The Global Market for Console and Handheld Gaming Software is Forecast to Reach US$52.2 Billion by 2024
Growing Interest of Casual Gamers in Console Gaming to
Spur Global Growth of Console and Handheld Gaming Software, According to a New
Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Console and Handheld Gaming Software market. The global market for Console and Handheld Gaming
Software is forecast to reach US$52.2 billion by 2024, driven by the growing interest of casual gamers in console
gaming as a result of OEM and developer focus on developing console hardware,
software and game titles designed to appeal to the causal gamer.
Although hardcore gamers remain the
primary and most important customer cluster for console games, the
unprecedented rise of the casual gamer is encouraging market players to take
notice of the vast untapped opportunity offered. Console game device manufacturers
and game title developers alike are eyeing the casual gamer with more than a
passing interest. Over the last decade, casual games with their flexible nature
of playability on-the-go and availability across diverse viable platforms such
as mobile phones, PCs, consoles, tablets, and smartwatches have captured the
attention of millions of players worldwide. Casual games
are defined as games designed for a mass audience, which includes gamers whose
time and/or interest are limited. Few of the reasons responsible for the
growing popularity of casual games include low cost as these games are
free-to-play; taps into the impulse gaming needs of people who just have a few
minutes to devote; hassle free game experience; ability to easily set up,
install and learn the game; requires light strategic thought; easy and simple
gameplay design that allows for easy completion of the game; designed for short
bursts of play; designed for continuous gaming allowing gamers to pick up where
they leave; feature pleasant themes that appeal to a wider demographic base;
and easy accessibility to the game, among others.
To tap into the opportunity and to
counter the explosion of casual gaming on mobile/smartphones, manufacturers and
their franchise game developers are focusing on developing console hardware,
software and game titles designed to appeal to the causal gamer. A development
in this regard is the launch of new generation of miniaturized video game
consoles in compact form factors and at low costs. Given that cost is a major
bottleneck for adoption of game consoles among casual gamers, this development
is a major step forward in helping expand the audience base for console games. Sony PlayStation 4 Slim and Microsoft Xbox One S come priced at an affordable
US$200 to US$300 and come bundled with game libraries and catalog suited for
the casual gamer. Also driving adoption of consoles by casual gamers is the
non-gaming feature innovation in consoles that include multi-functional
features and capabilities that move beyond gaming.
Other major factors driving growth in
the market include efforts of console vendors to enable cross-console and
cross-platform multiplayer game playability; development and integration of
virtual reality technology; rising interest in use of game consoles for
rehabilitation; and continuous console hardware innovation.
As stated by the new market research
report on Console and Handheld Gaming Software the United States represents the largest market
worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 7% over
the analysis period led by factors such as growing levels of digital literacy
among the large population base; digitalizing lifestyles of the growing base of
affluent middle class population and the resulting preference for digital forms
of entertainment; developing technology ecosystem and presence of gaming
powerhouses like China and South Korea.
Major players in the market include Activision
Blizzard, Inc., Activision Publishing, Inc., Arkane Studios SASU, Atlus Co.,
Ltd., Bethesda Game Studios, Capcom Co., Ltd., CD Projekt S.A., ConcernedApe,
Crystal Dynamics, Inc., Electronic Arts, Inc., Giant Sparrow, Guerrilla B.V.,
HAL Laboratory, Inc., Housemarque Oy, id Software LLC, Infinite Fall, Kojima
Productions Co., Ltd., Koei Tecmo Holdings Co., Ltd., Mercury Steam
Entertainment S.L., Microsoft Corporation, Microsoft Studios, NetherRealm
Studios, Next Level Games Inc., Nintendo Co. Ltd., Playground Games, Respawn
Entertainment, LLC, Sony Interactive Entertainment LLC, Square Enix Holdings
Co. Ltd., and Ubi Soft Entertainment S.A, among others.
The research report titled
“Console and Handheld Gaming Software: A Global Strategic
Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the USA, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (Australia, China, South Korea and Rest of Asia-Pacific), Middle
East & Africa, and Latin America (Brazil, Mexico and Rest of Latin America).
The report also provides market estimates and projections for two major product
segments such as Console Gaming Software and Handheld Gaming Software.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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