Brand Story
30 Sep 2022, 03:43 GMT+10
The video game market is expected to see a substantial CAGR of 12.9%, and is projected to increase from 195.65 billion in 2021 to 743.21 billion by 2032.
Due to the extensive use of smartphones, growing internet penetration, and the availability of online games, it is projected that the video game market share would rise. The development of ever-more-innovative gaming features by major players in the video game market is one of the main factors driving the market's growth in the future years.
The growth of free-to-play and inexpensive mobile and laptop games is expected to limit the possibility for the global video games market to generate revenue. Managing the price and quality of video games is projected to be one of the difficulties experienced by important players in the video game market.
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Features in video games like voice recognition, downloadable content, and enhanced computer graphics that enhance user experiences are what drive the demand for video game consoles.
The increasing popularity of e-sports events and the increase in the number of professional players are further factors driving the sales of video games and related accessories.
Investigations are also being done into gaming's potential as a tool for encouraging cognitive learning. Although it is still in its infancy, the concept of "gaming to study" is progressively gaining acceptance, providing a fresh video game market outlook.
The Asia-Pacific market was able to dominate the global video game market due to China's rise as a significant gaming hub.
Key Takeaways from Market Study
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Competitive Landscape:
Future growth prospects for the video game market are high. The economy's fastest-growing sector, new firms are constantly joining the market to bring forth innovations.
Some major participants in the video game market are Activision Blizzard Apple Inc., Disney, Electronics Art Inc, Lucid Games, Microsoft, Nintendo, Rovio Entertainment Corporation, Sony Interactive Entertainment Inc., Tencent Holdings Limited.
Recent Developments:
Key segments
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By Region:
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Flexible Electronics Market Demand - The global flexible electronics market is growing with a modest pace to record a CAGR of 8.5% from 2022 to 2032.
Web Conferencing Market Outlook - The global web conferencing market is anticipated to record a CAGR of 14.2% during the 2022-2032. Web conferencing market has seen extensive growth due to its various features mentioned above, and it has become a generic platform for the key application, such as meetings, presentations, lectures, training events.
Clinical Workflow Solutions Market Value - The global market for clinical workflow solutions, which was anticipated to be worth US$ 9 Bn in 2022, is expected to rise to US$ 41.7 Bn by 2032, at a CAGR of 16.7% throughout the analysis period.
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The post Video Game Market to Surpass US$ 743.21 Billion by 2032 | Says FMI appeared first on Future Market Insights.
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