Video Game Market to Exceed $593B by 2031
The global video game market is projected to surpass $593 billion by 2031, according to a report from Mordor Intelligence. The expansion is reportedly driven by mobile gaming adoption, AI in game development, and the rise of subscription services. The cloud gaming segment is noted as a key growth driver, expanding at a 26% compound annual growth rate.
- The global video game market generated approximately $184 billion in revenue in 2024, with mobile games accounting for about half of that total at $92.5 billion. - Key publicly traded companies shaping the market include Tencent, Microsoft, and Sony, who are the top three by game revenue. Tencent, a Chinese conglomerate, has significant investments in major game studios like Riot Games and Epic Games. - The Asia-Pacific region currently represents the largest share of the video game market, accounting for over 55% of revenue in 2024, with China, Japan, and South Korea being significant contributors. India is expected to be the fastest-growing market between 2025 and 2030. - A 2025 survey indicated that 87% of game developers are using AI agents in their workflows. Developers utilize AI for tasks like creating more realistic in-game characters, optimizing game assets, and for automated playtesting. - The market for video game subscription services was valued at over $11.5 billion in 2024 and is projected to grow significantly. Microsoft's Xbox Game Pass is a major player, with the company holding a significant portion of the subscription market share. - Mobile gaming's growth is driven by the widespread adoption of smartphones, with the Android platform holding the largest revenue share at over 47% in 2024 due to its large global install base. - The cloud gaming market, a key driver of overall growth, was valued at over $15 billion in 2025 with major tech companies like Microsoft, NVIDIA, Sony, and Amazon being key players. This segment allows users to stream games without needing high-end hardware.
