NEW YORK, Nov. 5, 2024 /PRNewswire/ — Report with market evolution powered by AI – The video game market in US size is estimated to grow by USD 29.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 12.7% during the forecast period. Rising penetration of smartphones and improving internet access is driving market growth, with a trend towards increasing popularity of gaming among women. However, increasing cost of game development poses a challenge.Key market players include Activision Blizzard Inc., Apple Inc., Bandai Namco Holdings Inc., CyberAgent Inc., Electronic Arts Inc., Embracer Group AB, Epic Games Inc., Microsoft Corp., NetEase Inc., NEXON Co. Ltd., Nintendo Co. Ltd., Roblox Corp., Sega Sammy Holdings Inc., Sony Group Corp., Square Enix Holdings Co. Ltd., Take Two Interactive Software Inc., The Walt Disney Co., Ubisoft Entertainment SA, Valve Corp., and Warner Bros Discovery Inc..
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now
Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Platform (Mobile devices, Consoles, and Computing devices), Type (Offline and Online), and Geography (North America)
Region Covered
US
Key companies profiled
Activision Blizzard Inc., Apple Inc., Bandai Namco Holdings Inc., CyberAgent Inc., Electronic Arts Inc., Embracer Group AB, Epic Games Inc., Microsoft Corp., NetEase Inc., NEXON Co. Ltd., Nintendo Co. Ltd., Roblox Corp., Sega Sammy Holdings Inc., Sony Group Corp., Square Enix Holdings Co. Ltd., Take Two Interactive Software Inc., The Walt Disney Co., Ubisoft Entertainment SA, Valve Corp., and Warner Bros Discovery Inc.
Key Market Trends Fueling Growth
The video game market in the US has experienced a significant shift in its demographic composition. Historically, male gamers have dominated the industry. However, the rise of mobile gaming and the increasing popularity of games that cater to diverse preferences have attracted a large number of female gamers. As of March 2023, nearly half of all video gamers in the US are women, and this number is projected to grow. This demographic change has expanded the market potential for game developers, leading them to create games with broader appeal and more inclusive content. New genres and themes, such as storytelling, social interaction, simulation, and puzzle-solving, have emerged to cater to female gamers’ preferences. The demand for better representation of women in games has also driven the creation of more inclusive narratives and characters. This trend is expected to continue, promoting gender equality within the gaming industry and driving the growth of the video game market in the US. The influx of female gamers is anticipated to boost sales of gaming merchandise, software, and hardware.
The US video game market is experiencing significant growth, with trends such as Facebook’s advertising strategies and 5G technology shaping the industry. Latency is a key performance factor, especially for online game environments, virtual worlds, augmented reality games, and digital reality games. The youth generation, particularly males and females in different income brackets, are major consumers of digital video games, including online, download, and mobile games. According to reports and survey results, high and medium income consumers are increasing their gaming-related expenditures. B2C enterprises are investing in e-sports and digital environments, with monetary figures reaching billions. The economic panorama is favorable for the industry, with Google Stadia and casual gamers expanding the market. Digital goods are driving revenue, and the future looks bright for this dynamic sector.
Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!
Market Challenges
The video game market in the US has experienced significant growth due to increasing consumer demand for enhanced in-game content. This demand has led to higher development costs for game creators. Automated technologies, such as Speed Tree, are utilized to create authentic-looking trees and other intricate graphics. However, the majority of game expenses go towards hiring expert artists for character and object design, voice actors from the film industry, and marketing efforts. The competition in the market necessitates these investments to differentiate products. With a growing number of gamers in the US, revenue and volume have increased, leading to extensive advertising expenses. Game publishers prioritize consumer needs and preferences, which also adds to the development costs. This cost structure may hinder market growth during the forecast period.The video game market in the US has seen significant growth over the past decade, with narratives, mixed reality, and intricate puzzles captivating players of all ages. Companies like Inflexion Games are leading the charge in the entertainment industries, delivering commercial success through captivating worlds and engaging gameplay. Youngsters and households alike are turning to digital platforms for console gaming, mobile gaming, and gaming apps. The gaming industry’s market outlook is bright, with social interplay and cultural reputation driving player engagement. The next decade brings new challenges, including the metaverse, virtual space, and virtual avatars. Cloud gaming, portable devices, and hardware enhancements are shaping the industry’s cutting-edge trends. With 5G speed and unlimited plans, mobile video games are becoming more accessible than ever. Subscription-based trends and physical video games coexist, with hardware upgrades and content delivery methods continually evolving. AR glasses and AR technology are set to revolutionize gaming, while social media platforms like Instagram offer new opportunities for game developers.
