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THE LATEST VIDEO GAME INDUSTRY LEARNINGS

We utilize multiple avenues of research—from surveys and audience deep dives to our exclusive King’s Council—to better understand the various video game market segments and what types of ads they’ll respond to positively.

Insights in focus

Our deep insights pave the way to empowering better brand connections.

March 25, 2024

The Many Ways We Play: A New View of Game Players

How people choose to play can tell us a lot about who they are in and outside the game.

Read More Download

October 02, 2023

Mom's Got Game

This report takes a closer look at gamer moms—including their lifestyles, connection with their family, buying decision influence, and interaction with brands.

May 15, 2023

Premium By Design: Defining Premium Gaming Experiences

We define what makes both a game and in-game ad experience “premium” in the eyes of players in this report.

October 17, 2022

The Real Social Connector: How Gaming Drives Community, Authenticity and Engagement

This report uncovers why people play video games and how gaming’s social elements heighten their feelings across different game modes, genres, and formats. It also explores the connections people form outside of the game, and how this further enhances the gameplay experience.

April 04, 2022

The Engagement Game: How Gaming Has Transformed Entertainment Consumption

This report examines gaming’s role in daily life and its place among other popular entertainment activities. It charts both gamers' and non-gamers' entertainment habits to understand how these routines have evolved, from time of day engagement, generational influences, second screening, and ad avoidance.

October 04, 2021

Social Connection in a Virtual World

This report explores the impact of the COVID-19 pandemic on entertainment consumption, including engagement with gaming. It uncovers not just how individuals’ entertainment habits changed, but why they changed.

April 05, 2021

Growing Up Gaming: Meet the Millennial Gamers

Take a closer look at one of the most dedicated, invested, and valuable gaming generations today, in our latest research.

October 02, 2020

Gamer Persona: Super Swipers

Their love for gaming comes from the simple enjoyment of quick, accessible word and tile-matching games. Gaming might not be their priority or identity, but their love of the game is real.

Gamer Persona: Denialists

They’re all about gaming but not the gamer title. If you call them a gamer, they’ll shoo you away with one hand while getting a high score with the other.

October 01, 2020

Gamer Persona: Player Ones

They touch all things gaming and spend a majority of their free time learning, watching, or playing games.

Gamer Persona: Lifestylists

They have an affinity for playing the latest and greatest games. Find them reading gaming news, watching esports, and playing the newest releases.

Gamer Persona: Next Levelers

They play more, spend more, view more, and have deeper motivational ties to gaming content than any other gaming persona. And that’s saying something.

Gamer Persona: Dabblers

They dabble in non-mobile gaming platforms, but their comfort zone is in the popular mobile titles they know and love.

Modern Gamer Personas

The picture of a gamer is outdated. The gaming audience is bigger than you realize. Read our latest research to find out why.

Game Theory

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Beyond 2021:

Most of the past year’s growth came from veteran players using newfound free time to play more. Within this group:

173M new or returning players took part in gaming in 2020. Within this group:

Product Management Director, Google

Market Lead, Games, Newzoo

Which themes will continue beyond 2021?

Our research suggests that some key themes will continue to play crucial roles in shaping the gaming landscape. to help define their impact, we have split them into three categories..

Novel trends

Examples of consumer behavior towards tech and services evolving in new ways:

Accelerated trends

Behaviors that existed pre-pandemic and were significantly boosted by it:

Temporary setbacks

Challenges caused by the pandemic that will ultimately lead to new opportunities:

Who are tomorrow’s players?

The view by region, latin america.

Latin America shifts to mobile

Latin america is a region in transition. having moved from pc and console to mobile, players want and expect further democratization of access to games.

With the largest gaming audience increase of any region from 2015 through to 2024, Latin America is one of the world’s fastest-growing regions. It also ranks second globally for growth in consumer spending on games (2015-2024), albeit from a small base of 4% of the global games market in 2021.

In 2021, 289.3 million LATAM players will spend a combined $7.2 billion on games, of which 48% will be spent on mobile, 27% on console, and 25% on PC.

Player demographics

With an average age of 34, latin america has the youngest audience of the four major global regions. it also features a higher percentage of new or returning players compared to more mature regions such as north america..

• *Veteran players were already playing before 2020
• Returning players stopped playing at least once but started again during the pandemic
• New players started playing for the first time after February 2020

3 themes that will shape the Latin American region beyond 2021

Mobile gaming is fueling growth in live streaming and esports, along with promoting player growth and consumer spending, mobile gaming is also unlocking the world of esports, with latin american players watching top-tier streamers and esports teams in record numbers. as a result, the audience for live-streamed content is expected to rise to 122.4 million people by 2024, by which point the number of esports enthusiasts will have grown to 25.3 million people..

The opportunity:

Live streaming and esports are more popular in Latin America than in any other region, including Asia. Developers should embrace this aspect of gaming culture and make it a key element of their expansion strategies.

New players and effective monetization strategies will be crucial

Latin america witnessed a huge spike in engagement over the past 18 months. however, this growth is expected to moderate across all platforms in the second half of 2021 and beyond, with a predicted increase of just 8% between 2020 and 2021. with this in mind, publishers and developers should explore other avenues for growing audiences and revenue..

Despite recent growth in audience and engagement, average spend per player in Latin America remains relatively low. Finding more effective ways to monetize new and existing players is the key to continued growth.

Cloud gaming can solve hardware issues and support subscriptions

Cloud gaming is an opportunity to democratize hardware usage in the latin american region where regulation has made ownership difficult. from 2020 to 2021, the number of players paying to use cloud gaming services will grow sixfold, to 1.2 million players who will spend $37.6 million on access to cloud gaming services and content purchased via those services. despite this trend, however, many major cloud gaming service providers have indicated that latam is one of the last regions into which they intend to formally expand..

In a region where the availability of traditional hardware is limited and few subscription providers exist, developers can scale effectively by partnering with or offering a cloud gaming service that’s capable of expansion.

North America

North America is primed for innovation

Established regions such as north america are less likely to witness dramatic growth in numbers of traditional players, but interesting experimentation is taking place around engagement and monetization.

North America is a mature region where gaming has already reached near-universal adoption levels, and this has several implications for how it absorbs external shocks such as the events of the past 18 months.

In 2021, 212.1 million players in North America will spend a combined $42.6 billion on games, with console being the dominant platform. However, like most regions, North America has also seen tremendous growth in mobile gaming.

Our U.S. consumer research found that 83% of respondents were already playing before 2020, the largest such share of all regions we surveyed. Another 13% were returning players (those who stopped playing at least once but started again during the pandemic), and the remaining 4% were new players (those who started playing for the first time after February 2020).

3 themes that will shape the North American region beyond 2021

Games have been normalized as a form of social media, in the past 18 months, we’ve witnessed a significant shift from games incorporating social media-like elements to actually becoming social media platforms themselves. gaming was the second-most popular form of digital socializing in 2020, behind traditional social media. meanwhile, the number of players meeting in-game or via game-related platforms equaled or surpassed the number of people using videoconferencing apps..

In mature regions such as North America, the growth of games culture can be as important or more important than the growth of games themselves. Large-scale socialization and metaverse elements are all rapidly becoming normalized. Additional opportunities lie in further integrating games with social media and streaming platforms.

