The global market for Video Games is projected to reach US$241.1 billion by 2024, driven by rapid developments in hardware and software gaming platforms; growing prominence of video games as a form of modern artistic expression and entertainment; and effervescent investments in the development of new game genre, ideas and titles. Acceptance of video gaming as an educative and meaningful leisure activity represents a major change in consumer perception that has and will continue to help expand the audience base in the market. The educational value offered by video games is resulting in the creation of a new trend called “Gamification of Education”, where games are used as valuable high-tech teaching tool to impart 21st century skills such as creative thinking, problem solving and collaboration. Few of the factors responsible for improved player engagement and thereby the increase in the number of active gamers worldwide include launch of virtual reality headsets and smartglasses that lend visual realism to games; development of graphic-intensive games with more engaging and digitally immersive gameplays; rise of social games with viral connections for more continuous engagement; launch of games with no pre-defined ends, with ample in-game rewards and continuous offline evolution of game characters designed for addictive play style; “Always On” sensors in electronic wearables, the ensuing rise of video game enablement on wearables and design of micro-engagement models targeted at grabbing player attention for just few seconds for an extreme user engagement. Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 13.1% over the analysis period led by factors such as 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, browser based games and downloadable games; growing preference for interactive entertainment; and escalating popularity of social games, free-to-play games and pay-to-play games.
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Company and Industry News & Stories
- SIE and Lenovo Sign Two-Year Patent License Agreement in a Move to Use Sony’s PlayStation®VR Industrial Design in its Lenovo Mirage Solo VR Headset
- AtGames® Enters into Agreement with The Tetris Company for Iconic Puzzle Game Featured in Legends Flashback Console & Upcoming Legends Ultimate Home Arcades
- Microsoft Teams Up with Razer for Xbox One in a Move to Provide Xbox One Keyboard and Mouse Support
- Keywords Studios Acquires Yokozuna Data in a Move to Continuously Develop YD Solutions
- Microsoft Acquires Four Game Studios in a Move to Strengthen its Game Download Subscription Service Xbox Game Pass
Outlook in Key Market Segments
- Through 2024, Mobile Games will remain the largest market, followed by Console Games.
- Mobile Games are projected to witness the fastest growth driven by increase in mobile internet connectivity, soaring demand for on-the-go entertainment and widespread improvements in gaming content.
Product Definition & Scope
Video games are essentially realism inspired simulations. Simulation themes revolve around car racing, sports, business simulations, civilization development and combat. Video games are an interactive gaming experience realized across various platforms such as console, PC, handheld, online, and wireless. Video games comprise hardware, and software. While hardware covers the physical console as supplied by Sony (PlayStation), Microsoft (Xbox), and Nintendo (Wii and GameCube), along with accessories/peripherals such as controllers (joysticks, steering wheel, etc.), and memory cards, among others, software refers to video game titles offered by publishers such as Activision, Electronic Arts, and Sega, among others.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- 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 and Rest of Latin America)
Market Segmentation & Classification
- Console Games, PC Games (Digital and Boxed), Casual Web Games, and Mobile Games.
- Atari SA
- Electronic Arts, Inc.
- Konami Holdings Corporation
- Microsoft Studios
- Nintendo Co. Ltd.
- Sony Interactive Entertainment
- Take 2 Interactive Software, Inc.
- Ubisoft Entertainment SA
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