Video games are a massive market, projected to hit $385 billion this year and continue growing at a compound annual growth rate of about 8% through 2027, achieving a value of $522 billion. The industry attracts millions of customers each year, so it's not surprising that tech behemoths like Microsoft, Apple, and Sony are major players in the sector. 

However, gaming is vast, with smaller companies also a great way to invest in the high-profit industry. Advanced Micro Devices (AMD -2.30%) and ASUSTeK Computer (ASUUY 25.51%)have carved out solid positions in key aspects of gaming, making their stocks attractive buys for the long term. 

Here's more about these two under-the-radar gaming stocks that you can buy and hold for the next decade. 

1. Advanced Micro Devices 

AMD has grown into a dominating force in tech thanks to its advanced chips, supplying its hardware to large numbers of devices across the industry. In fact, the company exclusively provides the graphics and processing power through its system on a chip (SoC) to Sony's PlayStation 5 and Microsoft's Xbox. The lucrative partnerships have seen AMD nab an 83% market share in game console processors.

The massive success of these consoles also boosted the company's gaming segment. It reported revenue growth of 21% in fiscal 2022 despite macroeconomic headwinds burdening its PC gaming business.

Additionally, AMD's dominance has made the company a go-to in the swiftly growing handheld PC gaming market. More and more companies are producing handheld devices capable of running PC games and software, with AMD powering many of these machines with its chips. 

AMD started out in gaming years ago, quickly becoming a leading name in PC components. However, its expansion into the console arena has diversified its position in gaming and allowed it to collaborate with titans of the industry. 

The company's forward price-to-earnings ratio (P/E) has decreased 55% over the last year and currently sits at an attractive 18, suggesting its stock is trading at a bargain. Meanwhile, AMD's growing role as a leading chip supplier in game consoles makes it a stock you can buy now and hold indefinitely. 

2. ASUSTeK Computer 

This Taiwanese electronics company has vastly expanded its gaming efforts since the launch of its Republic of Gamers (ROG) brand in 2006. ASUSTeK ramped up production on a variety of gaming products in recent years, launching premium monitors, laptops, and tablets, all catering to players. 

The company is gearing up to launch the highly anticipated ROG Ally, an AMD-run handheld gaming PC, on May 11. The small machine joins the booming handheld sector, which blossomed since Valve released its Steam Deck in February 2022. ASUS' ROG Ally is the first major competitor to the Steam Deck from an established brand and has immense potential if it launches at a competitive price. 

Early reviews for the portable device were positive, with some indicating the ROG Ally will be twice as powerful as the Steam Deck in some games. Meanwhile, Best Buy signed on to carry the console, a positive indicator for its projected sales. For reference, Best Buy does not carry the Steam Deck.

Alongside its handheld efforts, ASUSTeK has gained a reputation for innovation with its gaming products. Its ASUS ROG Flow Z13 tablet is the first of its kind, offering top-of-the-line gaming power in a slim form factor. If the company can continue developing premium products for the long haul, its business will likely flourish over the next decade.

Since 2019, ASUSTek's revenue climbed 53% from $351 billion to $537 billion in 2022. Operating income grew 14% in the same period, hitting $13 billion last year. The company hasn't always had the easiest time over the years, but its larger focus on gaming going forward could take it far. Meanwhile, its P/E of 14 makes it a good value and a compelling investment to hold for the long term.