Mobile offers opportunities to expand and innovate

With the majority of north american gamers already playing on mobile, opportunities for audience growth are limited, but revenue will continue to rise. and as we approach 2024, we expect the total number of mobile players in north america to grow at a cagr of 0.8% to 199 million, and revenue to increase at a cagr of 6.4%. this degree of growth will allow developers to experiment with novel monetization strategies, explore cross-play, and expand beyond mobile audiences..

The future of gaming is platform-agnostic. Developers on mobile, PC, and console will all benefit from making their titles as accessible as possible. This could include publishing on multiple platforms or even joining a subscription service.

The popularity of streaming and esports will continue to soar

The north american live-streaming audience will grow to 91.5 million people in 2021, accounting for almost 13% of the global audience. consumption of game-related content rose by just over 40% in 2020 and is expected to increase by an additional 39% in the future..

Streaming has become an integral social aspect of the gaming experience for North American players, and their interests continue to diversify. With the popularity of mobile game-related content expected to increase, developers who prepare to take advantage of this trend now will be well placed to stay ahead of the curve.

Europe, the Middle East, and Africa

EMEA offers diverse opportunities

Europe, the middle east, and africa (emea) is the world’s most diverse gaming region, with potential for robust growth in certain markets and for extremely high revenue per user in others.

Europe is home to four of the world’s top 10 largest gaming markets (Germany, the U.K., France, and Italy) while the Middle East includes some of the most promising growth markets. Gaming has yet to achieve mainstream status in many African markets.

In 2021, EMEA’s 842.9 million players will spend a combined $37.8 billion on games. Console gaming represents the largest segment as of 2021, but mobile is the fastest growing.

EMEA players tend to spend less time playing than their counterparts in other regions, averaging 2.3 hours per week less than North American players, 3.2 hours less than those in LATAM, and five hours less than those in APAC.

3 themes that will shape the EMEA region beyond 2021

Revenue can rise even as playing time levels off, while emea players are expecting their activity levels to decrease beyond 2021, playing times will still remain higher than they were pre-2020. what’s more, the resilience of game spending habits means emea is still ripe for future revenue generation as spend per player remains among the highest in the world..

Many EMEA players (particularly in Europe) are willing to spend a lot on games even if they don’t expect to devote as much time to the activity. Key initiatives to implement in the region include: offering players shorter core gameplay loops; giving them options to spend money to save time; and not overly focusing on driving up playing time or play-session length.

Platform usage will continue to vary by market

Emea is defined by the diversity of its audiences in different markets, especially with regard to their platform preferences. western europe is dominated by console, but eastern europe turns to pc most frequently. the region’s developing markets are centered around mobile gaming..

EMEA’s high level of market variance doesn’t allow for a one-size-fits-all solution. Developers who can provide a variety of gaming experiences or take advantage of the emerging trend towards cross-platform are most likely to succeed. Also, publishers should note the way platforms dictate the economics of markets: console-first markets tend to have some of the highest spends, while mobile-first markets show the highest growth and potential for in-game advertising.

Esports and live-streamed game content are key for player retention

Our research suggests that european players spend less overall time gaming than their peers in the rest of emea, and are more likely to churn post-pandemic. however, their interest in live-streamed games and esports content is much more in line with other regions, with major european markets such as poland and the u.k. expecting their consumption to increase by 30% and 25% respectively compared to 2020..

Tapping into the community, sharing, and fandom that exists around live streaming and esports offers developers a crucial opportunity to engage and retain European players.

Asia-Pacific

APAC’s importance cannot be overstated

Asia-pacific has been an engine for growth for the global games industry, fueled by diverse and rapidly growing markets, shaped by changing platform dynamics, and defined by agile innovation.

APAC is the world’s largest gaming region, home to 55% of all global players and three of the top four markets by consumer spending (mainland China, Japan, and South Korea). Virtually all of APAC’s 1.62 billion players play on mobile. The $57.9 billion being spent on mobile games in 2021 represents two-thirds of all consumer spending in the region.

Our research found that players in APAC have the highest average weekly playing time of all regions (at 17.4 hours per week) and a relatively low average age of 34.3, driven by younger audiences in growth markets such as Vietnam and India.

3 themes that will shape the Asia-Pacific region beyond 2021

Gaming technology is evolving digital social engagement, for many years, apac markets have set the global standard for social features in games. social multiplayer games dominate, unlike in most western markets, which tend to focus on single-player titles. this social integration with gaming is taking place at a business and operational level. companies such as tencent (which also operates wechat) continue to blur the lines between games and social apps, and publishers recognize the potential for further monetizing large, socially inclined audiences in the region..

With APAC’s social gaming roots, it’s more ready than other regions to adopt proto-metaverses and similar innovations.

Console gaming is starting to take off in mainland China and South Korea

Although console gaming has not been widely adopted in apac, market indicators suggest this is set to change, driven by the mobile-friendly functionality of the nintendo switch and the launch of next-gen playstation and xbox consoles in mainland china (the first to be released concurrently with other regions)..

With PC cafes closed in APAC, players are turning to consoles for AAA and single-player experiences. Developers have an opportunity to target this APAC gaming diaspora with innovative premium/single-player-focused experiences on mobile.

Mobile is highly accessible and offers strong monetization opportunities

Mobile gaming activity continued to increase in apac over the past 18 months. although 97% of regional gamers already play on mobile, engagement per player continues to grow. mobile also accounts for a significant proportion of consumer spending in the region, which has led to fierce competition and monetization innovations among publishers. from cosmetics to battle passes, apac’s mobile players spend their budgets on a much wider range of monetization options than players in other regions..

Developers who embrace experimentation and innovation, particularly around monetization, will be well-placed to take advantage of APAC’s mobile-first, engaged user base.

Gaming Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Gaming Market is Segmented by Gaming Type (Console, Tablet, Smartphone, Downloaded/Box PC, and Browser PC) and Geography. The Market Sizes and Forecasts are Provided in Terms of Value (USD Billion) for all the Above Segments.

• Gaming Market Size

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Gaming Market Analysis

The Gaming Market size is estimated at USD 272.86 billion in 2024, and is expected to reach USD 426.02 billion by 2029, growing at a CAGR of 9.32% during the forecast period (2024-2029).

Due to nationwide lockdowns implemented because of the COVID-19 pandemic, some people turned to game platforms to pass the time. Thus, these platforms attracted hundreds and thousands of new visitors to online traffic. Video gaming trends are experiencing a massive surge in players and revenue.

