Games - Vietnam | Statista Market Forecast

Games - Vietnam

Vietnam

Highlights

In Vietnam, revenue in the Games market is projected to reach US$1.48bn in 2024.
Revenue in this sector is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 10.30%, leading to a projected market volume of US$2.42bn by 2029.
In a global context, the majority of revenue will be generated United States, which is expected to reach US$128.10bn in 2024.
Within Vietnam's Games market, the number of users is anticipated to amount to 11.9m users by 2029.
User penetration in Vietnam will be 10.1% in 2024 and is projected to increase to 11.6% by 2029.
The average revenue per user (ARPU) in Vietnam is expected to reach US$754.90.
Vietnam's burgeoning gaming industry is increasingly attracting foreign investment, driven by a youthful population and rising demand for innovative gaming experiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Vietnam has emerged as a key player in the Games market, with its rapidly growing population and increasing disposable income driving the demand for gaming products and services.

Customer preferences: Vietnamese consumers are increasingly turning to gaming as a form of entertainment, with a growing preference for mobile gaming. The convenience and accessibility of mobile devices have made gaming more accessible to a wider audience, leading to a surge in mobile game downloads and in-app purchases. Additionally, multiplayer online games are gaining popularity, allowing players to connect and compete with others from around the world.

Trends in the market: One of the key trends in the Vietnamese Games market is the rise of esports. Esports tournaments and events are attracting a large number of participants and spectators, with professional gaming teams and players gaining recognition and sponsorship deals. This trend is fueled by the growing interest in competitive gaming and the increasing availability of high-speed internet connections. As a result, gaming cafes and esports arenas are popping up across the country, providing dedicated spaces for gamers to gather and compete. Another trend in the market is the increasing focus on localization. Game developers are recognizing the importance of adapting their content to the local culture and preferences of Vietnamese gamers. This includes translating game texts and interfaces into Vietnamese, incorporating local themes and characters, and offering localized customer support. By catering to the specific needs of the Vietnamese market, game developers can better engage with players and increase their chances of success.

Local special circumstances: Vietnam has a young population, with a large percentage of the population under the age of 30. This demographic is more likely to be tech-savvy and interested in gaming, contributing to the growth of the Games market. Additionally, the Vietnamese government has been supportive of the gaming industry, providing incentives for game developers and esports organizations. This has helped create a favorable environment for the growth of the market.

Underlying macroeconomic factors: The Vietnamese economy has been experiencing steady growth, with rising incomes and improving living standards. This has resulted in increased discretionary spending, with consumers allocating more of their budget towards entertainment and leisure activities, including gaming. Furthermore, the improving infrastructure and internet connectivity in Vietnam have made it easier for gamers to access online gaming platforms and connect with other players globally. In conclusion, the Games market in Vietnam is experiencing significant growth due to the increasing customer preferences for mobile gaming and esports, as well as the localization efforts by game developers. The young population, government support, and favorable macroeconomic conditions are further driving the growth of the market. As Vietnam continues to develop and modernize, the Games market is expected to continue its upward trajectory, presenting opportunities for both local and international game developers.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Games market, which is divided into Physically Sold Video Games and Digital Video Games. Physically Sold Video Games comprises revenues associated with in-person purchases of video games in retail stores. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.