia Pacific is a leading contributor to market growth owing to the presence of leading companies in the region and rising internet and smartphone penetration. The growing usage of smartphones urges developers to focus on developing multiplayer video games such as PUBG and COD to meet the demand of expanding consumer base, which, in turn, propels market expansion.

North America is projected to grow rapidly owing to expanding gaming community, easy access to the internet, and availability of devices with advanced technology.

Competitive Landscape-

Product Launches to Promote Market Augmentation

Leading companies often make strategic decisions such as partnerships, mergers & acquisitions, collaborations, and investments in research & developments to maximize profits. One such decision is to launch new products with advanced features to meet growing consumer requirements.

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 IPX4 rating, the latest Snapdragon 8+ Gen 1 system-on-chip, 512 GB storage, and up to 18GB RAM.

 

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