• Continuous technological advancements in the gaming industry are significantly propelling the industry's growth. They are enhancing the way games are created and improving the overall gaming experience of the users.
• Game developers across emerging economies are continually striving to enhance the gaming experience by launching and rewriting codes for diverse console/platforms, such as PlayStation, Xbox, and Windows PC, incorporated into a standalone product provided to gamers through a cloud platform.
• The rising internet connectivity, increasing adoption of smartphones, and the advent of high bandwidth network connectivity, such as 5G, have further increased the demand of the gaming market across the globe. According to the GSMA report, as of November 2021, 170 mobile operators launched commercial 5G services with 7% population penetration at the end of 2021, thereby opening new opportunities for the mobile vendors to introduce 5G smartphones in the market.
• According to the statistics published by DataReporal, the number of internet users increased by 7.7% in 2021 compared to 2020. Moreover, the number increased by 4% to 4,950 million in January 2022 compared to January 2021, when the users totaled 4,758 million.
• Cloud gaming services focus on leveraging hyper-scale cloud capabilities, streaming media services, and global content delivery networks to build the next generation of social entertainment platforms. These factors have an anticipated positive impact on market growth.
• Leveraging cloud technology in the gaming market is likely to drive the demand and engagement of multi-players for different games, boosting the market growth during the forecast period.
• Gaming Market Trends

Mobile Gaming Expected to Witness Growth during the Forecast Period

• The number of mobile players globally reached USD 2.7 billion in 2022, resulting in 90 billion mobile game downloads during the year.
• In terms of the mobile gaming genre worldwide, RPG was the frontrunner, accounting for 31% of in-app purchase spending in 2022, driven by MMORPG. In contrast, Hypercasual was leading in downloads contributing to 29% of all mobile game downloads.
• Furthermore, 21% of Android apps and 25% of iOS apps downloaded are mobile games, with 55% of mobile gamers being female. Puzzle and matching genres seemed to be favorites among female audiences, whereas strategy, sports, and shooting interested male gamers.
• For the past couple of years, Tencent, a Chinese multinational tech conglomerate, has grown its gaming empire. In 2021, it was the most extensive iPhone gaming app publisher globally in terms of revenue and the third biggest in downloads. The company still held the top spot in 2022.
• Free-to-play games have undergone many changes since the early days of Flappy Bird. The most recent is the rise of Play & Own (P&O) in 2023. P&O allows players to play the games they want for free and the assets or in-game rewards they purchase. Developers would get new ways to monetize their games through value, stronger communities, longer players, and more rooms, contributing to the growth of the mobile gaming industry in the forecast period.

Asia-Pacific to Dominate the Market

• The Asia-Pacific region held the highest market share in 2022. China spends the most, but Japan spends more per capita than any other country. Both countries are home to some of the biggest mobile games, such as Honor of Kings and Genshin Impact.
• However, the gamer population has shown a positive trend in the region, accounting for more than 52% of gamers worldwide.
• Crackdowns on limiting playtime by the Chinese government in recent years and regulators issuing almost no gaming licenses until the end of 2022 have further put pressure on the gaming industry in the region. The embargo on imported gaming titles only ended toward the end of the year, inviting developers outside the country but at cost and compliance.
• On a positive note, Q1 2023 alone recorded 288 game approvals by NPPA, and over 1100 games are predicted to be approved by the end of 2023, compared to mere 468 approvals in 2022.
• Factors such as China, Japan, and South Korea being part of the top 10 global game spending, the region being a hotbed for mobile gaming, and the increasing gamer population are poised to drive significant growth in the APAC region during the forecast period.

Gaming Industry Overview

The market studied is highly consolidated with prominent contenders like Sony, Microsoft, and Nintendo. The gaming industry has experienced tremendous growth in recent years. This growth can be attributed to several factors, including the rise of mobile gaming, the popularity of online multiplayer games, and the increasing use of virtual and augmented reality technologies. Virtual reality and augmented reality technologies have also impacted the gaming industry significantly. VR headsets like the Oculus Rift and the HTC Vive allow players to immerse themselves in virtual worlds. AR technologies like Pokemon Go and Minecraft Earth overlay digital content onto the real world. The gaming industry is poised for continued growth in the coming years, with new technologies and platforms creating new opportunities for developers and publishers.

• In December 2022, Enthusiast Gaming Holdings Inc. partnered with Netflix, the global leader in subscription streaming service and production company, to launch and support the Geeked: Toon-in live stream weekly on Netflix's Twitch account.
• In November 2022, Mysten Labs, a web3 infrastructure company and Sui Layer 1 blockchain developer, entered into a strategic partnership with NCSOFT, a global premier game developer and publisher. Under the terms of the partnership, NCSOFT invested USD 15 million in Mysten as part of the company's USD 300 million Series B funding round, which valued Mysten at more than USD 2 billion.

Gaming Market Leaders

Sony Corporation

Microsoft Corporation

Google LLC (Alphabet Inc.)

Bandai Namco Entertainment Inc.

*Disclaimer: Major Players sorted in no particular order

Gaming Market News

• February 2023: Vi entered into e-sports in partnership with Gamerji. Partnering with e-sports start-up Gamerji, Vi, under the umbrella of Vi Games, launched an e-sports platform on the Vi App.
• September 2022: Fnatic and ASOS signed a three-year deal to bridge the worlds of fashion with gaming. Both brands will develop and deploy multiple offline and online activations as part of the deal, bringing the gaming and fashion worlds together.

Gaming Market Report - Table of Contents

1. INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness - Porter's Five Forces Analysis

4.2.1 Bargaining Power of Suppliers

4.2.2 Bargaining Power of Consumers

4.2.3 Threat of New Entrants

4.2.4 Threat of Substitutes

4.2.5 Intensity of Competitive Rivalry

4.3 Technology Snapshot

4.4 Assessment of the Impact of COVID-19 on the Market

5. MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Rising Internet Penetration

5.1.2 Emergence of Cloud Gaming

5.1.3 Adoption of Gaming Platforms, such as E-sports Betting and Fantasy Sites

5.2 Market Restraints

5.2.1 Issues such as Piracy, Laws and Regulations, and Concerns Relating to Fraud during Gaming Transactions

6. MARKET SEGMENTATION

6.1 By Gaming Type

6.1.1 Mobile Games

6.1.2 Console Games

6.1.3 Downloaded/Box PC Games

6.1.4 Browser PC Games

6.2 By Geography

6.2.1 North America

6.2.1.1 United States

6.2.1.2 Canada

6.2.2 Europe

6.2.2.1 Germany

6.2.2.2 United Kingdom

6.2.2.3 France

6.2.2.4 Russia

6.2.2.5 Spain

6.2.2.6 Italy

6.2.2.7 Rest of Europe

6.2.3 Asia-Pacific

6.2.3.1 China

6.2.3.2 Japan

6.2.3.3 South Korea

6.2.3.4 Rest of Asia-Pacific

6.2.4 Latin America

6.2.4.1 Brazil

6.2.4.2 Argentina

6.2.4.3 Mexico

6.2.4.4 Rest of Latin America

6.2.5 Middle East and Africa

6.2.5.1 United Arab Emirates

6.2.5.2 Saudi Arabia

6.2.5.3 Iran

6.2.5.4 Egypt

6.2.5.5 Rest of Middle East and Africa

7. COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Sony Corporation

7.1.2 Microsoft Corporation

7.1.3 Apple Inc.

7.1.4 Google LLC (Alphabet Inc.)

7.1.5 Bandai Namco Entertainment Inc.

7.1.6 Take-Two Interactive Software Inc.

7.1.7 Nexon Company

7.1.8 Nintendo Co. Ltd

7.1.9 Activision Blizzard Inc.

7.1.10 Electronic Arts Inc.

7.1.11 Ubisoft Entertainment SA

7.1.12 Square Enix Holdings Co. Ltd

7.1.13 ZeptoLab OOO

7.1.14 Tencent Holdings Ltd

7.1.15 Sega Games Co. Ltd

7.1.16 Capcom Co. Ltd

7.1.17 NetEase Inc.

7.1.18 Interactive Entertainment

7.1.19 Beijing Kunlun Technology Co. Ltd

• *List Not Exhaustive

8. INVESTMENT ANALYSIS

9. FUTURE OF THE MARKET

Gaming Industry Segmentation

The reported market sizing reflects the consumer spending on games that covers games purchased in physical storage/boxed and digital forms (for consoles, PC, and mobile devices), subscribed services for consoles, and in-app purchases during mobile gaming, although the numbers exclude gaming hardware and accessories, console hardware, advertising revenues, and third-party commissions. However, we do have similar off-the-shelf publications catering to the gaming hardware and gaming ecosystem.

