Global Video Game Market to Exceed $593B by 2031
The global video game market is forecast to surpass $593 billion by 2031, according to Mordor Intelligence. Key growth drivers include the adoption of mobile gaming, AI-driven game development, and the expansion of cloud gaming, which is projected to grow at a 26% CAGR. The report also highlights rising investments in the Asia-Pacific region and other emerging markets.
- For context, various reports estimate the global video game market's 2024 revenue between approximately $184 billion and $299 billion, with mobile gaming accounting for about half of that total. - A recent survey found that 87% of game developers are now using AI in their workflows. This integration is credited with reducing repetitive tasks for 95% of developers and driving innovation for 94% of them. - The adoption of AI has led to changes in team composition at gaming studios, with 62% of developers reporting that new AI-focused roles have emerged within their companies. - Key players in the cloud gaming space include NVIDIA, Microsoft, and Sony, with NVIDIA holding the largest market share at 21%. Cloud gaming services are increasingly being integrated directly into smart TVs from manufacturers like Samsung and LG. - The Asia-Pacific region currently dominates the gaming market, accounting for over 49.5% of the market share in 2024. The region's growth is fueled by high smartphone penetration and a strong esports culture, particularly in China, Japan, and South Korea. - China and the U.S. are the two largest individual markets, collectively making up over half of the world's video game revenue. In China, mobile gaming is particularly dominant, while the U.S. market shows a more even distribution across mobile, console, and PC platforms. - Leading companies by gaming revenue include Tencent, Sony, and Microsoft. Tencent's portfolio includes major stakes in Riot Games (League of Legends) and Epic Games (Fortnite). - The global AI in gaming market was valued at around $1.2 billion in 2022 and is projected to grow to $7.1 billion by 2028, reflecting a compound annual growth rate of approximately 30%.
