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U.S. Video Game Market to Grow by USD 29.9 Billion from 2024-2028, Driven by Smartphone Penetration and AI-Redefined Market Landscape – Technavio

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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..

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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. 

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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.

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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.

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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/

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Novo AI and discovermarket partner to take Embedded Insurance to the next level

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SINGAPORE, Nov. 6, 2024 /PRNewswire/ — Novo AI joins forces with discovermarket, a leading embedded insurance platform, to revolutionize the future of digital insurance. This new partnership aims to enhance the efficiency and accessibility of embedded insurance offerings.

What is Embedded Insurance?

This is a type of product that integrates insurance products directly into the purchasing process of non-insurance items in real-time, enabling consumers to get protection seamlessly during the buying process. The insurance policies are suited to their specific needs, at a fraction of the cost of traditional offerings. With technological advancements, embedded insurance is making low-value items insurable in a cost-effective manner and democratizing the insurance landscape.

What Novo AI Brings to the Table?

This collaboration brings together two innovative companies poised to transform the insurance industry. Given the large volumes and low prices of embedded insurance products, it’s essential to streamline operations, automate processes, and maximize efficiency. Novo AI uses generative AI to make them x100 more efficient than before. Key areas of focus include automating claims processing, implementing systematic fraud detection at scale and enhancing customer support.

Novo AI and discovermarket are rolling out a new product to enhance the customer journey: AI-powered policy creation and management. This AI-agent allows discovermarket to offer a tailored, automated experience where customers can create personalized policies and manage them throughout their lifetime. The agent effectively helps customers understand their insurance coverage, the policy exceptions and assists them with claims submissions.

A Word from the Partners

discovermarket’s CEO, Patrick Bühler states: “Our platform offers a marketplace-as-a-service platform where brokers and insurers can design specific coverage directly, which is automatically configured to operate within our system. We are thrilled to be working with Novo AI to enhance this capability. The addition of AI-driven features will enable us to draft better insurance products autonomously, based on existing policy wording. We believe this is the future of hyper-customized insurance.

Novo AI CEO: “We’re very excited with the unique set of challenges that the digital insurance playground offers and to be partnering with a forward-looking partner like discovermarket on this. The sector operates under very different rules than traditional insurance, with a critical need for scalable, low-cost, differentiated solutions, particularly in policy management. This will enable first access to insurance for less privileged pockets of the population, and we’re in a unique position to make it happen.”

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/novo-ai-and-discovermarket-partner-to-take-embedded-insurance-to-the-next-level-302296583.html

SOURCE Novo AI

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Maytronics Announces Patent Settlement With Chasing

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WASHINGTON, Nov. 6, 2024 /PRNewswire/ — Maytronics, Ltd. (TASE: MTRN) (“Maytronics”), a global leader in the swimming pool industry, is pleased to announce that it has entered into a settlement agreement with Chasing Innovation Technology Co., Ltd. and Chasing Technology (USA), LLC (collectively “Chasing”) resolving claims of patent infringement related to innovative robotic pool cleaning technology covered by Maytronics’ U.S. Patent No. 10,378,229 and European Patent Nos. 2,845,969 and 2,706,170 (“Maytronics’ Patents”).

In October 2023, Maytronics filed a patent infringement complaint against Chasing in the US District Court for the Western District of Washington. As a result of the parties’ settlement, that complaint will be dismissed. In exchange for Maytonics dismissing the lawsuit, Chasing will, among other things, cease production and sales of robotic pool cleaners that utilize the technology and innovations described and claimed in Maytronics’ Patents. The remaining terms of the settlement agreement remain confidential.

Franck Sogaard, Maytronics’ Chief Revenue Officer (CRO) and President of Americas, EMEA and APAC, said: “We are pleased this matter has been resolved. Maytronics invests considerable time and resources to develop and protect technologies that not only differentiate its products in the market but that define trends in the market. With this settlement, Maytronics re-enforces its commitment to protect its intellectual property and maintain its innovative edge in the global pool cleaning market. This settlement will allow us to focus our full attention on the future by innovating and creating consumer-driven, value-minded, integrated pool products that provide our customers with the perfect pool environment.”