The gaming market is segmented by gaming type (mobile games, console games, downloaded/boxed PC games, and browser PC games) and key geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The gaming market spending and forecasts are provided in terms of value (USD) in addition to gamer demographics such as gender, gamer population, and genre.

Gaming Market Research FAQs

How big is the gaming market.

The Gaming Market size is expected to reach USD 272.86 billion in 2024 and grow at a CAGR of 9.32% to reach USD 426.02 billion by 2029.

What is the current Gaming Market size?

In 2024, the Gaming Market size is expected to reach USD 272.86 billion.

Who are the key players in Gaming Market?

Sony Corporation, Microsoft Corporation, Apple Inc, Google LLC (Alphabet Inc.) and Bandai Namco Entertainment Inc. are the major companies operating in the Gaming Market.

Which is the fastest growing region in Gaming Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

Which region has the biggest share in Gaming Market?

In 2024, the Asia Pacific accounts for the largest market share in Gaming Market.

What years does this Gaming Market cover, and what was the market size in 2023?

In 2023, the Gaming Market size was estimated at USD 247.43 billion. The report covers the Gaming Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gaming Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

What are the key regulatory challenges in the Global Gaming Industry?

The key regulatory challenges in the Global Gaming Industry are: a) Increasing concerns over loot boxes b) Combatting piracy and protecting intellectual property rights

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Gaming Industry Report

This comprehensive report offers a deep dive into the gaming industry, providing a detailed analysis of key market drivers and market segments. Mordor Intelligence offers customization based on your specific interests, including: 1. Device Type: Tablet 2. Game Type: Shooter, Action, Sports, Role Playing, and Others 3. Type: Offline & Online 4. End-User: Male, Female

Gaming Market Report Snapshots

• Gaming Market Share
• Gaming Companies

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Video Game Market

Analysis of the Video Game Market by Console, Mobile, and Computer

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Video Game Market Overview (2023 to 2033)

The video game market is anticipated to have a prodigious CAGR of 13.5% during the forecast period of 2023 to 2033. According to FMI, the video game market is expected to grow from US$ 227 billion in 2023 to US$ 805.3 billion by 2033.

The demand for video games is anticipated to increase with the emergence of smartphones and advancements in hardware and software to improve the real-time rendering of visuals.

Massively multiplayer online (MMO), Free2Play (F2P), and multiplayer games are becoming increasingly popular, and this video game market trend is expected to continue over the course of the forecast period. As a result, hardware efficiency and compatibility are of particular interest to game developers.

The widespread adoption of cutting-edge gaming consoles with complex functionality, like record & share and cross-platform gameplay, is being fueled by shifting consumer preferences, rising the video game market size.

The video game market share is anticipated to increase as a result of the widespread use of smartphones, rising internet penetration, and the accessibility of online games. One of the primary drivers of the market's growth in the upcoming years is the introduction of increasingly innovative gaming features by video game market key players.

Voice recognition, downloadable content, and cutting-edge computer graphics are just a few of the gaming technologies that improve user experiences and increase demand for video games.

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How Technology Drives the Video Game Market?

The demand for video game consoles is fueled by features in games like voice recognition, downloadable content, and improved computer graphics that improve user experiences. Further, sales of video games and peripherals are also being driven by the growing popularity of e-sports competitions and the rise in several professional players.

Gaming's potential as a tool for fostering cognitive learning is also being investigated. Though still in its infancy, the idea of "gaming to study" is slowly gaining popularity, giving a new perspective to the video game market outlook.

Video game market trends like new gaming features and applications for mobile, PC, tablet, and console platforms are created as a result of the integration of new technology features like virtual reality and mixed reality, AI, and blockchain.

Game makers are releasing a variety of games on social media to draw in players, including action, role-playing, simulation, and strategy games, which provide several lucrative opportunities for the video game market as a result of realizing that many people utilize social media to find the video game of their choice,

What Restraints the Video Game Market?

Nations like China and Indonesia are seeing an increase in sales of counterfeit goods, which is unfortunate news for the video game market expansion due to their generally lower pricing,

Growing worries about data security and piracy protection, as well as an increase in gaming-related fraud, are all possible dangers that could impede the video game market growth. Over the course of the forecast period, the video game market growth is also anticipated to be constrained by a sharp increase in health problems and disorders associated with video game addiction.

The global video games market's potential to generate income is predicted to be constrained by the expansion of free-to-play and cheap mobile and laptop games. One of the challenges faced by the video game market key participants is anticipated to be managing the cost and quality of video games.

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Comparative View of the Adjacent Video Game Market

Video Game Market:

E-Sports and Games Streaming Market:

Connected Game Consoles Market:

The video game market size is expanding and contributing to the global market's development, with rising interest, rising per capita income, and an increase in dual-income households. Additionally, the video game market has significant future growth potential due to the rising use of smartphones, gaming consoles, and the cloud.

The video game market share has also been influenced by technology advancements, changing consumer demographics, and the growth of items associated with video games. Moreover, users now have instant access to video games due to widespread technical improvements. The video game market growth is also attributed to advanced graphics.

The most well-liked smart device activity is now mobile gaming. Smartphone usage is expected to rise as a result of easy accessibility and low prices. It offers new opportunities to the video game market.

Sales of mobile video games in particular increased during the COVID-19 pandemic, as people's screen time increased due to instructions to stay at home. Following the pandemic's breakout, some businesses also had to deal with delays and cancellations of their product releases.

According to FMI, the global video game market research report offers a thorough analysis of the industry and focuses on important factors like the top manufacturers, markets, suppliers, segments, and products. Further, this study provides an analysis of the most recent video game market trends and opportunities in each of the sub-segments from 2023 to 2033, as well as estimates revenue growth of the global video game market.

Category Wise Insight

Which device dominates the video game market.

With a revenue share of more than 45% in 2022, the mobile segment dominated the video game market. Over the course of the forecast, the mobile category is anticipated to maintain its market dominance. Also, the global increase in smartphone adoption is responsible for the mobile market's expansion.

The rising desire for mobile tablets with large displays, which ensures better gaming experiences, is another factor contributing to the expansion of the video game market share. Over the course of the projected period, the segment's growth is anticipated to be significantly influenced by the increasing sales of handheld gaming consoles.

The console segment is anticipated to expand in the video game market at a significant clip. The console segment is expected to increase as a result of vital features like premium displays and sound systems, which are made to give players an enhanced and improved experience.

Which Type is Leading in the Video Game Market?

With a market share of around 64% in 2022, the offline sector dominated the video game market. However, during the projected period, the online category is anticipated to increase at a significant CAGR.

The increasing acceptance of multiplayer video games is responsible for the segment's expansion. Additionally, online games enable in-game communication and help to improve the entire gaming experience, which is encouraging for the video game market expansion.

