Video gaming is one of the fastest-growing sectors in the industry. Video gaming comprises different modes of gaming, including console gaming, PC gaming, and mobile gaming. The market value of video gaming reached $176 billion in 2021. The video gaming market grew by 13% in 2021, as the entry of many new companies led to an increase in demand for games.
The video gaming industry was among the few businesses that thrived during the outbreak of the COVID-19 pandemic. It includes the creation, promotion, and monetization of video games.
The video gaming industry has been adopting new strategies to address the growing demand of customers and make their experience more user-friendly. One such strategy by the video gaming industry is the migration from console gaming to mobile gaming thereby making games accessible across a wide spectrum of digital platforms. Many companies in the gaming industry are bringing digitization and user-friendly engagement to their gaming platforms to enhance the user’s gaming experience. Furthermore, new players are offering free-to-play games on a trial basis to the customer to garner their interest.
The US is the second biggest market in the video gaming industry, just behind China, with a value of $41 billion in 2021, accounting for 23% of the global market size. The US is the third largest market in mobile gaming, with a share of 14%, the second largest market in PC gaming, with a share of 17%, and the market leader in console gaming, with a 52% global share.
The video gaming market in the US grew by 16% in 2021, a growth of $5.6 billion, as the demand for video gaming grew as indoor game activities increased following the shutdown of outdoor games owing to the pandemic and people globally spent most of their time at home due to the lockdowns. The highest growth was seen in the mobile gaming segment as the US saw an increase of 20% in market value from the previous year.
The US has been one of the biggest markets for video gaming for many years and has been growing at a steady pace. The major companies that have a strong presence in the video gaming market in the US include Sony, Microsoft, Electronic Arts Inc., Tencent, and Activision Blizzard Inc.
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