Video Game Market Insights

A video game is an electronic game that involves interaction with a user interface or input device (such as a joystick, controller, keyboard, or motion sensing device) to generate visual feedback from a display device, most commonly shown in a video format on a television set, computer monitor, flat-panel display or touchscreen on handheld devices, or a virtual reality headset. Most modern video games are audiovisual, with audio complement delivered through speakers or headphones, and sometimes also with other types of sensory feedback such as haptic technology that provides tactile sensations. Video games are typically categorized according to their hardware platform and are classified into a wide range of genres based on their style of gameplay and target audience. They have become a major player in the entertainment industry, with estimated annual revenues that are three times the size of the global music industry and four times that of the film industry in 2019. Video games require a platform, a specific combination of electronic components or computer hardware and associated software, to operate.

According to MRFR analysis, the global Video Game market is expected to register a CAGR of 7% from 2022 to 2030 and hold a value of over   USD 65 billion by 2030.

Video games also referred to as computer games, are electronic games that require interaction with a user interface or input device to create audiovisual feedback, such as a controller, joystick, keyboard, or motion sensor device. A video display device, whether a monitor, touchscreen, or virtual reality headset, is where this feedback is most frequently displayed. Video games frequently have aural feedback that is transmitted by speakers or headphones, and also occasionally other sorts of feedback such as haptic technologies. This COVID-19 pandemic had a negative impact on the supply of hardware devices such as smart TVs, cell phones, personal PCs, laptop computers, and consoles. But during the pandemic, demand for video gaming equipment, services, and solutions increased because of lockdown regulations in several countries. Since video games can be played on any device and don't need any special hardware, their demand rose during the shutdown. To pass the time during the lockdown, many people turned to cloud-based gaming and digital entertainment sites.

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Regional Analysis

The market share was dominated by Asia-Pacific. Enhancing China's gaming industry is necessary due to the increasing development of mini-games played within mobile apps like WeChat without installing another program. Mini-games with important social elements are very popular in the nation and are easy to replicate. With the quick advancement of technology and the long-standing presence of several top gaming companies, such as Konami, Sony, Nintendo, and others, Japan has been one of the primary players in the video game market.

Market Segmentation

The Global Video Game market has been segmented into Gaming Devices, Gaming Types, and End-User.

Based on the Gaming Device, the market has been segmented into consoles, tablets, and smartphones.

Based on the Gaming Type, the market has been segmented into online, and offline.

Based on the End-User, the market has been segmented into kids, teenagers, and adults.

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Key Players

Some of the key market players are Sony Corporation, Microsoft Corporation, Apple Inc, Google LLC, Bandai Namco Entertainment Inc, Take-Two Interactive Software Inc, Nintendo Co. Ltd, Activision Blizzard Inc, Electronic Arts Inc, and Ubisoft Entertainment.

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