The latest intelligence report published by Fact.MR estimates that the video games market revenue will maintain a progressive growth rate between 2021 and 2031, following a CAGR of nearly 13% to reach US$ 510 Bn by the end of the said forecast period. In the short-run, by 2022, revenues are likely to reach US$ 140 Bn.
Historically, from 2016 to 2020, video games sales witnessed impressive growth, registering a CAGR of around 8% to top US$ 151 Bn by the end of the said period. Sales have especially catapulted amidst the COVID-19 pandemic, with online videogames anticipated to be the fastest-growing segment over the forecast period.
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Key Takeaways from the Market Study:
- The global video games market is anticipated to add over 3x value by 2031
- Mobile/tablet video gaming to account for 55% revenue, reaching US$ 162 Bn by 2020
- Based on hardware, handheld consoles to contribute US$ 60 Bn in revenue by 2022-end
- By type, action video games to remain in the limelight, accounting for 1/3rd of total sales
- Sales of video games in the U.S likely to expand at a CAGR of 11% through 2031
- China accounted for around US$ 30 Bn in value terms in 2020, especially for mobile gaming
- India likely to be a lucrative market, attributed to increasing smartphone adoption
“Prominent video game developers are increasingly focusing on providing highly sophisticated interface experiences by including advancements such as AI, VR and augmented reality, which will spur numerous innovations in forthcoming years,” comments a Fact.MR analyst.
Key Segments Covered
- Action Video Games
- Adventure Video Games
- Arcade Video Games
- Casual Video Games
- Children’s Entertainment Video Games
- Strategy Video Games
- Sports Video Games
- Shooter Video Games
- Role-Playing Video Games
- Racing Video Games
- Handheld Console Video Games
- Static Console Video Games
- Video Gaming Accessories
- Computer Video Games
- Console Video Games
- Online Video Games
- Mobile/Tablet Video Games
- Handheld Video Games
- Virtual Reality Video Games
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In June 2016, Tencent has announced the acquisition of 85% ownership of Supercell, the massively profitable Finnish firm behind hit game Clash of Clans, for around US$ 8.6 Bn.
- In March 2021, Microsoft finalized its US$7.5 Bn deal to acquire ZeniMax Media, the parent company of Doom and Fallout studio Bethesda Softworks. The finalization comes just a day after Microsoft secured regulatory approval from the EU for the acquisition, and it will now bolster the company’s first-party Xbox games studios up to a total of 23.