Opportunities for the global video game market to reach $179.1 billion by 2024

According to a new market report published by Lucintel, the future of the global video game market looks promising with opportunities in the smartphones, tablets, PCs, and consoles market. The global video game market is expected to reach an estimated $179.1 billion by 2024 with a CAGR of 6.4% from 2019 to 2024. Mobile and online distribution of games is driving the growth of video game industries.

Various types of video games such as shooting, action, sports, role-playing, adventure, racing, and strategy are available for various devices like smartphone, tablets, PC, and console. The shooting game will remain the largest segment due to increasing interest towards action packed video games across all age groups. Constant improvement in graphics quality which provides real life like mission is driving the market for shooting games.

Within the video game market, smartphone based games will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to new launches of smartphone based games, such as PUBG, Battlelands Royale, and War Robots and due to the high usage of these games in emerging nations.

Asia Pacific will remain the largest region and it is also expected to witness the highest growth over the forecast period due to increasing smartphone users and rapid internet growth in the emerging nations. The growing internet users has enabled a steady rise in the online video game market, as it allow gamers to increase the gaming experience with a high-speed internet connection.  

Emerging trends, which have a direct impact on the dynamics of the industry, include development of augmented reality (AR) and virtual reality (VR) based head mounted displays (HMD) and heads-up display (HUD) products and development of games for academic and skill development. Sony, Tencent, Microsoft, Netease, Activation Blizzard, Goggle, Electronic Arts, Nintendo, and Bandai Namco are among the major publishers of video game market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global video game market by device, genre, platform, gamer, age group, and region. We have compiled a comprehensive research report entitled “Growth Opportunities in the Global Video game Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global video game market by device type, genre type, platform type, gamer type, age group, and region as follows:

By Device Type [$B shipment analysis from 2013 to 2024]: 

•          Smartphones
•          Tablet
•          PCs
•          Consoles
•          Others (Gameboys and Handheld Devices) 

By Genre [$B shipment analysis from 2013 to 2024]: 

•          Shooting
•          Action
•          Sports
•          Role Playing
•          Adventure
•          Racing
•          Strategy
•          Others (Casual Games, Party Games, Simulation Games) 

By Platform Type [$B shipment analysis from 2013 to 2024]: 

•            Online
•            Offline 

By Gamer Type [$B shipment analysis from 2013 to 2024]: 

•            Extreme
•            Casual 

By Age Group [$B shipment analysis from 2013 to 2024]: 

•          Age group 10-20
•          Age group 21-35
•          Age group 36-50
•          Age group 51-60 

By Region [$B shipment analysis for 2013 – 2024]:

•         North America

1. United States
2. Canada
3. Mexico 

•          Europe 

1.       Germany
2.       Russia
3.       United Kingdom
4.       France 

•          Asia Pacific 

1.       Japan
2.       China
3.       South Korea 

•          The Rest of the World

This 207-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Telecommunication Report, Telecommunication Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Matrix.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. We offer market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers following 11 key questions:

Q.1  What are some of the most promising, high-growth opportunities for the global video game market by device type (smartphones, tablets, PCs, consoles, and others), by genre (shooter, action, sports, role-playing, adventure, racing, strategy, and others), by platform type (online and offline), by gamer type (extreme and casual), by age group (age 10-20, age 21-35, age 36-50, age 51-65) and by region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2 Which segments will grow at a faster pace and why?

Q.3 Which regions will grow at a faster pace and why?

Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?

Q.5 What are the business risks and threats to the market?

Q.6 What are the emerging trends in this market and reasons behind them?

Q.7 What are the changing demands of customers in the market?                                                 

Q.8 What are the new developments in the market? Which companies are leading these developments?

Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?

Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?

Q.11 What M&A activity has occurred in the last 5 years?