Particularly effective in providing a virtual platform for online video games are social networking sites. Another factor that is anticipated to significantly contribute to the expansion of the online segment is the increased demand for interactive entertainment systems and the growing number of gamers who view online video games as their preferred form of entertainment.

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Region-wise Outlook

Why is asia pacific dominating the video game market.

With a revenue share of more than 55% in 2022, the Asia Pacific region dominated the video game market. The regional market was able to dominate the international industry due to China's rise as a significant gaming hub.

The growth of the regional market is being driven by China's unrelenting rise in smartphone adoption. Due to aggressively pursuing inorganic development tactics like the acquisition of Riot Games and Supercell Oy, Tencent Holdings Limited of China has become the leading participant in the global video game market.

Market players in Asia Pacific are launching systems that may enable gamers to access AAA games, due to the growing number of online gamers and the popularity of online gaming tournaments, making their substantial stand in the video game market share.

What is North America’s Video Game Market Growth Outlook?

Game developers in America like Microsoft, Cave Digger, and many others have begun integrating AR/VR technologies into their games. The Nielsen Company reports that among gamers and the general public in the United States, awareness of AR/VR-specific gadgets climbed from 37% in 2016 to 63% in 2017.

North America’s video game market is anticipated to expand owing to the growing acceptance of virtual reality and mixed reality features by game development businesses. North America accounted for a market share of 41% in 2022.

How Are Start-Ups Contributing To The Video Game Market Share?

Future development prospects for the video game market are very favorable. It is a significantly growing sector of the economy, and new players are entering the market to introduce innovations.

Among new video game market players, the 2018-founded Epik Prime collaborates with game creators to facilitate the release of in-game digital goods. It is supported by Nintendo and presently collaborates with over 250 businesses representing more than 1,000 video game brands.

Manticore Games, which was established in 2016 and is profitable enough, is the creator and owner of Core, a virtual playground. The Unreal Engine-based Core dubbed the "gateway to the multiverse," is home to what seems like an infinite number of games, ranging from first-person shooters to massively multiplayer online role-playing games and everything in between.

How is Competition Strengthening the Video Game Market?

The video game market is fragmented as a result of the large number of well-established market rivals and new entrants. Businesses all across the world are concentrating on capacity growth and process innovation.

• NFL Pro Era, a football video game for Meta Quest and PlayStation, was released in April 2022 thanks to a partnership between the NFL and the sports technology company StatusPRO. Players in the market are aggressively concentrating on innovation and product differentiation to maintain their market shares.
• To enter the main gaming market, Tencent invested in ByteDance in January 2020.
• Google acquired Typhoon Studio, a game development studio, in December 2019.
• NFL Pro Era, a football video game for Meta Quest and PlayStation, was released in April 2022 in collaboration with sports technology firm StatusPRO.
• Microsoft revealed initiatives to acquire video game-holding organization Activision Publishing in January 2022.

Report Scope

Key segmentation.

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia & Pacific
• The Middle East & Africa (MEA)

Frequently Asked Questions

What is the video game market size.

The video game market is estimated to capture a valuation of US$ 227 billion in 2023.

Which Marketing Strategies Are Adopted in the Video Game Market?

The integration of voice recognition and improved graphics are the key marketing strategies.

What will be the Valuation of the Video Game Market by 2033?

The market is estimated to secure a valuation of US$ 805.3 million by 2033.

What are the Trends in the Video Game Market?

The rising e-sports contests are the current market trends.

Which Type Holds Lucrative Opportunities?

Offline type holds lucrative opportunities in the global market.

Table of Content

Recommendations

Connected Game Console Market

Published : August 2023

eSports & Games Streaming Market

Published : May 2023

Gaming Monitors Market

Published : March 2023

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Video Game Market Size, Share, Competitive Landscape and Trend Analysis Report by Device, by Age Group, by Platform Type : Global Opportunity Analysis and Industry Forecast, 2023-2032

CG : Consumer Electronics

Report Code: A85196

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Video Game Market Research, 2032

The global video game market size was valued at $231.4 billion in 2022, and is projected to reach $446.4 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.

The video game business is a strong and rapidly increasing sector that has seen great expansion as well as creativity over time. It has a tremendous impact on global entertainment because of its diverse range of platforms for playing games, classifications, and gaming audiences. Customers today are presented with greater alternatives than ever previously, owing to the introduction of sophisticated consoles for video games like the PlayStation 4, Xbox One, and Nintendo Switch, in addition to the ongoing popularity of PC gaming. Mobile gaming has‐¯revolutionized‐¯the business by allowing for swift and simple gameplay on portable devices and smartphones. With the emergence of internet-based gaming services, users are able to have access to high-quality games without having to spend money on expensive equipment. Esports, or professional‐¯organized‐¯competitive gaming, is gaining popularity and garnering enormous crowds as well as important sponsorships. Twitch and YouTube Gaming have grown into vital venues for gaming and content creators to connect with their fans. As a result, the video game industry maintains a dynamic ecosystem, recruiting participants from every corner of the globe and introducing new technology regularly. Interactive gaming, augmented reality (AR), and virtual reality's future potential predict that these advancements will continue to alter how we play and engage with digital media. 

MARKET DYNAMICS 

Recent years have seen the video game market continue to develop and grow as a result of numerous important phenomena. First off, the emergence of cloud gaming services has made high-quality gaming more accessible than ever before, allowing users to stream games straight to their devices. Examples include Google Stadia and Microsoft's Project xCloud. As a result of this trend, the distinctions between gaming on consoles, personal computers, and mobile devices are becoming less clear. Second, the popularity of eSports has elevated competitive gaming to a popular culture phenomenon. Major eSports competitions now have sizeable prize pools, and professional gaming leagues have a lot of viewers, making eSports a successful business. 

Third, advances in virtual reality (VR) and augmented reality (AR) gaming experiences have opened up new possibilities for immersive gameplay. The Oculus Quest VR headset and Pokémon GO AR game have generated a lot of interest, suggesting that these technologies have a bright future. Furthermore, the free-to-play model continues to dominate the mobile gaming market, with in-app microtransactions providing considerable income. Finally, independent games are becoming increasingly popular as tiny firms create innovative and distinctive experiences that are appealing to a wide spectrum of gamers. As a whole, the video game business is positioned for ongoing growth and diversity as new innovations in technology and business models are introduced. 

With the advent of digital distribution methods like as Steam and mobile app stores, the acceptance of privately owned game makers has grown. Their cutting-edge, frequently specialized games have increased the variety of gaming experiences accessible to gamers and competed with established AAA titles.‐¯Within the gaming industry, esports has grown to be a sizable subculture with professional athletes, competitions, and devoted fans. By transforming gamers into influencers and content producers, live streaming services like Twitch have increased gaming's appeal. 

The old paradigm of buying games upfront has developed into a variety of monetization schemes, including free-to-play games with in-game purchases, season passes, and subscription services like Xbox Game Pass and PlayStation Now. This change has an effect on game design and income creation.‐¯There are now more than a few significant regions where video games are sold. With more players, markets, and game development companies opening up globally, it has grown to be a global phenomenon. Success now depends heavily on localization and cultural sensitivity. The industry is continually at odds with problems like loot boxes, gambling, and addiction. To safeguard gamers, governments, and other organizations are progressively regulating video game content and monetization. 