Insights into how AI is reshaping industries and driving growth- Download a Sample Report
Segment Overview
This video game market in US report extensively covers market segmentation by
Platform 1.1 Mobile devices1.2 Consoles1.3 Computing devicesType 2.1 Offline2.2 OnlineGeography 3.1 North America
1.1 Mobile devices- The mobile devices segment dominated the US video game market in 2022, with over 307 million smartphone users providing a vast potential audience. Mobile gaming’s popularity continues to grow due to its accessibility and convenience. Mobile games are typically smaller in scale and complexity than console or PC games, making them suitable for a broader audience, including casual gamers. With the increasing capabilities of mobile devices, visually impressive games are now possible. The availability of diverse titles catering to various age groups and interests further enhances mobile gaming’s appeal. Additionally, the introduction of offline mobile games, particularly in rural areas with limited internet access, will significantly expand the market. Mobile gaming’s ease of distribution through app stores and the unique capabilities of mobile devices, such as touch screens and gyroscopes, contribute to its continued growth within the US video game market.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
The Video Game Market in the US is experiencing significant growth, driven by the increasing popularity of subscription-based services and technologically advanced smartphones. With the penetration of smartphones, mobile games have become a major segment of the market, attracting casual gamers and consumers alike. Online gaming, including online games, download games, and gaming networks, is also seeing growth, offering social interplay and entertainment for video gamers. The market outlook is positive, fueled by the demographic shift towards younger generations who grew up with digital video games and have a strong cultural reputation for gaming. The market caters to B2C enterprises, offering a wide range of 3D games, from simple casual games to complex, technologically advanced titles. The accessibility of online gaming and the social interaction it provides make it an attractive alternative to traditional forms of entertainment.
Market Research Overview
The US video game market is experiencing significant growth, driven by the increasing popularity of digital video games, online games, and mobile games among consumers. The market caters to both casual gamers and B2C enterprises, with monetary figures reaching billions annually. Consumer spending on digital goods, reports suggest, is on the rise, influenced by performance factors such as user penetration, price per product, and annual purchase frequencies. The market’s growth is influenced by macroeconomic indicators, historical developments, and current trends. Technological advancements, including 4G coverage, the penetration of smartphones, and the emergence of technologically advanced smartphones, have expanded accessibility and social interaction in gaming. Changing perceptions and cultural acceptance have led to mainstream popularity, with narratives, intricate puzzles, and captivating worlds drawing in game enthusiasts. The market outlook is promising, with forecasting techniques such as the S-curve function and exponential trend smoothing indicating continued growth. Cloud gaming experiences, such as Google Stadia, are revolutionizing the industry, while competitive gaming and esports tournaments, including Counter-Strike, League of Legends, and Dota, attract millions of players. Real-time strategy games, first-person shooter games, and games in the casual gaming sector, such as Inflexion Games, cater to various demographics, from youngsters to parents, households, and online game players. The entertainment industries’ commercial success and the emergence of technologies like augmented reality, virtual reality, and mixed reality, are expected to further fuel the market’s growth. The market’s future looks bright, with the gaming industry continuing to evolve and adapt to the changing needs and preferences of consumers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
PlatformMobile DevicesConsolesComputing DevicesTypeOfflineOnlineGeographyNorth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/us-video-game-market-to-grow-by-usd-29-9-billion-from-2024-2028–driven-by-smartphone-penetration-and-ai-redefined-market-landscape—technavio-302296018.html
SOURCE Technavio
Near Videos5 days ago
Near Videos4 days ago
Near Videos4 days ago
Coin Market4 days ago
Coin Market4 days ago
Coin Market4 days ago
Coin Market4 days ago
Technology4 days ago