Video Game Market, COVID -19 outbreak, Analysis, Segmented and Regional Analysis with Forecast Till 2027
Market Analysis
The Video Game Market is growing profusely, mainly due to the growing penetration of high-speed Internet and smart devices. Besides, increasing gaming as a service platform and digital transformation in the media & entertainment industry drives the market. The proliferation of digitalization has enabled end-users to store, access, and share data across different platforms worldwide.
According to Market Research Future (MRFR), the global video game market is expected to reach an exponential valuation by 2027, registering an impressive CAGR during the forecast period (2020–2027). Digital transformation, alongside advancements in mobile technology and high Internet penetration, has significantly impacted the media and entertainment industry.
Video gaming platforms provide users with many advantages, such as faster speed, scalability, better user insights, and keeps the user constantly updated. Increasing accessibility and reach of the gaming content, alongside advances in cloud technologies, help in restructuring content on different smart devices, improving content delivery across all mediums.
Augmenting adoption of interactive games and engaging teaching methods boosts the market growth, facilitating an effective learning experience. Additionally, extensive usages of racing game platforms in organizations for recreating purposes define the growing landscape of the market.
In healthcare sectors, interactive racing games are extensively used to help the patients stimulate physical activity and encourage social interaction. Technological advances in racing games boost the growth of the market, bringing about innovative gaming ideas with real-time access.
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Market Segmentation
The market is segmented into gaming types, gaming devices, end-users, and regions. The gaming type segment is sub-segmented into online and offline. The gaming device segment is sub-segmented into consoles, tablets, smartphones, and others. The end-user segment is sub-segmented into kids, teenagers, and adults. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Regional Analysis
North America leads the global video game market. The region demonstrates the higher adoption of gaming services than the other regions, giving an edge over other regions. Besides, the strong presence of gaming platform providers and professional gamers substantiates the market shares. Most gaming companies operating in the regional market are expanding their product offerings resulting in the rapid growth of the market.
Increased government investments in cloud computing & related technologies and increasing penetration of smartphones & high-speed Internet in the region are major market trends. Industry players partner with telecom companies to offer high scalability that can create high-speed connectivity architecture in the region. This, as a result, substantiates the region's video game market share.
Factors such as the existence of a large number of gaming enthusiasts and high penetration of gaming consoles such as PlayStation and Xbox boost the region's market shares. The proliferation of cloud technology & cloud gaming, increasing strategic partnerships, and investments by players operating in the region influence the market value.
Key Players
The fiercely competitive video game market appears fragmented, with many large & small players forming a competitive landscape. Product launch, agreement & partnership, M&A, and expansion are strategic initiatives traced from recent market proceedings.
Players leading the video game market are Nintendo Co. Ltd (Japan), Tencent Holdings Limited (China), Activision Blizzard Inc. (US), Ubisoft Entertainment SA (France), Electronic Arts Inc. (US), and Qualcomm Wireless Communications Technologies (China) Limited, among others.
Industry Updates
Sep. 10, 2021 -- Sony announced the acquisition of gaming company Firesprite, adding a 14th studio to PlayStation's suite. Firesprite is known for its futuristic games, such as the Playroom and Run Sackboy! Run. The Liverpool-based studio already focused on PlayStation games.
Mar. 22, 2021 --- Telia Sweden announced a new video game partnership with Microsoft to become the first operator in Europe to offer its customers Xbox Game Pass Ultimate. This service provides players with access to 100+ games, anytime on their Android mobile device, Xbox consoles, or Windows 10 PCs connected to Telia's high-performing networks like 4G, 5G, and fiber.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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