Video Game Market Size To Reach $583.69 Billion By 2030

Video Game Market Growth & Trends

The global video game market size is estimated to reach USD 583.69 billion by 2030, registering a CAGR of 13.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing penetration of smartphones, easy availability & access to games on the Internet, and increasing use of AR and VR technologies in gaming frameworks are driving the growth of this market. Increasing trend of esports, social gaming, cloud-based gaming, and roguelike gaming positively impacts the market’s growth. Furthermore, favorable demographics are contributing to the demand for video games on different gaming platforms. For instance, the gaming industry is seeing rapid growth in participation of female gamers. According to MMA Global, the marketing trade association, most mobile gaming audience comprises women.

In addition, as per the State of India Gaming Report 2022 report by Lumikai, a venture capital firm in collaboration with Amazon Web Services (AWS), women, on average, spend 11.2 hours per week playing video games; while the time spent by men on video games is 10.2 hours/week. Moreover, the gaming landscape has evolved significantly in recent years, with a notable shift toward mobile/smartphone gaming. Mobile gaming has experienced rapid growth, becoming the dominant segment of the gaming industry. The widespread availability of smartphones & tablets, improved hardware capabilities, and increased internet access have led to a surge in mobile gamers worldwide.

In addition, mobile gaming has remained popular among gamers, with a growing community of dedicated mobile gamers. The rising preference for mobile gaming has positively impacted the market by fueling the demand for high-quality and visually appealing games. Given the advancements in mobile hardware capabilities, mobile games are expected to have impressive graphics and visual effects. Consumers often seek games with realistic graphics, detailed textures, and advanced visual effects to utilize their gaming rigs' capabilities fully. The demand for games that can deliver visually stunning graphics for mobile platforms has contributed to the growth of the market.

In February 2023, Sportsbrowser, an online sports portal, published the list of the world’s top 10 most popular online games. Out of these, eight games are serviced on mobile platforms. On the other hand, Metaverse has also supported Web 3.0 gaming, a new gaming reality that enables gamers to move characters from one gaming experience to another. In June 2023, Apple Inc. launched Apple Vision Pro, the first-ever AR headset from the company. This device provides an immersive viewing experience with the forefront Spatial Audio and unrivaled audio-visual quality. The emergence of such high-quality mixed reality (MR) products is further opportunistic for market growth.

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Video Game Market Report Highlights

• Asia Pacific captured a substantial revenue share of over 48.0% in 2022 owing to the high popularity of gaming in countries, such as China, Japan, and South Korea, coupled with the deployment of multiple strategies by Chinese developers to attract gamers

• In terms of devices, the mobile device segment accounted for a revenue share of over 40.0% in 2022 due to the increased proliferation of smartphones and rising internet penetration worldwide

• In terms of types, the online segment is anticipated to witness the fastest growth rate from 2023 to 2030

• The growth of the online segment is driven by a rise in internet penetration, growth of the online casual gaming sector, and increasing popularity of massively multiplayer online (MMO) and Free2Play (F2P) games

Video Game Market Segmentation

Grand View Research has segmented the global video game market based on device, type, and region:

Video Game Device Outlook (Revenue, USD Billion, 2018 - 2030)

• Console

• Mobile

• Computer

Video Game Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Online

• Offline

Video Game Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

• U.S.

• Canada

• Europe

• UK

• Germany

• Asia Pacific

• China

• Japan

• South Korea

• Latin America

• Mexico

• Middle East & Africa (MEA)

• Egypt

• Jordan

• Saudi Arabia

• UAE

List of Key Players in Video Game Market

• Activision Blizzard

• Apple Inc.

• Disney

• Electronic Arts Inc.

• Lucid Games

• Microsoft Corp.

• Nintendo

• Rovio Entertainment Corp.

• Sony Interactive Entertainment Inc.

• Tencent Holdings Ltd.