Video Game Market is anticipated to grow at a CAGR of 7% during 2022-2027
The global video game market is projected to reach $215.1 billion by 2027, at a CAGR of 7% during 2022-2027. The growth of video game market is driven by increasing growth of smartphones and easy availability of games on the internet.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the video game market by device type (smartphone, tablet, PC, console, and others), genre (shooter, action, sports, role-playing, adventure, racing, strategy, and others), platform type (online and offline), gamer type(extreme and casual), age group(age 10-20, age 21-35, age 36-50, age 51-65), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the video game market?
Q.4 What are some changing demands of customers in the video game market?
Q.5 What are the new developments in the video game market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this video game area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this video game market?
Emerging trends, which have a direct impact on the dynamics of the industry, include development of augmented reality (AR) and virtual reality (VR) products such as head mounted displays (HMD) and head-up displays (HUD) and development of game based learning for academics and skill development.
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Based on genre, the video game market is segmented into shooter, action, sports, role-playing, adventure, racing, strategy, and others. The shooter segment is accounted for the largest share of the market in 2021 due to increasing interest towards action packed video games across all age groups. The constantly developing graphics quality that delivers real life like mission along with a platform to have an ultimate gaming experience is driving the market for shooter games.
Asia Pacific is expected to be the largest region and it is also expected to witness the highest growth over the forecast period due to significant improvement of broadband Internet in this region. Growing internet has enabled a steady rise in the online video game market, as it allow gamers to experience this well liked category of games with a high-speed internet connection.
Key Players in the video game market are Sony, Tencent, Microsoft, Netease, Activation Blizzard, Goggle, Electronic Arts, Nintendo, and Bandai Namco.
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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
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