The growth of the mobile segment can also be attributed to the increasing demand for mobile tablets featuring larger displays and hence guaranteeing a better gaming experience. The growth of the mobile segment can be attributed to the increasing smartphone penetration rate across the globe. The mobile segment is expected to continue dominating the market over the forecast period. The mobile segment dominated the market in 2021 with a revenue share of over 40%. At the same time, supply chains got disrupted due to the temporary suspension of operations at various manufacturing facilities in China, which affected the production of hardware, including gaming consoles. For instance, the Game Developers Conference, which was initially scheduled for June 2020, was postponed officially. Various press conferences scheduled to deliver the latest game announcements and trailers were also postponed. However, several companies also had to confront delays and interruptions in their product launches in the wake of the outbreak of the pandemic.
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Several gaming companies also released their online games for free downloading. The lockdowns and restrictions on the movement of people imposed by various governments across the globe as part of their efforts to arrest the spread of coronavirus forced people to stay indoors and spend their time in various indoor activities, including playing video games, thereby driving the number of users and the number of hours spent on playing online games. While the outbreak of the COVID-19 pandemic took a severe toll on the global economy, the video game industry continued to exhibit remarkable growth. A steep rise in health issues and disorders stemming from video game addiction is also expected to restrain the growth of the market over the forecast period. The growing concerns over data security and piracy protection and the rising instances of fraud during gaming transactions are also emerging as potential threats restraining the growth of the market. However, the rising sales of counterfeit products, especially in countries, such as China and Indonesia, owing to their relatively lower prices, do not bode well for the growth of the market. The concept of ‘gaming to learn’ is still in its nascent stages but gaining traction gradually. The potential of gaming as an educational tool to develop cognitive learning is also being explored.
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The growing popularity of e-sports tournaments and the increasing number of professional gamers are also driving the sales of video games and accessories. Having realized that several individuals use social media to find the video game of their choice, game developers are launching several games across various genres, including action, role play, simulation, and strategy, on social media to attract customers. At the same time, the changing consumer preferences and the rising levels of disposable income across the globe are driving the large-scale adoption of advanced gaming consoles equipped with sophisticated features, such as record & share and cross-platform gameplay.
Hence, game developers are focusing on the compatibility and efficiency of hardware.
The growing preference for online gaming among individuals is driving the popularity of massively multiplayer online (MMO), Free2Play (F2P), and multiplayer games and the trend is anticipated to continue over the forecast period. The proliferation of smartphones, the growing internet penetration rate, and the easy availability of games on the internet are expected to contribute to the growth of the market.
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Advances in technology and continued innovation in both hardware and software to enhance the real-time rendering of graphics are expected to drive the growth of the market over the forecast period.
The global video game market size was valued at USD 195.65 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.9% from 2022 to 2030.
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