In 2021, the video game market will grow at a breakneck pace, with global revenues increasing by nearly a tenth each year. According to a new Fact.MR forecast, video game revenues will more than triple between 2021 and 2031, reaching US$ 510 billion at a CAGR of nearly 13%.
Mobile video games have exploded in popularity, capturing nearly half of the video gaming market, while the PlayStation’s massive popularity has boosted demand for gaming consoles.
Key Segments Covered
-
Game Type
- Action Video Games
- Adventure Video Games
- Arcade Video Games
- Casual Video Games
- Children’s Entertainment Video Games
- Strategy Video Games
- Sports Video Games
- Shooter Video Games
- Role-Playing Video Games
- Racing Video Games
-
Hardware
- Handheld Console Video Games
- Static Console Video Games
- Video Gaming Accessories
-
Physical Platform
- Computer Video Games
- Console Video Games
-
Digital Platform
- Online Video Games
- Mobile/Tablet Video Games
- Handheld Video Games
- Virtual Reality Video Games
Competitive Environment
Leading players are embracing cutting-edge marketing strategies, technological advancements, mergers, and acquisitions, and other novel approaches.
Tencent announced the purchase of 85 percent of Supercell, the massively profitable Finnish firm behind the hit game Clash of Clans, for around US$ 8.6 billion in June 2016.
Microsoft completed its US$7.5 billion acquisition of ZeniMax Media, the parent company of Bethesda Softworks, the creators of Doom and Fallout, in March 2021. The deal was completed just a day after Microsoft received regulatory approval from the European Union for the acquisition, bringing Microsoft’s total number of first-party Xbox game studios to 23.