About Maytronics

Maytronics is a global leader in the swimming pool industry, specializing in pool water solutions and offering a wide variety of products such as robotic pool cleaners, pool safety products and water treatment systems. Over the past 40 years, through innovative technology, design and reliability, Maytronics has built its Dolphin pool cleaning robots into a leading global brand. Innovation and creativity are core to Maytronics’ mission and critical to Maytronics’ leadership position and competitive advantage in the market. Consistent with Maytronics’ commitment to leadership through innovation, Maytronics has invested substantial resources in research and development and protection of its intellectual property. Maytronics has developed a global patent portfolio that includes over 100 issued U.S. patents and published patent applications. In addition, Maytronics has numerous international patents protecting its industry-leading innovative technology for pool cleaning robots.  For more information about Maytronics please visit www.maytronics.com

Contact:

Tomer Rubinshtein
Tomer.Rubinshtein@Maytronics.com

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Nium and Partior Partner on Real-Time, Cross-Border Payments, Clearing and Settlement

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Nium becomes first fintech to join the blockchain-based network, enabling faster cross-border payments, added market reach, and greater transaction transparency

SINGAPORE, Nov. 5, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, today announced a partnership with Partior, the blockchain-based fintech for clearing and settlement at the Singapore Fintech Festival 2024. The partnership makes Nium the first fintech payment service provider (PSP) on the Partior network. Financial institutions will be able to connect with Nium via Partior for 24×7, transparent, real-time payouts, clearing, and settlement to over 100 markets worldwide. Importantly, the connection will require no additional API integration work, streamlining what historically took months of resource-intensive work.

This new partnership builds on Nium’s recent strategy to connect more networks to its real-time payments’ infrastructure. By joining the Partior network, Nium is extending its connectivity to one of the most innovative networks in the industry. Partior’s blockchain-powered platform effectively resolves longstanding inefficiencies in global payments, such as settlement delays, high costs, and limited transaction transparency. In today’s global landscape, where companies operate around the clock, effective liquidity management is essential for both corporate and financial institutions. This collaboration allows Nium to offer its clients the ability to execute real-time multi-currency payments and Payments versus Payments (PvP) settlements, further simplifying access to its global payments network.

“Nium’s partnership with Partior brings us closer to becoming the most connected payments network globally. By integrating with advanced networks, such as Partior, we are ensuring that financial institutions can quickly and easily access our real-time payments infrastructure without the need for complex technical integrations,” said Alexandra Johnson, Chief Payments Officer at Nium. “Recognizing how resource-constrained financial institutions are, we’re eliminating barriers to using our network and increasing interoperability to deliver on our mission of having seamless and streamlined real-time payments to anyone, anywhere.”

Humphrey Valenbreder, Chief Executive Officer at Partior said, “Partnering with Nium marks a significant step in our journey to further advance the global payments landscape. By combining Partior’s real-time blockchain settlement network with Nium’s vast global reach, we’re empowering financial institutions to break down long-standing barriers. Imagine a world where cross-border payments are instantaneous, transparent, and accessible to all. This is the future we’re building together.”

As part of its continued expansion, Nium’s partnership with Partior enhances its ability to facilitate frictionless global transactions and unlock new services such as intra-day FX swaps, cross-currency repos, programmable enterprise liquidity management, and Just-in-Time multi-bank payments for financial institutions worldwide.

Nium’s growing network, supported by these strategic partnerships, is setting a new standard for how financial institutions can access and benefit from global payments, paving the way for a more efficient and transparent financial ecosystem.

About Nium

Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.

About Partior

Partior, the blockchain-based fintech for clearing and settlement, is redefining the way value moves globally. Founded in 2021, Partior is backed by founding shareholders DBS, J.P. Morgan, Standard Chartered, and Temasek, and Series B lead investor Peak XV. Partior is addressing the operating inefficiencies experienced by industry players, including settlement delays, limited transaction transparency and high operating costs, and facilitates the movement of liquidity for financial institutions and their customers. Its network offers real-time multi-currency payments, and Payments versus Payments (PvP) settlement. Additionally, it is exploring new services including Intra-day swaps, Delivery versus Payments (DvP) settlement and enterprise solutions.

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