Report Projects Video Games Industry to Hit $179 Billion By 2024
The Video Game Market Report: Trends, Forecast, and Competitive Analysis, which measures trends and forecasts growth in the video game world, was recently released by Research and Markets. Looking at key factors such as competition, new product development, emerging markets, and key companies, it is an in-depth evaluation of the past, present, and future of the video game market around the world.
Spanning 207 pages, the report offers an array of projections for the future of the worldwide video games industry. Using market trend analysis collected from 2013 through 2018, the report breaks down where the market is heading, leading to an estimated growth of 6.4% between 2019 and 2024. This growth is projected to see the industry hit $179 Billion by 2024.
Forecast to continue their dominance, shooter games will remain the largest gaming segment due to their appeal across all age groups. According to the report, driving these games will be the "constant improvement in graphics quality which provides real-life" style progression.
Smartphone games are expected to have the largest growth as well as be the biggest device segment of the market. With popular games, such as PlayerUnknown's Battlegrounds (PUBG) getting mobile versions as well as storage capacity increases, the ease of access leads the report to position mobile gaming as a major growth sector in coming years.
The report acknowledges that emerging nations will not only contribute to mobile gaming, but they will also contribute to the Asia Pacific region reigning supreme in terms of growth and usage. With the growth of high-speed internet and smartphone technology in these areas, not only will mobile games see growth, but online-based video games will grow as well.
Sony, Microsoft, Activison Blizzard, Google, Electronic Arts, and more were studied as key leaders in the market. Their current product offerings as well as products in development were analyzed.
Augmented Reality and Virtual Reality are expected to have a large impact on the direction of the market. Not only are these devices and technologies used for entertainment, but they can be used for academic and practical, skills-based application as well.
A PDF of the full report currently costs $4,850.