During the COVID-19 period, the government's lockdown worked to boost the video game market growth. Individuals from all around the world have begun to invest in online and offline games, and the ratio of players has dramatically increased during the shutdown. During the pandemic, game-developing companies such as Tencentand Sony saw a threefold boost in sales. Though the gaming industry witnessed growth, the growth of the gaming accessories industry declined due to a disrupted supply chain and a lack of labor and raw materials. The gaming keyboard market witnessed a drop in market growth during the early days of the pandemic until manufacturing concerns were resolved. 

Governments have banned certain games or developer companies due to the fast development of cloud gaming technology, causing data breaches and cyber security threats that adversely impact consumer behavior, hindering market expansion. For instance, in July 2022, the Indian Government banned Battleground Mobile India (BGMI) due to concerns about security breaches and asked for it to be taken down by Apple and Play Store. In countries such as Brazil, Venezuela, and South Korea, violence is a reason to ban video games. Owing to the restriction of government censorship, developers need to develop a custom version, which would lead to increased development and maintenance costs. For example, a new Call of Duty & Cold War trailer was pulled from the market in August 2020 on account of its content not being approved by the government. This is why a short version was to be released later by the company. 

The gaming business has a significant influence on the economies of Western countries such as the U.S. The gaming business in the U.S. employs approximately two million people and generates millions of dollars in tax receipts. The government's attempts to encourage the gaming sector have expanded individual engagement and have contributed to improving the industry's market worth. The governments of emerging nations, such as India, have incorporated Esports into traditional sporting disciplines. The government has urged the Ministry of Electronics and Information Technology and the Sports Ministry to include e-sports in multi-sport events using the authority provided by clause (3) of Article 77 of the Constitution. The expanding endeavors by developing-nation governments to encourage electronic gaming are expected to give a chance for the gaming sector to grow at an exponential rate and generate higher valuation. 

The technology that allows players to stream games over the internet without needing a high-quality gaming computer or console is cloud gaming, also known as game streaming on video game market demand and game streaming. The use of cloud gaming, which enables games to be played on remote servers with a real-time transmission into the player's device, allows rapid and responsive play. Moreover, there are several benefits offered by cloud gaming for players, such as greater accessibility, convenience, performance, and cost-effectiveness. Google Sadia, Amazon Luna, GeForceNow, and Microsoft xCloud are some of the most popular cloud gaming platforms. These platforms offer a wide range of games, from indie titles to AAA releases, and allow players to play them on different devices. The possibility of cloud gaming to change the market by enabling more accessible, enjoyable, and cost-efficient games for players therefore exists. 

SEGMENTAL OVERVIEW 

The video games market is segmented on the basis of device, age group, platform type, and region. On the basis of devices, the video games market is classified into smartphones, PCs, and consoles. On the basis of age group, the market is categorized into Generation Z, generation Y, and Generation X. On the basis of platform type, the video games market is bifurcated into online and offline. On the basis of region, the video game market is analyzed across North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Russia, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, Argentina, and rest of LAMEA). 

On the basis of device, the video games market is segmented into smartphones, PCs, and consoles. The smartphone segment dominated the market in 2022 and is expected to witness the highest growth during the video game market forecast period since mobile games often have simple controls and are designed to be played in short bursts. In addition, mobile devices now represent the majority of aspects of a person's everyday routine, and this has made smartphones an important source of entertainment due to their ability to access high-speed internet. 

BY AGE GROUP 

On the basis of age group, the video game industry‐¯is categorized into Generation Z, generation Y, and Generation X. Generation Z grew up in an increasingly sophisticated technological environment with the rise of mobile phones and laptops. As a result, they are more technologically advanced than their predecessors. Even though Generation Y is more digitally sound as they saw the innovations and advancements, including the launch of the World Wide Web, they are more inclined toward consoles and other gaming moods as major consoles occurred between 1970 to 2010. On the other hand, generation Z is fond of smartphones and gaming devices, which is expected to boost the demand for the segment.  

BY PLATFORM TYPE 

On the basis of platform type, the video games market is bifurcated into online and offline. The online segment is expected to grow at the fastest CAGR due to numerous causes such as technological improvements, a rise in internet penetration, and development in the smartphone market with the debut of new gaming handsets. In addition, there are different genres of this online section such as the first shooter games, RealTime Strategy RTS Games, Massive Multiplay Online MMO FPS Games, and Multiplayer Battle Royales. For instance, in June 2022, Tencent announced the launch of its XR division to develop its Benchmark VR product further. 

On the basis of region, the video game industry‐¯is analyzed across North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Russia, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, Argentina, and rest of LAMEA). The video game business in Asia Pacific is robust and diverse, spanning many countries and cultures. Considering an expanding middle class and greater use of smartphones, the region has established itself as an across-the-globe gaming powerhouse. China, Japan, and the Republic of Korea are among the key players, with a concentration on PCs, handheld devices, and electronic‐¯sports. Furthermore, Southeast Asian nations such as Thailand as well as Indonesia are growing in importance as online marketplaces. The market is expanding due to a variety of causes, including a younger demographic, greater resources accessible, and an appreciation of video games. In this dynamic market, both domestic and foreign game publishers and creators may succeed. 

Some of the strategic developments are: -  

In July 2022, Asus expanded its ROG gaming smartphone line with the introduction of the ROG Phone 6 and ROG Phone 6 Pro. The phone features the newest Snapdragon 8+ Gen 1 system-on-chip, IPX4 grade, 165Hz refresh rate AMOLED screen, up to 18GB RAM, and 512GB onboard storage. 

In August 2022, Philips increased its gaming monitor lineup in India with the introduction of two new premium gaming monitors, the 27M1N3200ZA and the 24M1N3200ZA. 

In January 2023, Nintendo introduced its popular franchise Fire Emblem, including character enhancements and developments, as well as new features that made the game more engaging. 

In April 2022, NFL teamed with sports technology startup StatusPRO to create NFL Pro Era, a football video game for Meta Quest and PlayStation. 

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the video game market share, market segments, current trends, estimations, and dynamics of the video game market analysis from 2022 to 2032 to identify the prevailing video game market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the video game market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global video game market trends, key players, market segments, application areas, and market growth strategies.

  Video Game Market Report Highlights

Analyst Review

The games industry revolves around creativity. New technology, services, and experiences propel the market forward. The industry's future appears promising as more individuals play games, they would generate demand for engaging entertainment and desire simpler access to games. The initiative made by many companies and associations to invest in the gaming business and hold esports events is likely to inspire people to pursue gaming as a career, which is expected to fuel the growth of the video games market. Technological advancements in the field of gaming and gaming devices provide lucrative opportunities for growth in the market.

• Electronics Products
• Digital Gadgets
• Connected Device
• Entertainment
• Digital Innovation
• Electronics Retail
• Smart Technology

The video game market was valued at $231.4 billion in 2022 and is expected to reach $446.5 billion by 2032 registering a CAGR of 6.5%.

The forecast period in the video game market report is 2023 to 2032.

The base year calculated in the video game market report is 2022.

The top companies analyzed for global video game market report are Activision Blizzard, Inc., Bandai Namco Entertainment America Inc., Electronic Arts Inc., Epic Games, Inc, Lucid Games, Microsoft Corporation, Nintendo of America Inc., Sony Interactive Entertainment Inc., Take-Two Interactive Software, Inc., Ubisoft Entertainment.

The smartphones segment is the most influential segment in the video game market report.

