Gaming Market Identifies the Key Drivers of Growth, Demand and Challenges of the Key Industry Players
The recent report by IMARC Group, titled “Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global gaming market growth reached a value of US$ 108.2 Billion in 2018. Gaming refers to the act of playing video games through different media such as computers, consoles, arcade machines or mobile phones. It helps in improving physical and mental skills, provides relaxation, fosters positive values such as cohesion and friendship, increases self-esteem, and encourages teamwork. These benefits have not only encouraged the growth of the gaming industry but have led to the trend of gamification which encourages and motivates participants to perform daily tasks usually not connected to gaming. Technological proliferation and innovations in both software and hardware, such as voice recognition, and virtual and augmented reality gaming, have further attracted a larger consumer-base.
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Rising penetration of internet and mobile phones, particularly in the emerging regions, is majorly stimulating the growth of the global gaming market. Apart from this, manufacturers have introduced downloadable content (DLC) which can range from extensive storyline to aesthetic outfit changes. The increasing sales of wearable gaming devices on account of inflating income levels of the consumers are also providing a thrust to the market growth. Additionally, rising adoption of browser and mobile games which provide free-to-play business models, along with a shift from physical to online games are creating a positive outlook for the market. Furthermore, the educators are seeking ways to supplement classroom teaching with gaming in order to help children develop certain life skills. Looking forward, the global gaming market is anticipated to expand at a CAGR of about 9.6% during 2019-2024, reaching a value of US$ 188.5 Billion by 2024.
On the basis of device type, mobiles and tablets represent the largest segment, accounting for the majority of the total market share. Other major devices include consoles and computers.
Based on platform, the market has been bifurcated into offline and online segments. Amongst these, the offline segment currently holds the largest market share. The online segment is expected to gain traction due to growing gaming market demand for multiplayer games on popular social networking sites.
The market has also been segregated on the basis of global revenue into game purchase and advertising. Currently, game purchase accounts for the dominant share as it offers a seamless gaming experience.
On the basis of genre, adventure/role playing games represent the leading segment. Other segments include puzzles, social games, strategy and simulation.
Based on the age group, the market has been divided into adult games and children games. Adult games currently lead the market, holding the largest market share.
Region-wise, Asia Pacific enjoys the leading position, accounting for the majority of the global share. Within the region, China and Japan dominate the market on account of rising demand for entertainment. Besides Asia Pacific, other major regions include Europe, North America, Latin America, and Middle East and Africa.
The report has also analysed the competitive landscape of the market with some of the major players being Apple, Disney, Ubisoft, Sony, Nitendo, Microsoft, Sega, Facebook, Zynga and Konami.
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