Video Games Market Worth US$ 140 billion by 2022

Dublin 2, Ireland, 2018-Jan-23 — /EPR Network/ — Fact.MR has recently added a new report to its vast online database. This research study is titled as “Video Games Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022” which presents an in-depth study about the production, consumption, market volume, revenue (million USD) and market share across different geographical regions.

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Spending hours on gaming devices can harm the health of users, although awareness about such lifestyle trends haven’t been able to keep consumers away from video games. As a consumer product, video games will continue to attract the youngest of consumer demographics, considering the wide range of age limits for video games. Future generations will view video games as a common commodity for leisure & entertainment, but research studies are striving to disclose the veiled influence of video games on consumer mindsets. Past years have witnessed the association of video games in causing social violence across several parts of the world. In the years to come, video game developers are expected to witness stringent criticism, which will consequently hamper the promising prospects of global video games market.

A video game is an electronic interactive software that constructs the interaction of users with visual media through user interfaces. TV screens, computer monitor, gaming console, handheld consoles, memory storage discs, graphics card, and digital optical discs are some of the core components that are collectively assembled in the working of video games.

5 Forecast Estimates on How Video Games Market will Grow by 2022-end

1.      According to the report, by the end of 2017, nearly one-third of video games sold in the world will be action & fighting games. However, towards the end of forecast period, action video games are expected to witness a sluggish growth owing to increasing concerns of violent games influencing the mindset of young generations. Sport games will also remain a top-seller in the global video games market, creating over US$ 3.8 Bn incremental opportunity between 2017 and 2022.

2.      In Asia-Pacific excluding Japan (APEJ) region, a majority of video game sales are influenced by the penetrating trend of multi-player user dungeons (MUDs). Moreover, consumers in the APEJ region are growing more inclined towards interactive games available through smartphone applications. By the end of 2022, the video games market in APEJ region is expected to surpass US$ 34 Bn in value.

3.      North America is anticipated to remain the largest market for video games through 2022. Prevalence of digital platforms such as gaming consoles, smartphones and portable media devices has propelled the use of video games in the US and Canada. Growing inclination of North American gamers towards advanced user interface technologies such as Virtual Reality (VR) is influencing the future strategies of video game developers.

4.      Handheld gaming devices will remain the sought-after hardware for video games in the future. Procuring more than two-fifth of the global revenue share, global sales of this key video gaming hardware – handheld consoles – will bring in close to US$ 60 Bn revenues by the end of 2022. During the forecast period, global sales of static consoles are expected to gain relatively higher traction, compared to handheld consoles.

5.      On the basis of physical platforms, console games will continue to dominate the global video games market, particularly due to enhanced user engagement offered by console games. Computers, correspondingly, will also remain a great physical dais for playing video games, especially for their compatibility with multiple video game developers. The report also projects that nearly one-fourth of video game revenues procured in the global market will be accounted by the digital platform – PC (personal computers). Console games, again, will be a dominant segment in terms of digital platforms, procuring close to US$ 100 Bn revenues by 2022-end.

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Analysis by Game-Type & Hardware

Graphical aspects of video games have become their USPs. Demand for action-based or fighting games continues to surge over other types of video games. Increasing preference to competitive video games, which is caused by the desire of users to become invincible in this virtual world of gaming, continues to draw them towards action games. In 2017, over US$ 33 Bn worth of action games are expected to be sold in the global video games market. Meanwhile, role-playing games have also gained traction, particularly in developed regions. The report also projects that sport games will continue to account for a sizeable part of the global video games market through 2022.

In a bid to condense the user engagement, developers of video games are boosting the enhancements in gaming hardware. While handheld consoles are expected to dominate global video game revenues, the demand for static consoles is also expected to gain traction procuring around one-third share on global revenues in 2017 and beyond.

Analysis by Digital & Physical Platforms

The report distinctively projects a higher demand for console platforms in the world of video gaming. Some of the players in the global market for video games are exclusively offering games for console platforms. Computers, the other physical platform for gaming, is also witnessing a growth in terms of demand, but this segment continues to reflect low CAGRs compared to console platforms. On the basis of digital platforms, outright penetration of smartphones has effectively revolutionized the dynamics of what video gaming was in the past decade. Console and PCs are expected to dominate the global market, while mobiles & tablets are expected to reflect a moderately steady growth at 4.6% CAGR during the forecast period.

Competition Tracking

The report has also outlined the competitive landscape of global video games market by profiling key market players, which include companies such as Activision Blizzards Inc, Nintendo Co. Ltd., NVIDIA Corporation, Sony Corporation, Microsoft Corporation, Electronic Arts Inc., Ubisoft Entertainment SA, King Digital Entertainment Plc., Supercell Oy, Take-Two Interactive Software Inc., Vivendi SA, Konami Holdings Corporation, Disney Interactive Studios (The Walt Disney Group), THQ Nordic (Nordic Games GmbH), Zynga Inc., and Sega Games Co., Ltd.

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