Asia-Pacific holds the maximum market share of the video game market.

The company profile has been selected on the basis of revenue, product offerings, and market penetration.

The market value of the video game market in 2022 was $231.4 billion.

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Video Game Market

Global Opportunity Analysis and Industry Forecast, 2023-2032

The PC games market grew a lot more than the console games market last year, says research firm

PC game revenues increased by over 8% year over year compared to just a fraction of a percent for console games, according to market researchers.

2023 was a "recovery year" for games, according to the market researchers at Newzoo , and the platform that saw the greatest recovery was the PC. Revenue from PC game sales, microtransactions, and subscriptions grew 8.4% over 2022 revenues, says the firm, whereas console game revenues only saw a 0.3% increase, and mobile game revenues shrunk 2.1%.

The console and mobile game markets are still quite a bit bigger than the PC market: Newzoo puts 2023's total mobile gaming revenue at $89.9 billion, console at $52.4 billion, and PC at $39.6 billion.

These numbers are estimates, and don't include hardware sales, but the closing gap between the PC and console markets certainly aligns with the feeling we've had for years that PC gaming has hit the mainstream. The most talked about game of 2023, Baldur's Gate 3, released on PC first, and console exclusivity FOMO was at an all-time low. 

Newzoo partially attributes the PC's growth to multiplatform publishers continuing to embrace it, and I'm sure we'll see that reflected in this year's estimates, too, as more than half of Helldivers 2 sales have been on PC .

"PC revenues from publicly listed companies were up nearly 9% YoY [year over year]," said Newzoo. "On the private company side, Valve, Epic Games, and miHoYo showed strong performances. We also saw that successful gaming companies pursuing cross-platform strategies acted as a beneficial catalyst for the PC market." 

As exciting as PC gaming feels today, the notion that the industry is recovering from a slump does feel rather abstract given that the big companies keep laying off hundreds of employees at a time. We tallied 16,000 recent layoffs back in February , and that number is already well out of date.

Following the early pandemic boom, Newzoo says that gaming revenue shrank in 2021, stabilized in 2022, and grew by an estimated total of 0.5% in 2023, hence why the year is characterized as a "recovery." The firm cautions, however, that "playtime hours have dropped precipitously" (we touched grass, it seems), and notes that "90% of new game revenue in 2023 … was captured by 43 games."

The biggest gaming news, reviews and hardware deals

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Tyler grew up in Silicon Valley during the '80s and '90s, playing games like Zork and Arkanoid on early PCs. He was later captivated by Myst, SimCity, Civilization, Command & Conquer, all the shooters they call "boomer shooters" now, and PS1 classic Bushido Blade (that's right: he had Bleem!). Tyler joined PC Gamer in 2011, and today he's focused on the site's news coverage. His hobbies include amateur boxing and adding to his 1,200-plus hours in Rocket League.

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Types of market research: Methods and examples

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Here at GWI we publish a steady stream of blogs, reports, and other resources that dig deep into specific market research topics.

But what about the folks who’d appreciate a more general overview of market research that explains the big picture? Don’t they deserve some love too?

Of course they do. That’s why we’ve created this overview guide focusing on types of market research and examples. With so many market research companies to choose from, having a solid general understanding of how this sector works is essential for any brand or business that wants to pick the right market research partner.

So with that in mind, let’s start at the very beginning and get clear on…

Market research definition

At the risk of stating the slightly obvious, market research is the gathering and analyzing of data on consumers, competitors, distributors, and markets. As such it’s not quite the same as consumer research , but there’s significant overlap.

Market research matters because it can help you take the guesswork out of getting through to audiences. By studying consumers and gathering information on their likes, dislikes, and so on, brands can make evidence-based decisions instead of relying on instinct or experience. 

What is market research?

Market research is the organized gathering of information about target markets and consumers’ needs and preferences. It’s an important component of business strategy and a major factor in maintaining competitiveness.

If a business wants to know – really know – what sort of products or services consumers want to buy, along with where, when, and how those products and services should be marketed, it just makes sense to ask the prospective audience. 

Without the certainty that market research brings, a business is basically hoping for the best. And while we salute their optimism, that’s not exactly a reliable strategy for success.

What are the types of market research?

Primary research .

Primary research is a type of market research you either conduct yourself or hire someone to do on your behalf.

A classic example of primary research involves going directly to a source – typically customers or prospective customers in your target market – to ask questions and gather information about a product or service. Interviewing methods include in-person, online surveys, phone calls, and focus groups.

The big advantage of primary research is that it’s directly focused on your objectives, so the outcome will be conclusive, detailed insights – particularly into customer views – making it the gold standard.

The disadvantages are it can be time-consuming and potentially costly, plus there’s a risk of survey bias creeping in, in the sense that research samples may not be representative of the wider group.

Secondary research 

Primary market research means you collect the data your business needs, whereas the types of market research known as secondary market research use information that’s already been gathered for other purposes but can still be valuable. Examples include published market studies, white papers, analyst reports, customer emails, and customer surveys/feedback.

For many small businesses with limited budgets, secondary market research is their first choice because it’s easier to acquire and far more affordable than primary research.

Secondary research can still answer specific business questions, but with limitations. The data collected from that audience may not match your targeted audience exactly, resulting in skewed outcomes. 

A big benefit of secondary market research is helping lay the groundwork and get you ready to carry out primary market research by making sure you’re focused on what matters most.

Qualitative research

Qualitative research is one of the two fundamental types of market research. Qualitative research is about people and their opinions. Typically conducted by asking questions either one-on-one or in groups, qualitative research can help you define problems and learn about customers’ opinions, values, and beliefs.

Classic examples of qualitative research are long-answer questions like “Why do you think this product is better than competitive products? Why do you think it’s not?”, or “How would you improve this new service to make it more appealing?”

Because qualitative research generally involves smaller sample sizes than its close cousin quantitative research, it gives you an anecdotal overview of your subject, rather than highly detailed information that can help predict future performance.

Qualitative research is particularly useful if you’re developing a new product, service, website or ad campaign and want to get some feedback before you commit a large budget to it.

Quantitative research

If qualitative research is all about opinions, quantitative research is all about numbers, using math to uncover insights about your audience. 

Typical quantitative research questions are things like, “What’s the market size for this product?” or “How long are visitors staying on this website?”. Clearly the answers to both will be numerical.

Quantitative research usually involves questionnaires. Respondents are asked to complete the survey, which marketers use to understand consumer needs, and create strategies and marketing plans.

Importantly, because quantitative research is math-based, it’s statistically valid, which means you’re in a good position to use it to predict the future direction of your business.

Consumer research 

As its name implies, consumer research gathers information about consumers’ lifestyles, behaviors, needs and preferences, usually in relation to a particular product or service. It can include both quantitative and qualitative studies.

Examples of consumer research in action include finding ways to improve consumer perception of a product, or creating buyer personas and market segments, which help you successfully market your product to different types of customers.

Understanding consumer trends , driven by consumer research, helps businesses understand customer psychology and create detailed purchasing behavior profiles. The result helps brands improve their products and services by making them more customer-centric, increasing customer satisfaction, and boosting bottom line in the process.

Product research 

Product research gives a new product (or indeed service, we don’t judge) its best chance of success, or helps an existing product improve or increase market share.

It’s common sense: by finding out what consumers want and adjusting your offering accordingly, you gain a competitive edge. It can be the difference between a product being a roaring success or an abject failure.

Examples of product research include finding ways to develop goods with a higher value, or identifying exactly where innovation effort should be focused. 

Product research goes hand-in-hand with other strands of market research, helping you make informed decisions about what consumers want, and what you can offer them.

Brand research  

Brand research is the process of gathering feedback from your current, prospective, and even past customers to understand how your brand is perceived by the market.

It covers things like brand awareness, brand perceptions, customer advocacy, advertising effectiveness, purchase channels, audience profiling, and whether or not the brand is a top consideration for consumers.

The result helps take the guesswork out of your messaging and brand strategy. Like all types of market research, it gives marketing leaders the data they need to make better choices based on fact rather than opinion or intuition.

Market research methods 

So far we’ve reviewed various different types of market research, now let’s look at market research methods, in other words the practical ways you can uncover those all-important insights.

Consumer research platform 

A consumer research platform like GWI is a smart way to find on-demand market research insights in seconds.

In a world of fluid markets and changing attitudes, a detailed understanding of your consumers, developed using the right research platform, enables you to stop guessing and start knowing.

As well as providing certainty, consumer research platforms massively accelerate speed to insight. Got a question? Just jump on your consumer research platform and find the answer – job done.

The ability to mine data for answers like this is empowering – suddenly you’re in the driving seat with a world of possibilities ahead of you. Compared to the most obvious alternative – commissioning third party research that could take weeks to arrive – the right consumer research platform is basically a magic wand.

Admittedly we’re biased, but GWI delivers all this and more. Take our platform for a quick spin and see for yourself.

And the downside of using a consumer research platform? Well, no data set, however fresh or thorough, can answer every question. If you need really niche insights then your best bet is custom market research , where you can ask any question you like, tailored to your exact needs.

Face-to-face interviews 

Despite the rise in popularity of online surveys , face-to-face survey interviewing – using mobile devices or even the classic paper survey – is still a popular data collection method.

In terms of advantages, face-to-face interviews help with accurate screening, in the sense the interviewee can’t easily give misleading answers about, say, their age. The interviewer can also make a note of emotions and non-verbal cues. 

On the other hand, face-to-face interviews can be costly, while the quality of data you get back often depends on the ability of the interviewer. Also, the size of the sample is limited to the size of your interviewing staff, the area in which the interviews are conducted, and the number of qualified respondents within that area.

Social listening 

Social listening is a powerful solution for brands who want to keep an ear to the ground, gathering unfiltered thoughts and opinions from consumers who are posting on social media. 

Many social listening tools store data for up to a couple of years, great for trend analysis that needs to compare current and past conversations.

Social listening isn’t limited to text. Images, videos, and emojis often help us better understand what consumers are thinking, saying, and doing better than more traditional research methods. 

Perhaps the biggest downside is there are no guarantees with social listening, and you never know what you will (or won’t) find. It can also be tricky to gauge sentiment accurately if the language used is open to misinterpretation, for example if a social media user describes something as “sick”.

There’s also a potential problem around what people say vs. what they actually do. Tweeting about the gym is a good deal easier than actually going. The wider problem – and this may shock you – is that not every single thing people write on social media is necessarily true, which means social listening can easily deliver unreliable results.

Public domain data 

Public domain data comes from think tanks and government statistics or research centers like the UK’s National Office for Statistics or the United States Census Bureau and the National Institute of Statistical Sciences. Other sources are things like research journals, news media, and academic material.

Its advantages for market research are it’s cheap (or even free), quick to access, and easily available. Public domain datasets can be huge, so potentially very rich.

On the flip side, the data can be out of date, it certainly isn’t exclusive to you, and the collection methodology can leave much to be desired. But used carefully, public domain data can be a useful source of secondary market research.

Telephone interviews 

You know the drill – you get a call from a researcher who asks you questions about a particular topic and wants to hear your opinions. Some even pay or offer other rewards for your time.

Telephone surveys are great for reaching niche groups of consumers within a specific geographic area or connected to a particular brand, or who aren’t very active in online channels. They’re not well-suited for gathering data from broad population groups, simply because of the time and labor involved.

How to use market research 

Data isn’t an end in itself; instead it’s a springboard to make other stuff happen. So once you’ve drawn conclusions from your research, it’s time to think of what you’ll actually do based on your findings.

While it’s impossible for us to give a definitive list (every use case is different), here are some suggestions to get you started.

Leverage it . Think about ways to expand the use – and value – of research data and insights, for example by using research to support business goals and functions, like sales, market share or product design.

Integrate it . Expand the value of your research data by integrating it with other data sources, internal and external. Integrating data like this can broaden your perspective and help you draw deeper insights for more confident decision-making.

Justify it . Enlist colleagues from areas that’ll benefit from the insights that research provides – that could be product management, product development, customer service, marketing, sales or many others – and build a business case for using research.

How to choose the right type of market research 

Broadly speaking, choosing the right research method depends on knowing the type of data you need to collect. To dig into ideas and opinions, choose qualitative; to do some testing, it’s quantitative you want.

There are also a bunch of practical considerations, not least cost. If a particular approach sounds great but costs the earth then clearly it’s not ideal for any brand on a budget.

Then there’s how you intend to use the actual research, your level of expertise with research data, whether you need access to historical data or just a snapshot of today, and so on.

The point is, different methods suit different situations. When choosing, you’ll want to consider what you want to achieve, what data you’ll need, the pros and cons of each method, the costs of conducting the research, and the cost of analyzing the results. 

Market research examples

Independent agency Bright/Shift used GWI consumer insights to shape a high-impact go-to-market strategy for their sustainable furniture client, generating £41K in revenue in the first month. Here’s how they made the magic happen .

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GameStop Surges After Fetching $933 Million From Stock Sale

FILE PHOTO: A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2022. REUTERS/Brendan McDermid/File Photo

(Reuters) - GameStop made nearly $933.4 million by selling 45 million shares, the struggling videogame retailer said on Friday, sending its shares up more than 12% after the bell.

The company largely relies on brick-and-mortar stores and has been grappling with customers turning to e-commerce firms for buying video games and collectibles.

It had disclosed its share sale plan earlier this month amid a retail buying frenzy sparked by the return on social media of "Roaring Kitty" Keith Gill, whose bullish calls on the company spurred the 2021 meme stock rally.

The deal was structured as an "at-the-market" offering, in which shares are sold at the prevailing market price instead of a pre-determined one.

The rally in the shares of GameStop, which has become a poster child of the retail mania, began after Gill shared a meme and several video clips from movies.

The stock more than quadrupled from the end of April through May 14, and then gave back about 60% of that gain, as of Friday's close.

GameStop did not disclose the price at which it sold the shares, but based on Reuters calculations, they were sold at an average price of $20.74 each. Its shares were currently trading at $21.93.

The company said it will use the proceeds from the sale for general corporate purposes, which may include acquisitions and investments.

GameStop last week said it expects its first-quarter net sales to drop to between $872 million and $892 million, compared with $1.24 billion a year earlier.

Theater chain AMC, another retail darling, had also completed a $250 million "at-the-market" share sale program last week.

(Reporting by Jaspreet Singh and Niket Nishant in Bengaluru; Editing by Arun Koyyur)

Copyright 2024 Thomson Reuters .

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