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The video gaming market is expected to increase at a rapid rate with the introduction of newer games and applications by different players of the video gaming industry. The video game is one of the leading forms of entertainment that provides immense gaming experience to the users. According to the US Department of Commerce International Trade Administration, the global media and entertainment market reached $ 1.9 Trillion in 2016 and jumped to $ 2 Trillion in 2017. The global video gaming industry is also expected to increase with the increasing media and entertainment industry.
Introduction of new technology features such as virtual reality and mixed reality, AI, and blockchain in the gaming applications for mobiles, PC’s, tablets, and consoles results in the development of new gaming features and applications to the users. Video games are much popular among users as most of the time, video games provide a rewarding system for every winning stage of the game as the user proceeds further.
Video game players widely use software development tools such as Unity 3D, Game Maker Studio 2, Construct 3 to design efficient and attractive application software. Different marketing strategies by video game industry players such as pop up notifications of the games, new updates, social media, and video marketing, and email marketing helps them to attract new device users to sign in and play the games as well as retail continuously to existing ones by giving gaming score rewards.
Key Market Driver -
Increasing global internet penetration using mobile, tablet and laptop devices flourishes the global video game market.
Key Market Restraint -
Increasing availability of low cost and free to play (F2P) games for mobile and laptop devices affects the revenue generation from global video game market.
Increasing internet penetration from mobile, tablets, and laptop devices support gaming culture among peoples. Hence it acts as a key driver for the global video game industry. According to the Internet And Mobile Association of India (IAMAI), in India alone, mobile internet users reach 478 Million as of June 2018. Hence video game market is expected to drive with an increasing number of internet users.
Increasing innovations in the gaming features introduced by key players are also one of the major factors propelling the growth of the market in the coming years. Gaming features such as voice recognition, downloadable content feature, and advanced computer graphics enhance the user experiences and fuel the demand for the overall video gaming industry.
Demand for console gaming is expected to increase with increasing performance standards for RAM and GPU. This helps to enhance the global video game industry.
However, increasing the availability of low-cost and free-to-play games for mobile and laptop devices is expected to restrain the global video games market in terms of revenue generation of the industry. Managing the price and quality of video games is expected to be one of the hurdles for the growth of key players in the video game market.
The global video market consists of key players such as Nvidia Corp., Valve Corp., Microsoft Corp., Nintendo Co. Ltd., Sony Computers Entertainment Inc., Mad Catz, PlayJam, BlueStacks, Sony Computers Entertainment Inc., Tencent Corp., etc.
The video game market is segmented by gamer type, by device type, by platform, by age, and by geography.
By gamer type, the market is classified into extreme and casual. Casual gaming type is expected to hold the largest share of the global market, owing to a large number of the population who are inclined towards casual games. According to the Entertainment Software Association (ESA), in America, 71% of peoples prefer to play the casual type of games.
Based on device type, the market is segmented into mobile, tablets, laptops and gaming console.
The laptop gaming category is expected to hold the largest share in terms of revenue for the global video market. According to the US Department of Commerce, International Trade Administration, gaming markets long-established with consoles and PC games will likely continue to dominate the global market.
Based on device platforms, the video market can be categories into online games and offline games. The online gaming category expected to hold the largest share of the video game market due to the increasing use of IoT and cloud computing features in the latest video games.
Based on the age group, the video game market can be categorized into the age groups between 10 to 20, 21 to 35, 36 to 50, and 51 to 65. The age group between 21 to 35 is anticipated to hold the largest share in the global market due to the maximum number of peoples prefer to play video games within this age group. According to the Entertainment Software Association (ESA), the age group between 18 to 35 holds nearly 40% of the market share of the global market.
By geography, the video game market can be segmented into areas such as North America, South America, Europe, Asia Pacific, Africa, and the Middle East.
The Asia Pacific is expected to hold the major share in the video gaming market especially in countries such as China, India, and Japan. China is expected to hold the majority of the share for the market in the Asia Pacific region due to the presence of key company players such as Tencent Corp., NetEase, Perfect World, and Shanda and others.
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Game companies in the United States such as Microsoft, Cave Digger, and many others has started adopting AR/VR technologies in their gaming applications. According to The Nielsen Company, in the United States, awareness of AR/VR specific devices has increased from 37% in 2016 to 63% in 2017 amongs peoples and gamers. Hence, North American segment is expected this market because of the increasing adoption of virtual reality and mixed reality features in the game developer companies.
By Gamer Type
By Device Type
By Platform Type
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