Global Video Game Market Insights Forecasts to 2032

• The Global Video Game Market Size was valued at USD 253.6 Billion in 2022.
• The Market is Growing at a CAGR of 13.8% from 2022 to 2032
• The Worldwide Video Game Market Size is expected to reach USD 924.8 Billion by 2032
• North America is expected to Grow the fastest during the forecast period.

The Global Video Game Market Size is expected to reach USD 924.8 Billion by 2032, at a CAGR of 13.8% during the forecast period 2022 to 2032.

A video game, often referred to as a computer game, is a type of electronic game that can also be controlled with an input device such as a gamepad, keyboard, or controller. Video games can be used for pleasure and relaxation, as well as competitions and educational purposes. Some video games are made to assist people in developing their fine-motor abilities and eye-hand coordination. Consumers are more inclined to purchase a new game if it provides them with something new, which is one of the most essential features of the video game market. As a result, video game hardware, such as consoles, has evolved at an unprecedented rate. The home console market was quite diversified in the early years of gaming, with many businesses competing against each other. Nowadays game creators are able to utilize a variety of commercial and open-source software to build games, frequently spanning various platforms to facilitate versatility, or they can design their own frameworks for more specialized features and full command of the game. Modern video games are a very distinctive blend of 3D graphics, computer-generated effects, architecture, artificial intelligence (AI), audio effects, theatrical performances, music, narration, and, most crucially, interactive functionality. Gaming is a wildly popular recreation all around the world. It is believed that approximately 350 million individuals play video games. People playing games on their mobile phones account for a huge portion of the gaming market. The primary market drivers boosting video game market growth include technological advancements, continuing software, and hardware innovation, increased connectivity to the internet, and real-time graphics simulation enhancements.

Driving Factors

The video game market is expected to grow as ascribed to trends such as changing consumer preferences from traditional games to online games, rising adoption of internet services in tandem with the ease of accessibility and affordability of online games, and technological innovation and development. In addition, rising urbanization, transforming demographics, increasing portability, social interaction, and accessibility, as well as shifting perceptions and societal willingness to embrace gaming, all contributed to a major boost in the number of gamers. These characteristics have led to video games' widespread success as a form of entertainment, resulting in an increasing number of players globally. Furthermore, the increased ubiquity of smartphones has resulted in video games being more readily available, adaptable, and societal. The introduction of technologically improved and more powerful smartphones has fueled video game market expansion to a greater extent.

Video games have become more graphically sound and functional as 3D, high-definition graphics, sound effects, Virtual Reality (VR), and Augmented Reality (AR) have become increasingly integrated. They are more enticing and, as a result, can capture the attraction of an extensive customer base. Additionally, advancements in Graphic Processor Units (GPU) technology have optimized efficiency; hence, a combination of the most sophisticated GPU and display delivers a great ratio of performance and aesthetics. Furthermore, the increasing prevalence of web-based gameplay and the growing recognition of esports tournaments are predicted to fuel demand over the forecast period. This is a thriving profession where professional video gamers compete. Esports events and competitions draw huge worldwide online and offline viewers, with hundreds of millions of spectators and supporters around the world.  The growing acceptance of esports has increased demand for high-quality, competitive video games that offer players and viewers alike an interesting and immersive experience. Market participants are also concentrating on producing improved gaming products and services in order to entice more potential customers, which is favorably boosting the entire video gaming industry.

Market Segmentation

By Device Insights

The mobile segment is dominating the market with the largest revenue share over the forecast period.

On the basis of device, the global video game market is segmented into the console, mobile, computer, cloud gaming, virtual reality, and others. Among these, the mobile segment is dominating the market with the largest revenue share of 43.6% over the forecast period. The growing popularity of smartphones, combined with soaring internet usage globally, presents enormous prospects for mobile gaming. Over the past few years, technological advancements in smartphone gaming hardware, as well as their ease of use, accessibility, and affordability of low-cost alternatives, have increased the demand for mobile games among the global population, captivating gamers to switch from consoles and pre-installed PC games to mobile phone gaming. Furthermore, the growing popularity of mobile gaming among the younger demographic is likely to provide an economically viable probability for the mobile device segment.

