Exciting Technology Advancements & Increased Consumption of Gaming Across Demographics Drive the Global Video Games Market


The global market for Video Games is projected to reach US$241 billion by 2024, driven by advent of exciting technology trends, continuous rise in mobile phone users, increased consumption of video games by changing demographics of modern players, and rise in perceived educative value of video games.

Video games are essentially realism inspired simulations that revolve around car racing, sports, business simulations, civilization development and combat, among others. Abstract simulations make use of realistic graphics and include adventure, space battle and fantasy games. Video games are an interactive gaming experience realized across various platforms such as console, PC, handheld, online, wireless, and others. Video games software typically refers to the gaming program or gaming titles which is stored electronically and sold on physical media storage devices or digital versions, which can be run on home consoles, PCs and mobiles. The huge success of console and PC based games and the revolutionizing influence exerted by online games have played instrumental roles in driving video games market over the years. Games of today can also allow players to manipulate and change the environment through exclusive motion-sensor controllers and realistic animation.
Growth in the upcoming years will be driven by steady consumer demand for next-generation consoles integrated with advanced capabilities, demand for digital PC games, and soaring popularity of wireless gaming apps designed to work with smartphones and tablet PCs. Consumer penchant for new interactive gaming software/titles will keep technology and gaming development activity highly engaging in the coming years. Games poised to score the highest gains will be those with powerful and entertaining graphics that call for fast paced developments in gaming designs and content. However, while technology developments help in the expansion of product categories at the retail level, the trend nevertheless will shorten product lifecycles in the marketplace, leading to rapid obsolesce. Consumers’ undying interest for newer games coupled with seasonal fluctuations in demand will together make innovation crucial for survival in the marketplace.
Despite challenges, consumer appetite for video games is poised to surpass movies, and music to emerge as the preferred form of entertainment. Reflective of the trend is the fact that sales of video games worldwide are outshining ticket sales at the box office. Rapid proliferation of wireless devices such as smartphones and tablet PCs, and rise in penetration of mobile broadband Internet will also lend traction to the video gaming market in coming years. The growth is also led by growing population, expanding base of affluent middle class population with a high degree of technological sophistication, strong penetration of smartphones, mobile Internet and the ensuing popularity of wireless games, growing preference for interactive entertainment and escalating popularity of social games, free-to-play games and pay-to-play games.
As stated by the new market research report on Video Games, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 13.1% over the analysis period. Asia-Pacific has been turbo-charging global growth in recent years and will continue to do so even in the short to medium term period, primarily due to factors such as strong economic growth and prosperity, shift towards Western oriented lifestyles, developments in gaming technologies, product enhancements, rising market penetration, and falling prices, among others. Mobile Games represents the fastest growing market segment with revenues waxing at a CAGR of 15.3% over the analysis period.

Major players in the market include Activision Blizzard, Inc., Blizzard Entertainment, Inc., King Digital Entertainment plc, Atari SA, BANDAI NAMCO Holdings Inc., Capcom Co., Ltd., Electronic Arts, Inc., PopCap Games, Inc., iWin, Inc., Konami Holdings Corp., Konami Digital Entertainment Co. Ltd., Konami Gaming Inc., Microsoft Studios, Nintendo Co. Ltd., Sega Holdings Co., Ltd., Sony Interactive Entertainment, Square Enix Holdings Co. Ltd., Square Enix Ltd., Take 2 Interactive Software, Inc., Tetris Holding, LLC, and Ubisoft Entertainment SA, among others.

The research report titled “Video Games - Market Analysis, Trends, and Forecasts ” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for Video Games Software in Value (US$ million) for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, South Korea and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, Mexico & Rest of Latin America). Product segments analyzed in the report include Console Games, PC Games (Digital & Boxed), Casual Web Games, and Mobile Games.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

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