Video gaming is one of the fastest-growing sectors in the industry. This segment was among the few businesses that thrived during the outbreak of the COVID-19 pandemic. The video game industry includes the creation, promotion, and monetization of video games. Video gaming comprises different modes of gaming, including console gaming, mobile gaming, and PC gaming.
Moreover, the roll-out of 5G/High-speed internet services globally has aided the growth of the video gaming segment.
The market size of video gaming in the US reached a value of $41 billion in 2021. The US is the second largest market for the video gaming segment globally.
The video gaming market in the US grew by 16% in 2021 as the demand for video gaming increased following the shutdown of outdoor games owing to the pandemic and people globally spent most of their time at home due to the lockdowns. Additionally, the rise in the number of new-age startups venturing into the video gaming segment further supported the growth in market value.
As it was one of the few industries which had a positive effect due to the pandemic and the video gaming industry was one such industry that saw a rise in consumption. The consumption of video gaming was further aided by growth in the increased internet penetration. However, in the initial phase of the pandemic video gaming segment too saw some supply disruption which lowered consumption even though there was demand from consumers.
The major companies that have a strong presence in the video gaming market include Tencent, Nintendo, and Sony.
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