The global video games market size stood at USD 188.73 billion in 2021. It is projected to grow from USD 199.74 billion in 2022 to USD 307.19 billion in 2029 at a CAGR of 6.3% over the forecast timeframe. The market is set to gain traction from increasing technological advancements. Fortune Business Insights™ mentioned this in a report titled, “Video Games Market, 2022-2029.”

The report provides an extensive overview of key drivers and challenges impacting market augmentation over the forecast timeframe. It studies the market thoroughly by fragmenting it into segments and regions. Growth rate and market share estimates of each segment and region are documented as well. Moreover, the report encompasses company profiles section that briefs readers about strategic moves made by leading players and enables them to make informed decisions.

Fortune Business Insights™ lists out all the video games market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

• Sony Group Corporation (Japan)
• Microsoft (U.S.)
• Nintendo (Japan)
• Tencent (China)
• Activision Blizzard (U.S.)
• Electronic arts (U.S.)
• Epic Games (U.S.)
• Take-two interactive (U.S.)
• Ubisoft (France)
• Bandai Namco Holdings Inc. (Japan)

COVID-19 Impact-

Implementation of Stringent Lockdowns Boosted Product Demand

The spread of COVID-19 worldwide prompted governments to announce social distancing norms and implement lockdowns to curb the growing number of cases. Offices and schools were shut down and people were forced to isolate themselves at home. This propelled the demand for video games. Smartphone penetration also increased which raised the demand for multiplayer games.

Drivers & Restraints-

Increasing Integration of Advanced Technologies will Stimulate Industry Expansion

The growing integration of 3D, sound effects, high-definition graphics, Augmented Reality (AR), and Virtual Reality (VR) in games increases their appeal. Video games nowadays are very realistic due to their high-quality visual effects, sound effects, and detailing. A shift toward user centricity and personalization is further contributing to the global video games market growth.

On the other hand, rising concerns regarding growing aggression among teenagers due to the promotion of violence in games will act as a challenge for businesses operating in this domain.