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Global Video Games Market to Reach $270.3 Billion by 2026

Major factors promoting growth for the global market for video games are the technological advancements in software and hardware, increased internet access, increased smartphone penetration, and easy access to games. Global video games market continues to grow at a healthy rate, surpassing revenues of music industry and box office revenues. Video gaming revenues are dependent completely on consumer spending levels, although the business model has changed considerably in the recent times. Unlike earlier times, present day consumers tend to purchase fewer games but spend greater time on these games. Consequently, the business model is shifting towards recurring type of revenues being generated by active user base, which contrasts to the earlier model that relied on sales of single units. Due to this changing business model, the focus on video game industry players is on increasing the per user engagement rates. For this, companies are looking to develop highly engaging games and also looking to adopt innovative in-game monetization opportunities. The integration of additional downloadable content such as expansion packs, characters, tools, and new features present gaming companies with added avenues to generate revenues. Such a business model has evolved in line with improvements being witnessed in Internet connectivity, especially mobile Internet services, and advancements in gaming hardware, which are enabling users to gain access to a wide range of high-quality games across varied platforms and devices. Mobile gaming in fact currently accounts for a growing share of revenue generation for the video gaming industry.

Amid the COVID-19 crisis, the global market for Video Games estimated at US$196.1 Billion in the year 2022, is projected to reach a revised size of US$270.3 Billion by 2026, growing at a CAGR of 9.3% over the analysis period. Mobile Games, one of the segments analyzed in the report, is projected to record a 11.5% CAGR and reach US$153.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Console Games segment is readjusted to a revised 9.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $46 Billion in 2022, While China is Forecast to Reach $75.3 Billion by 2026

The Video Games market in the U.S. is estimated at US$46 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$75.3 Billion by the year 2026 trailing a CAGR of 10.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.8% and 8.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.6% CAGR. China is the major gaming hub in the world. Demand for gaming entertainment in China is fast increasing and so is the smartphone penetration, which are the key factors driving growth for the market. The US is another major market and growth is driven by increased sales of console games. The US video games market witnessed increased consumer spending on DLC (downloadable content), games and consoles as well as their accessories.

PC Games Segment to Reach $43.5 Billion by 2026

In the global PC Games segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$26 Billion will reach a projected size of US$37 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.8 Billion by the year 2026, while Latin America will expand at a 4.9% CAGR through the analysis period.