Global Video Games Market Expected to Reach $254.6 Billion by 2030
The global video games market, which was valued at $184 billion in 2022, is projected to reach $254.6 billion by 2030, with a compound annual growth rate (CAGR) of 4.1%. This information comes from the “Video Games – Global Strategic Business Report” provided by ResearchAndMarkets.com.
Mobile Games and Console Games Show Potential
According to the report, mobile games are expected to record a CAGR of 4.9% and reach $123.8 billion by 2030. The console games segment is projected to grow at a CAGR of 4.2% over the next eight years.
Market Trends in the United States and China
The video games market in the United States is estimated to be worth $42.8 billion in 2022. China, the world’s second-largest economy, is forecasted to reach a market size of $71.4 billion by 2030, growing at a CAGR of 4.7%.
Germany, Japan, and Canada are also noteworthy markets within Europe. Germany is expected to grow at a CAGR of approximately 3.5%, while Japan and Canada are forecasted to grow at 2.9% and 4.1% respectively during the period of 2022-2030.
Market Overview and Key Competitors
The report provides a comprehensive overview of the video games industry, including an analysis of global market sentiment and competitiveness. It also highlights key competitors in the market, featuring companies such as Activision Blizzard, Inc., Electronic Arts, Inc., Nintendo Co. Ltd., and Sony Interactive Entertainment Inc.
Market Trends and Drivers
The report identifies several market trends and drivers. It highlights the increasing popularity of fiber-to-the-home (FTTH) connections, which allows for higher consumer engagement with video games. The ubiquity of smartphones, the preference for immersive gaming, and the rise of social gaming are also major trends in the industry.
Other notable trends include the emergence of cloud gaming, the convergence of gaming and gambling, the growing importance of metaverse gaming, and the changing demographics of gamers.
Conclusion
The global video games market is poised for significant growth in the coming years. With advancements in technology and changing consumer preferences, the industry is expected to reach new heights. Key players in the market will need to adapt to these trends in order to stay competitive and cater to the demands of a diverse and expanding gamer base.
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