The global video games market is expected to flourish owing to increasing number of consumers looking for an interactive digital gaming world as a source of entertainment. Increasing use of video games on TV and personal computers is expected to contribute to market augmentation. Growing number of free video games may drive market growth over the forecast period. Growing number of adults playing video games as a source of entertainment is further expected to fuel market expansion. Developments in user interface of smartphones, laptops, and personal computers are expected to favor market development over the next few years.
Developments in touch screen gadgets such as smartphones and tablets; easy availability of the video games on different devices such as personal computers, tablets, laptops, mobiles, and smart-phones are expected to drive the video game market. Growing number of internet or social game players may further augment the market. Decreasing internet costs coupled with easy availability of games is expected to fuel the market demand. Increasing compatibility and hardware capacity of PC, laptops, tablets, smart-phones, and iPads may further spur market development.
The video games market is segmented on the basis of devices such as tablets, personal computers, and other gaming tools. Video games consist of online games, play-station, social gaming, and console games.
Video games such as strategic, racing and pursuit, mission, mind games, social gaming, and team gaming are contributing significantly to market expansion. Social networking sites such as Facebook have been crucial in promoting video games over the internet. Increasing consumer disposable incomes and standards of living are also enhancing the video game market. Growing awareness in parents related to educative use of video games is anticipated to fuel market growth. Further, video games are increasingly proving effective in developing various qualities such as strategic planning and team building. Video games also enhance creativity in children. The price of the video game depends on the type of game a consumer is interested in, and the device for which it is used. For instance, a trial version of the video games is released for free whereas, full-version games require users to pay the price. The current trends in the video gaming market include developing strategies for increasing comparable mechanics to existing popular games to reduce risks. The pricing of the games largely depends on gameplay experience and quality content. Customers prefer to pay a premium amount to download quality games. Additionally, various strategies have been developed to make people build relationships with one another in multiplayer games. Relationships between the publisher and gamers are maintained by letting players making their own environment; and by making games globally available. Additionally, manufacturers are focusing more on a single market segment such as smartphone gamers, mobile games, console games, or pc games.
Increasing online piracy by using torrents and other software is anticipated to pose a challenge to market expansion. Further, pirated versions of popular games are increasingly made available in certain countries at a cheaper rate. Lenient anti-piracy laws in various countries may restrain market growth. Additionally, constantly changing gaming needs may pose a challenge to market development. Developers are constantly under pressure to develop newer and better versions of already existing popular games. Further, users are presented with a variety of options to choose from. Increasing number of freely available customizable games may pose a challenge to the market.
Some of the key players in the video games market are Sony Corporation, Microsoft Corporation, Apple Inc., Nintendo Co. Ltd., Zynga Inc., Activation Blizzard Inc., Electronic Arts Inc., Telltale Games Inc., Disney Entertainment, Supercell Oy, Gung Ho Online Entertainment Inc., Plain Villa Games, Tencent, King Digital Entertainment, Capybara Games, Failbetter Games, Bluepoint Games, Midway, Popcap GamesTakeTwo Interactive, Westwood Studios, DeNa Co. Ltd., NetEase Inc., Nexon Co. Ltd., Shanda Games Ltd., NCSoft, Google Inc., Chang you, Sega, Namco Bandai, Facebook Inc., Square Unix, Konami, Ubisoft Entertainment S.A., GREE International Inc., Treasure games, Relic Entertainment, SCE Japan Studio, Black Isle Studios, Origin Systems, and SNK Playmore Corporation.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.
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