The North America Video Game Market would witness market growth of 10.9% CAGR during the forecast period (2022-2028).
The esports sector is booming as a result of factors such as increased audience reach and engagement, increased live streaming of video games, massive investments, and expanding infrastructure for large competitions. Influencers, gamers, game developers, and event organizers now have more chances because of the growing professionalism of the esports business. Furthermore, due to the growing popularity of gaming competitions, streaming earnings, massive global prizes, and one-to-one sponsorships, millennials have begun to pursue esports as a professional career. Additionally, colleges and universities are developing a dedicated esports curriculum to support and train talented professionals.
Several well-known universities have started offering esports degree programs, including Becker College in Massachusetts, Shenandoah University in Virginia, and Ohio State University. In addition, many high schools in the United States have begun to offer esports programs alongside traditional sports like soccer. Some academic schools offer scholarships to esports athletes for advancement in addition to sports programs. The University of California Irvine, for example, provides scholarships to the top six esports players.
The pandemic's impact has spurred sales, with consumers spending 31 percent more on video games and premium services. Revenue from mobile gaming will increase to $77.2 billion by 2020 by 13.3%. Eighty percent of gaming companies in the United States are aiming to increase their sales internationally. The release of next-generation consoles would be a boost to the industry in terms of both hardware and software. By 2024, eSports is expected to be worth more than $2.5 billion.
Through Trade Experts at 100 U.S. Export Helps Relieve and over 80 U.S. Consulates and Embassies, the International Trade Administration's Global Media & Entertainment (M&E) Team: The Video Game Sector aids American gaming companies with export, license, and expansion initiatives. A minimum of one gamer lives in 75% of US homes, making the video gaming industry worth $159.3 billion in 2020, with 2.7 billion gamers.
The US market dominated the North America Video Game Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $66,751 million by 2028. The Canada market is estimated to grow at a CAGR of 13.5% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 12.5% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Video Game Market is Estimated 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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