The global video game market is projected to reach USD 720.1 billion by 2032, at a compound annual growth rate (CAGR) of 12.6%. This significant growth rate confirms the potential for significant return on investment in the video game industry.
FORT COLLINS, Colo., May 6, 2024 (Globe Newswire) —
The growing popularity of video games is driving the development of the industry.
In 2023, video game, It was primarily driven by the rapid growth in popularity of mobile games. This trend, which piques the interest of casual gamers, can be attributed to the proliferation of smartphones with enhanced computing capabilities and high-speed internet. This has led to a significant expansion of the mobile gaming industry, further increasing its profile with the advent of competitive mobile gaming and esports tournaments.
The increased viewership and revenue generated from esports tournaments has not only attracted large audiences, but also triggered significant investment in the industry. A notable example is the partnership between Qatar Esports Federation and esports production company ESB. In March 2024, ESB announced the launch of his DOTA 2 league with a staggering prize pool of US$2.6 million, further cementing the growing influence of esports in video games. did. market.
The growing popularity of casual games has driven innovation in game monetization strategies, making these titles more affordable to a wider audience. Game developers are adapting popular PC games to mobile platforms, leading to the consolidation of gaming platforms and further driving market growth. Titles such as Assassin's Creed, Resident Evil, and Grand Theft Auto were originally developed for his PC, but are now tailored for smartphones. Similarly, Google introduced the Play Games beta, allowing Android games to be played on PC, contributing to the accessibility and ubiquity of the gaming experience across different platforms.
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Segmentation overview:
The video game market is segmented into device, type, and region.
Mobile is a major segment in the device category and is expected to remain important in the coming years.
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The video game market segmentation based on devices includes console, mobile, and computer segments. The mobile segment held the largest market share in 2023. This is due to the rapid innovation in the technological capabilities of smartphones over the years, which have provided extremely high quality graphics and gaming experiences.
Online is a fast-growing segment that is expected to dominate during the forecast period.
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Based on type, the video game market is segmented into online and offline. In 2023, the online sector captured the largest market share. Online games foster community and social interaction among players, allowing players to connect and compete with players from all over the world.
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Video Game Market Report Highlights:
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Notable players in the video game market report include Activision Blizzard, Apple Inc., Disney, Electronic Arts Inc., Lucid Games, Gameloft, Microsoft Corp., Nintendo, Rovio Entertainment Corporation, Sony Interactive Entertainment Inc., and Tencent Holdings Ltd. included.
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