Exciting Technology Advancements & Increased Consumption of Gaming Across Demographics Drive the Global Video Games Market
The
global market for Video Games is projected to reach US$241 billion by 2024,
driven by advent of exciting technology trends, continuous rise in mobile phone
users, increased consumption of video games by changing demographics of modern
players, and rise in perceived educative value of video games.
Video games are essentially realism inspired simulations that revolve
around car racing, sports, business simulations, civilization development and
combat, among others. Abstract simulations make use of realistic graphics and
include adventure, space battle and fantasy games. Video games are an
interactive gaming experience realized across various platforms such as
console, PC, handheld, online, wireless, and others. Video games software
typically refers to the gaming program or gaming titles which is stored
electronically and sold on physical media storage devices or digital versions,
which can be run on home consoles, PCs and mobiles. The huge success of console
and PC based games and the revolutionizing
influence exerted by online games have played instrumental roles in driving
video games market over the years. Games of today can also allow players to
manipulate and change the environment through exclusive motion-sensor
controllers and realistic animation.
Growth in the upcoming years will be driven by steady consumer demand
for next-generation consoles integrated with advanced capabilities, demand for
digital PC games, and soaring popularity of wireless gaming apps designed to
work with smartphones and tablet PCs. Consumer penchant for new interactive
gaming software/titles will keep technology and gaming development activity
highly engaging in the coming years. Games poised to score the highest gains
will be those with powerful and entertaining graphics that call for fast paced
developments in gaming designs and content. However, while technology
developments help in the expansion of product categories at the retail level,
the trend nevertheless will shorten product lifecycles in the marketplace,
leading to rapid obsolesce. Consumers’ undying interest for newer games coupled
with seasonal fluctuations in demand will together make innovation crucial for
survival in the marketplace.
Despite challenges, consumer appetite for video games is poised to
surpass movies, and music to emerge as the preferred form of entertainment.
Reflective of the trend is the fact that sales of video games worldwide are
outshining ticket sales at the box office. Rapid proliferation of wireless
devices such as smartphones and tablet PCs, and rise in penetration of mobile
broadband Internet will also lend traction to the video gaming market in coming
years. The growth is also led by growing population, expanding base of
affluent middle class population with a high degree of technological
sophistication, strong penetration of smartphones, mobile Internet and the
ensuing popularity of wireless
games, growing preference for interactive entertainment and escalating
popularity of social games, free-to-play games and pay-to-play games.
As stated by the new market research report on Video
Games, Asia-Pacific represents the largest and the fastest growing market
worldwide with a CAGR of 13.1% over the analysis period. Asia-Pacific has
been turbo-charging global growth in recent years and will continue to do so
even in the short to medium term period, primarily due to factors such as
strong economic growth and prosperity, shift towards Western oriented
lifestyles, developments in gaming technologies, product enhancements, rising
market penetration, and falling prices, among others. Mobile Games
represents the fastest growing market segment with revenues waxing at a CAGR of
15.3% over the analysis period.
Major players in the market include Activision Blizzard,
Inc., Blizzard Entertainment, Inc., King Digital Entertainment plc, Atari SA,
BANDAI NAMCO Holdings Inc., Capcom Co., Ltd., Electronic Arts, Inc., PopCap
Games, Inc., iWin, Inc., Konami Holdings Corp., Konami Digital Entertainment
Co. Ltd., Konami Gaming Inc., Microsoft Studios, Nintendo Co. Ltd., Sega
Holdings Co., Ltd., Sony Interactive Entertainment, Square Enix Holdings Co.
Ltd., Square Enix Ltd., Take 2 Interactive Software, Inc., Tetris Holding, LLC,
and Ubisoft Entertainment SA, among others.
The research report titled “Video
Games - Market Analysis, Trends, and Forecasts ” announced by Global Industry Analysts Inc., provides a
comprehensive review of market trends, issues, drivers, mergers, acquisitions
and other strategic industry activities of major companies worldwide. The
report provides market estimates and projections for Video Games Software in
Value (US$ million) for all major geographic markets such as the US, 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 & Rest of Latin
America). Product segments analyzed in the report include Console Games, PC
Games (Digital & Boxed), Casual Web Games, and Mobile Games.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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