Gamers are projected to spend $250 billion on video game products in 2023, with that figure forecast to expand at a compound annual growth rate of 10% through 2027 (per Statista). The industry hit some roadblocks over the last year as macroeconomic headwinds led to reductions in consumer spending. However, video games remain a lucrative market over the long term, thanks to consistent demand for new content and upgraded hardware.

A recent market slump could make now an excellent time to invest in this ever-expanding industry, with stocks likely to soar once economic challenges subside. While video game giants like Sony and Microsoft might seem like obvious investment choices, some lesser-known game companies could offer bigger gains as their gaming divisions develop.

Here are two under-the-radar gaming stocks you can buy and hold for the next decade.

1. Advanced Micro Devices

Advanced Micro Devices (AMD -1.00%) captured Wall Street's attention this year, with its shares up 80% since Jan. 1. The company rallied investors by expanding into the budding artificial intelligence (AI) market, gearing up to challenge Nvidia in 2024 by launching a new chip. However, long before AMD's recent pivot to AI, the company had a powerful position in video games.

The tech giant's computing components, such as central processing units (CPUs) and graphics processing units (GPUs), have been popular among PC gamers for years. Consumers use AMD's hardware to build custom gaming machines that run games at far higher settings than possible on a console. AMD's success in the space has seen its annual revenue skyrocket 264% over the last five years, with operating income up 180%.

In addition to the PC market, AMD has a promising position in consoles. The company is the exclusive supplier of chips to Sony's PlayStation 5 and Microsoft's Xbox Series X|S, which have sold more than 60 million units combined since launching in 2020. Both of these consoles are due for a mid-generation upgrade, which could offer AMD another boost to sales over the next year.

As a leading chipmaker, AMD is crucial to the future of gaming and multiple other tech markets. Its expansion into AI is pushing its chips forward, which could make it more competitive in video games over the long term. The company is on a lucrative growth trajectory, making this stock an attractive investment to buy now and hold for the long term.

2. Amazon

Amazon (AMZN -0.21%) might not be the first company that comes to mind in a discussion about gaming, but it has gradually carved out a solid role in the industry.

The tech giant acquired Twitch, the world's biggest livestreaming platform for gamers, in 2014. The service has blown up under Amazon, with revenue rising over 200% between 2018 and 2022. Twitch sales hit $2.8 billion last year while averaging 7.6 billion monthly users, far exceeding Alphabet's YouTube Gaming and Meta Platforms' Facebook Gaming.

Moreover, Amazon's dominance in e-commerce has made it one of the biggest video game retailers on the planet. Data from Statista shows Amazon was responsible for 66% of all video game purchases in the U.S. as of June 2023, outperforming Best Buy, GameStop, and Walmart. Amazon's potent e-commerce website has made it the go-to for anyone looking to buy new titles or consoles, suggesting the company has much to gain as the market develops.

Amazon's expansion into gaming hasn't stopped at livestreaming and retail -- it's trying its hand at game development through Amazon Games. The company has seen blips of success in the sector with popular titles Lost Ark and New World. However, Amazon still has a long way to go before becoming a leading game developer. But with $50 billion in cash and cash equivalents in its latest quarter (the third quarter of 2023), the company has the financial resources to continue investing in the market.

Amazon is a behemoth in the tech world, with significant market shares in e-commerce, cloud computing, AI, and even aspects of gaming. The company's shares have soared 69% year to date, as management has brought its e-commerce business back to profitability and put it on a promising growth path. With Twitch, video game retail sales, and a slowly growing development division, Amazon is an excellent under-the-radar gaming stock to consider buying this month and holding for the next decade.