The gaming industry is largely dependent on internet connectivity and with internet penetration getting deeper and connections faster across the globe. This industry is set to record tremendous revenue growth. It is estimated that the global gaming community will grow at an estimated compound annual growth rate (CAGR) of nearly 6.4% from 2014-2020. With technological advancements and intense penetration of internet especially data usage on the mobile phones across the globe, gaming industry is set to record huge revenues.
The major factors driving the market are expanding customer base with increasing number of smartphone users and easy availability of internet. However a few restraints such as excessive violent features in games, health troubles faced by compulsive gamers and social and psychological consequences of excessive gaming may hamper the growth of the market, although the companies have developed games catering to masses and have products for customers under all age groups. Premium models of gaming have also acted as a key motivator for the market.
Global Mobile Gaming Market in $ Billion (2013-2020)
The global gaming market is expected to reach nearly $ 130 Billion by 2020 and major factors contributing to the growth are expansion of target market, ubiquity of mobile phones and internet and products designed and developed to meet customer expectation. There are educational games for children, while games designed with cute characters especially for female players, health games and easy to play games for elderly and specially designed games characterizing male dominance to cater to the male gaming population.
Gaming market is highly competitive and in order to sustain well in the industry, developers need to understand the factors affecting the buying decision of the gamers. Gamers today have exposure to various gaming options to choose within, including device platforms, genre, and so on. Thus, the market witnesses a stiff competition in terms of price, graphics, and animation. The gaming industry is shifting from class to mass. The key market players are adopting mergers and acquisitions to expand their product portfolio and focus on innovations. Also Asia Pacific has become the core target for gaming industry as developing nations have a huge customer base and are expected to contribute significantly to the gaming market revenue. Though the US and Europe were considered to be the biggest gaming market, Asia Pacific is expected to be the biggest market by 2020 followed by North America and Europe.
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Global Gaming Market Software, Hardware, Smart Phones, Computers, Animation)-Analysis, competitive landscape, Strategy, Overview, Size, regional analysis, Share, Global Trends, Opportunities, Segmentation and Forecast 2014-2020
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