Video Game Market 2022 -2028 : Video gaming industry revenue contributes a significant portion to the global economy

Market Size – USD 159.39 Billion in 2020, Market Growth – at a CAGR of 8.9%, Market Trends – High demand due to COVID-19

NEW YORK CITY, NEW YORK, USA, July 22, 2022 /EINPresswire.com/ -- The global video game market size is expected to reach USD 317.17 Billion in 2028 and register a CAGR of 8.9% over the forecast period, according to the latest report by Reports and Data. Increase in per capita income, rise in interest in video games, and increase in usage of smartphones and consoles are key factors fueling market revenue growth. Games have become an important part of social and entertainment fabric in various countries across the globe and adoption of various gaming platforms is propelling market revenue growth.

Video game industry has witnessed a major surge in demand during the COVID-19 pandemic due to mandatory lockdown in many countries. People are turning to gaming platforms which are attracting more and more players in terms of online traffic. The pandemic has pushed at-home activities such as video games at the forefront of entertainment. Rise in community and social gaming, new console releases, and increase in launches of new hit titles are contributing significantly to growth of the market. However, increasing piracy and online fraud is a major factor restraining market growth.

Free to Play (F2P) games are a powerful way to drive profits in the market. With low barrier to entry, playing experience is improving at a rapid rate, and more people are joining, which makes purchased items more valuable and attractive to gamers. Games like Fortnite, Call of Duty: Warzone, and Candy Crush are example of games where players play for free at the start and then pay for boosters, extra lives, and strategic moves as their interest in the game becomes more gripping. Increase in live streaming trend and emergence of platforms like Twitch is also driving market growth. Development of handheld game consoles is another factor driving the demand for video games.

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Top Profiled in the Video Game Market Report:
• Apple, Inc.
• Nintendo Co., Ltd.
• Disney Consumer Products and Interactive Media
• Lucid Games
• Valve Corporation

Market Segmentation:
Device Outlook (Revenue, USD Billion; 2018–2028)
• Console
• Tablet
• Smartphone
• Computer
• Others

Type Outlook (Revenue, USD Billion; 2018–2028)
• Online
• Offline

Application Outlook (Revenue, USD Billion; 2018–2028)
• Action
• Adventure
• Shooter
• Fighting
• Racing
• Sports
• Others

End-use Outlook (Revenue, USD Billion; 2018–2028)
• Residential
• Commercial

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Key Takeaways of the Video Game Market Report:
• A comprehensive overview of the global Video Game industry.
• Accurate market projections in terms of market size, share, and volume.
• Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
• Deep-dive analysis of the upcoming market trends.
• Qualitative and quantitative analyses of the Video Game Market.
• Elaborate study of the leading regional markets in the Video Game Market.
• Complete overview of the market’s competitive landscape.
• Brief look at the company profiles and portfolios.

Key Regional Markets Covered in the Report:
• North America
o U.S.
o Canada
o Mexico

• Europe
o Russia
o U.K.
o Germany
o France
o BENELUX
o Rest of Europe

• Asia Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia Pacific

• Latin America
o Brazil
o Rest of Latin America

• Middle East & Africa
o Saudi Arabia
o U.A.E.
o Israel
o Rest of Middle East & Africa

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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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