Video Game Market Size is Predicted to Expand at a CAGR of 14.5% from 2020 to 2026 - Report by Market Research Future (MRFR)
New York, US, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Video Game Market information by Gaming Device, by Gaming Type, by End-user and Region – forecast to 2027” market was valued at 155.9 billion in 2019 and industry size to grow at a compound annual growth rate of 14.5% by 2026.
Market Scope:
Video games are gaining traction at a rapid pace due to rise of online platforms and easy access to games due to secure payment methods. Development of games with a focus on interactive experiences can drive the market demand. Market Research Future’s (MRFR) report on the video game market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on Video Game Market Covered are:
- Ubisoft Entertainment SA (France)
- Electronic Arts Inc. (US)
- Qualcomm Wireless Communications Technologies (China) Limited
- Tencent Holdings Limited (China)
- Nintendo Co. Ltd (Japan)
- Activision Blizzard Inc. (US)
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Market USP Exclusively Encompassed:
Market Drivers
Cloud Gaming to Drive Market Demand
Initiatives taken by governments and property builders for developing smart cities can drive market demand significantly. Use of efficient lighting and sustaining growth in countries can augur favorably for the market. Rapid urbanization and transformation of cities to smart cities can spur demand for video game solutions.
Huge need for infrastructure development and public safety can drive market demand. Moreover, adoption of internet of things (IoT), 5G, and analytics can create a bevy of opportunities in the coming years.
Rise in E-Sports to Push Market Growth
Smart homes can utilize video game solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
High Costs of Smart Equipment to Hamper Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the video game market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
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Segmentation of Market Covered in the Research:
Smartphone Gaming to Dominate Market Demand
Based on gaming device, the global video game market is segmented into console, tablet and smartphone. The smartphone gaming segment is expected to hold the largest share of the market. It is expected to grow at a faster rate during the forecast period owing to the rising demand for mobile games and multiple technological advancements in the market, such as AR, VR, cloud gaming. According to a research, there were more than 200 million mobile game players last year in the United States alone.
Online Gaming to Capture Maximum Share
Based on gaming type, the global market is divided into online and offline gaming. The online gaming segment is expected to hold the largest share of the market share and it is expected to grow at the fastest rate during the forecast period. The emergence of 5G networks and availability of unlimited data plans are also expected to be key factors towards the success of online gaming across the globe, as most gamers prefer playing games online on their mobile devices. The increasing services and investment in the 5G infrastructure are also very important towards this success. According to Ericsson, the number of 5G mobile subscriptions in the Asia-pacific region is expected to reach around 1,545 million by 2025.
Teenagers to be Biggest End-users
Based on end-user, the global market is divided into kids, teenagers and adults. The teenager segment is expected to hold the largest share of the market share and is expected to grow at the fastest rate during the forecast period.
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Regional Analysis
APAC to Lead Global Video Game Market
APAC is anticipated to dominate the demand share of the video game market owing to investments in modernization of infrastructure and technological advances in lighting. Applications of smart lights in automobiles, commercial buildings, and public places coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing video game solutions to conserve energy.
North America to Follow APAC
North America is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
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COVID-19 Impact on the Global Video Game Market
The COVID-19 pandemic has boosted sales of video games due to restrictions on offices and workspaces. Online stores and offers by game publishers are likely to support the trend. The large gaming community and popularity of e-sports tournaments can bolster market demand. However, the negative effects of gaming on mental health of children can negatively impact market growth.
Industry News
Electronic Arts is making use of artificial intelligence to portray real depictions and make games realistic. Investment in AI programs to lighten the load on animators and improve movements in sports.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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