The video gaming industry is currently among the fastest-growing segments in the entertainment business. The global market for video games is predicted to be REDACTED by 2025, up from REDACTED in 2019. It is estimated that there are currently more than REDACTED gamers around the world. The gaming market is dominated by world-famous consoles and brands from reputable game development companies like Sony PlayStation, Nintendo, X box, etc. The sector is characterized by a tremendous amount of innovation and dynamics, not just growth. More than one billion video game consoles have been sold, worldwide, over the last decade. Video games are a popular form of media consumption, competing with Hollywood’s most profitable blockbusters. Marketing executives are turning to video games in a wide variety of industries to market goods, through movie tie-ins and ingame promotion. An important factor in video games is the availability of platform and game distribution technologies. The rising demand for video games has opened a new branch of industry. The digital game sector remains very powerful, even as other media industries are experiencing a decline.
In 2019, the global video gaming industry was estimated at REDACTED and is expected to rise to REDACTED by 2025, growing at a CAGR of REDACTED. Some of the major factors driving growth in the video gaming market include: steady rise in the number of gamers, increased innovation in game design, increased interest in eSports and the advancement of augmented reality (AR) and virtual reality (VR). Nevertheless, video gaming market growth is being hampered by factors such as piracy concerns and game addiction regulations.
In this report, the video gaming market was segmented, based on genre, into action games, shooting, sports, role-playing, adventure, racing, strategy and others. Action games are the most popular, testing the reflexes, reaction speed and hand-eye coordination of players. The next most famous genre is sports games. The segment’s success is primarily due to the fact that sports games mimic the conventional physical sport; artificial intelligence (AI) or other real-life people manage the opposing team.
The video gaming industry is classified by platform: console games, mobile games, PC games and others. Mobile Gaming is the largest contributor to the ever-expanding demand for video games today.
Combining both smartphones and tablets, mobile gaming accounts for around half of the entire 2019 video gaming market, estimated at REDACTED. Mobile games currently account for REDACTED of all device purchases, REDACTED of user spending and REDACTED of all in-app time spent. It is estimated that about REDACTED people, worldwide, played mobile video games in 2019. This is almost one-third of the global population. Console video games are the second-largest market. In 2019 console video games werevalued at REDACTED. The console platform is expected to grow at a CAGR of REDACTED and is projected to reach REDACTED by 2025.
Asia-Pacific (APAC) was the largest video games market, worldwide, in 2019, holding REDACTED of the market. About REDACTED of the world’s three billion smartphone users live in the APAC region. China, Japan and South Korea are the three largest national gaming markets. China is the APAC region’s largest gaming market, with gaming sales of REDACTED. Japan is second with REDACTED and South Korea is third with REDACTED. North America is the second-largest regional market for video games, estimated at REDACTED. It is projected that the demand for video games in North America will rise at a CAGR of REDACTED and reach REDACTED by 2025.