Market Analysis
The video game market will develop at a favorable 14.5% CAGR by 2026, states the new Market Research Future (MRFR) report.
Key Players
Eminent industry players profiled in the global video game market report include Sony Corporation (Japan), ZeptoLab Co. Ltd (Russia), Microsoft Corporation (US), Apple Inc. (US), Google LLC (US), Bandai Namco Entertainment, Inc. (Japan), Take-Two Interactive Software, Inc. (US), Nintendo Co. Ltd (Japan), Activision Blizzard Inc. (US), Electronic Arts Inc. (US), Ubisoft Entertainment SA (France), Square Enix Holdings Co. Ltd (Japan), Tencent Holdings Limited (China), Sega Games Co. Ltd (Japan). Other players include Capcom Co. Ltd (US), NetEase Inc. (China), Beijing Kunlun Technology Co. Limited (China) and Nexon Company (South Korea).
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Drivers
Social Media Gaming Trend to Boost Market Growth
The social media gaming trend will boost market growth over the forecast period. A good amount of the global population utilizes social networking sites like Reddit and Facebook for gaming. The accessibility of various genres of games like strategy, simulation, role play, and action is likely to attract customers.
Gaming to Learn Concept to Offer Robust Opportunities
The growing need for video games in various avenues like corporate enterprises and educational institutes will offer robust opportunities for the video game market over the forecast period. The use of gaming is an educational tool offers opportunities for cognitive and deeper learning. The gaming to learn concept is boosting market growth.
Restraints
Growing Adoption of Counterfeit Products to act as Market Restraint
The growing adoption of counterfeit products for its low prices may act as market restraint over the forecast period.
Challenges
Increase in Video Game-Related Health Issues to act as Market Challenge
The increase in video game-related health issues and problems may act as market challenge over the forecast period.
Regional Analysis
APAC to Spearhead Video Game Market
The APAC region will spearhead the video game market over the forecast period. The presence of major economies such as South Korea, Japan, and China, global digitalization, rise in digital ecosystem, 5G technology driving the mobile-based VR gaming market in China, China being a major gaming hub, the ever-increasing smartphone penetration, growing need for entertainment in China, rise in online gaming tournament, and rise in number of online gamers are adding to the global video game market growth in the region.
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Market Segmentation
The global video game market is bifurcated based on gaming device, gaming type, and end user.
By gaming device, the smartphone gaming segment will lead the market over the forecast period for the increasing need for mobile games multiple technological advances such as cloud gaming, VR, and AR.
By gaming type, the online gaming segment will dominate the market over the forecast period for the availability of unlimited data plans and the emergence of 5G networks.
By end user, the teenager segment will spearhead the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak continues in taking its toll on the worldwide economy, but the video game industry is likely to have a remarkable growth in the next few months. With governments across the world having mandated home quarantining for preventing the spread of the virus, companies are seeing an increase in users and also an increase in the number of hours users spend in playing online games. Besides, several gaming industries are also releasing their online games for free downloading.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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