The Market value of the Global Video Games Sector attained a value of USD 171,794.11 Million in 2020
The Sector recorded a historical growth (CAGR) of 14 % between 2017 to 2020, and is expected to grow by...
GlobalData projects the Sector to grow at a CAGR of ...
The Market value of the Global Video Games Sector continuous to grow in 2020
The market value of the Global Video Games sector has grown significantly between 2017-2020, the market value recorded a low-double-digit YoY growth in 2020.
Gaming video content (GVC)
Gamers don’t just play games; they also watch all manner of gaming-related video content, including trailers, walkthroughs, comedy sketches, reviews, Let’s Play videos, live streams, peer-to-peer conversations, or esports.
Games platforms
Valve’s Steam platform is the Amazon.com of purchasing and downloading PC games in Europe and the US, with a third of the market. Steam also features forums and gaming video content. In China Tencent’s WeGame is dominant.
Trends
The video games sector exists in a permanent state of innovation, driven by technology on one hand, and the changing demands of consumers on the other. The emergence of cloud gaming, the evolution of mobile technology, and the development of 5G will continue to drive the evolution of the sector. Additionally, the repositioning of retro games, the resurgence of consoles – largely attributed to the Nintendo Switch and the Sony PlayStation 4 (PS4) – and the growing popularity of so-called battle royale games are driving the industry to new levels of innovation. However, despite the optimism in the industry, changes in governmental regulations may act as a limiting factor in some parts of the market.
5G – a potential game changer
The emergence of 5G will hasten the transition of console software to the cloud. This, in turn, has the potential to reduce the attractiveness of consoles. 5G will also offer additional benefits to game creators and customers such as reduced emphasis on high definition (HD) game remakes, increased versatility of games, a boost for mobile games, and swifter integration of VR, AR, and mixed reality (MR).
Increasing game development budgets
The budget for game development is on a steady rise, with console and PC releases having seen a tenfold growth in budget every decade since at least the mid-1990s. This trend is inexorably linked to improvements in technology in graphics cards, processors and higher screen resolutions. The best new games make maximum use of the latest hardware components. This requires a substantial investment in R&D on the part of game developers, with the upshot being that only the largest firms have the necessary budget. Additionally, the creation of smoothly animated characters in high resolution demands more man-hours compared with a decade ago.
United States of America
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South Korea
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Germany
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Japan
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