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The history of video games began in the 1950s and 1960s as computer scientists began designing simple games and simulations on minicomputers and mainframes. Spacewar! was developed by MIT student hobbyists in 1962 as one of the first such games on a video display. The first consumer video game hardware was released in the early 1970s. The first home video game console is the Magnavox Odyssey, and the first arcade video games are Computer Space and Pong. After its home console conversions, numerous companies sprang up to capture Pong's success in both the arcade and the home by cloning the game, causing a series of boom and bust cycles due to oversaturation and lack of innovation. By the mid-1970s, low-cost programmable microprocessors replaced the discrete transistor–transistor logic circuitry of the early hardware, and the first ROM cartridge-based home consoles arrived, including the Atari Video Computer System (VCS). Coupled with rapid growth in the golden age of arcade video games, including Space Invaders and Pac-Man, the home console market also flourished. The 1983 video game crash in the United States was characterized by a flood of too many games, often of poor or cloned qualities, and the sector saw competition from inexpensive personal computers and new types of games being developed for them. The crash prompted Japan's video game industry to take leadership of the market, which had only suffered minor impacts from the crash. Nintendo released its Nintendo Entertainment System in the United States in 1985, helping to rebound the failing video games sector. The first major handheld video game consoles appeared in the 1990s, led by Nintendo's Game Boy platform. In the early 1990s, advancements in microprocessor technology brought two major technology shifts, including the introduction of optical media via CD-ROMs and real-time 3D polygonal graphic rendering. Both aspects were readily incorporated into personal computers and creating a market for graphics cards, including Sony's fledgling PlayStation console line, By the late 1990s, the Internet also gained widespread consumer use, and video games began incorporating online elements. Microsoft entered the console hardware market in the early 2000s with its Xbox line, fearing that Sony's PlayStation positioned as a game console and entertainment device, would displace personal computers. NOW The global video game market size was estimated at USD 195.65 billion in 2021 and is expected to reach USD 220.79 billion in 2022. WITH REVENUE FORECAST BY 2030 IS USD 583.69 BILLION