Video Games Market to Grow Three-Fold, Surpassing US$ 510 Billion by 2031; Google and Meta to be the Trendsetters – PR Newswire
Video Game Companies Leveraging Best AR & VR Experience to Provide Seamless Gaming Experience
The video games market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players’ strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as game type, hardware, physical platform, and digital platform across key regions.
NEW YORK, Aug. 25, 2022 /PRNewswire/ — The global video games market is likely to grow at 13% CAGR between 2021 and 2031. Global video games sales are expected to reach almost US$ 510 billion by 2031, with developing countries accounting for sizeable demand during the forecast period (2021-2031).
The video game market continues to witness steady growth, prompting tech giants such as Google, Microsoft Facebook, and Apple to enter this lucrative space. Google’s Stadia and Meta’s Unity Technologies are already quite popular with amateur gamers.
According to Fact.MR’s analysis, a key focus area for video game companies is to make a shift from cartridges/discs to streaming/cloud based service. Subscription-based video game offerings are also gaining popularity as these are affordable for users.
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Video game manufacturers are also incorporating virtual reality (VR) and augmented reality (AR) to provide an immersive experience to their users. For instance, Oculus VR has launched virtual reality headsets that provide an amazing sound experience to users. As per Fact.MR’s analysis, numerous video game manufacturers are likely to integrate VR and AR in their offerings to gain competitive edge.
- The U.S. is expected to remain a lucrative market for video game companies. Fact.MR estimates the market to grow at 11% CAGR during 2021-2031
- China is one of the most prominent markets for video games globally and recorded sales at US$ 30 billion in 2020
- Based on digital platform, mobile/tablet video games are likely to remain most preferred, registering 11% CAGR during the forecast period
- By hardware, handheld console video games are anticipated to gain traction during the assessment period.
- Virtual reality in terms of digital platform is expected to witness impressive growth at 10% CAGR between 2021 and 2031
- Innovation in gaming technology has led to better graphics and user experience, creating renewed interest among gamers, propelling growth
- Growing smartphone and internet penetration has created easy accessibility, allowing more people to play video games
- Advent of online streaming, AR, and VR has boosted the popularity of video games, making them appealing to a broader audience
- Health impact of video games, especially their role in myopia has meant that many parents are now opting for physical games and activities. This has led to a decline in sales in many countries
- Governments around the world are banning certain video games based on user complaints or security threats which has created challenge for video game manufacturers
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