By Type Insights

The online segment accounted for the largest revenue share of more than 54.2% over the forecast period.

On the basis of type, the global video game market is segmented into online and offline. Among these, the online segment is dominating the market with the largest revenue share of 54.2% over the forecast period. This segment's growth is being attributed to increased accessibility to the internet, the expansion of the online recreational gaming industry, and the increasing number of players of extensively multiplayer online (MMO) and free-to-play (F2P) games. Technological innovations such as the use of augmented reality (AR), virtual reality (VR), and mixed reality (MR) are also driving industry expansion. Furthermore, the rising number of esports competitions and competitive multiplayer gaming is driving the expansion of the online video gaming market.

Regional Insights

Asia Pacific dominates the market with the largest market share over the forecast period.

Asia Pacific is dominating the market with more than 41.7% market share over the forecast period. The region's enormous population size, combined with rapid growth in mobile video games and competitive gaming, drives the region to the epicenter of the global video games market. Asia Pacific is a diversified region with a large population and a wide range of cultures, making it a key contributor to the global video game market. Mobile gaming has increased in countries such as China, India, and Southeast Asia, owing predominantly to the increasing availability of smartphones and mobile internet. South Korea and China are regarded as esports powerhouses, with numerous competitive teams, championships, and enormous fan bases. Furthermore, due to the expanding number of online gamers and the growing popularity of online gaming competitions, industry participants in the Asia Pacific are creating platforms that could facilitate gamers to access AAA games, giving them a significant presence in the video game market.

North America, on the contrary, is expected to grow the fastest during the forecast period. North America, which includes largely the United States and Canada, is an established marketplace with a long tradition of video game creation and distribution. While North America has generally lagged behind Asia in esports, leagues such as the LCS (League of Legends Championship Series) have been receiving substantial attention. Furthermore, the region's notable prominence among major video game developers and technology leaders such as Amazon Web Services, Inc., Apple Inc., Google LLC, Microsoft Corp., and NVIDIA Corp. plays a role in its development in general. These firms are concentrating on expanding their company activities such as new product launches, strategic alliances, and geographic expansion.

The Europe market is expected to register a substantial CAGR growth rate during the forecast period. With the growing popularity of online gaming competitions in Europe, as well as a rising tide of online gamers, gaming-related businesses are introducing solutions that may allow users to access Premium video games.

List of Key Market Players

• Electronic Arts Inc.
• Disney
• Google LLC
• Lucid Games
• Epic Games
• Microsoft Corp.
• Nintendo
• Tencent Holdings Ltd.
• Ubisoft Entertainment SA
• Activision Blizzard
• Apple Inc.
• THQ Nordic GmbH
• Sega Corporation
• Rovio Entertainment Corporation
• Sony Inc.
• King Digital Entertainment Plc.

Key Market Developments

• On June 2023, Samsung's gaming hub portfolio expanded to nearly 3,000 games with the launch of antstream arcade and blacknut. The arrival of antstream arcade and blacknut on the samsung gaming hub for Samsung smart TVs and monitors unlocks a new level of premium arcade games for the whole family.

• On April 2023, Savvy Games Group, a gaming and esports firm owned by the Saudi government's Public Investment Fund, has agreed to acquire Scopely for $4.9 billion. Scopely will function as an "autonomous company" within the Savvy umbrella, alongside esports companies ESL and Faceit. The acquisition will also expand Scopely's live services capabilities to new areas such as PC, consoles, and others, according to the company.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Video Game Market based on the below-mentioned segments:

Video Game Market, Device Analysis

• Console
• Mobile
• Computer
• Cloud Gaming
• Virtual Reality
• Others

Video Game Market, Type Analysis

• Online
• Offline

Video Game Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa