The Latin America, Middle East and Africa Video Game Market would witness market growth of 13.6% CAGR during the forecast period (2022-2028).
The advances in technology and continuing development in both hardware and software to improve the real-time rendering of visuals are likely to spur market growth. The proliferation of smartphones, the increasing rate of internet access, and the easy availability of online games are all likely to contribute to the market's growth.
Individuals' increased desire for online gaming is fueling the adoption of massively multiplayer online (MMO), free-to-play (F2P), and multiplayer games, which is expected to continue over the forecast period. As a result, game creators are concentrating on device compatibility and efficiency. Simultaneously, shifting consumer preferences and rising levels of disposable wealth around the world are propelling widespread adoption of powerful gaming consoles with sophisticated functions like record & share and cross-platform games.
The rising popularity of esports in this region is contributing to its popularity, which would boost the regional esports industry over the projection period. Furthermore, one of the important factors responsible for the growth of the regional esports market is the increased demand for various gaming gadgets like smartphones, laptops, and gaming consoles.
Activision, in collaboration with the Saudi Telecom Company, launched dedicated Call of Duty servers in Riyadh and Jeddah. Furthermore, Riot Games, the creators of League of Legends, followed suit in October 2020 with Middle Eastern servers for the game Valorant. Dubai aims to develop a specialized E-sports stadium as part of this expansion, while the International Esports Federation (IESF) inked an MoU with the Motivate Media Group of the UAE as part of their efforts to expand E-sports in the Middle East.
Smartphone gaming has become more popular in recent years. In the United Arab Emirates, gamers spend 20 to 40 minutes per day playing video games. The increasing demand for mobile games is closely related to technological breakthroughs such as augmented reality, virtual reality, cloud gaming, and 5G.
The Brazil market dominated the LAMEA Video Game Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7,209.9 million by 2028. The Argentina market is experiencing a CAGR of 14.2% during (2022 - 2028). Additionally, The UAE market would exhibit a CAGR of 13.3% during (2022 - 2028).
Based on Type, the market is segmented into Offline and Online. Based on Device, the market is segmented into Mobile, Console, and Computer. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Video Game Market is Predict to reach $413 Billion by 2028, at a CAGR of 11.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Electronic Arts, Inc., Nintendo Co., Ltd., Rovio Entertainment Corporation, Microsoft Corporation, Lucid Games Ltd., Tencent Holdings Ltd., Activision Blizzard, Inc., Sony Corporation, Apple, Inc., and The Walt Disney Company.
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