Future Market Insights just released a study that aims to offer some insight into the state of the video game industry.
This was done by looking at how a combination of advanced gaming features, technological advancements, and the exploration of new avenues, such as social media and cognitive learning, contribute to the projected growth of the global video game market.
The report also provides key insights into the current mark trends, challenges and consumer preferences. Some key takeaways from the report are:
The Video Game Industry is predicted to expand to a staggering 13.5% CAGR (compound Annual Growth Rate)from 2023 to 2033. The global market is expected to increase from $227 Billion in 2023 to $805.3 Billion by 2033.
Gamers are enjoying MMO, F2P and multiplayer games, and this genre is predicted to grow in popularity. The video game market share is also expected to expand thanks to increased internet availability and the proliferation of smartphones.
In 2022, offline gaming led the market and accounted for nearly 64% of the market. Video on Demand services is also expected to reach a valuation of $183.93 Billion by 2031 – which could be telling for the way the video game industry will move.
The globally connected game console market revenue totalled $15.4 Billion in 2021, and the connected game console market is expected to reach $65.4 Billion by 2032, growing at a CAGR of 14.1% from 2022 to 2032.
The eSports and games streaming market is projected to register a CAGR of 11.9%. The eSports and games streaming market is likely to grow from $2,589.6 million in 2023 to reach a valuation of $7,725.9 million by 2033.
If you want to read the whole report, you can follow the link here.
