Video game Market to Garner Brimming Revenues by 2028
Posted by sareena shaikh on April 28th, 2021
The Global Video game is an electronic game which involves interaction between the user interface and the virtual interface with the help of a computing device such as a computer, console or mobile phone. Depending upon the platform, video games could be further classified into PC games or Console games. But in recent years, due to the proliferation of smartphones, tablets and hand-held devices, a new category of mobile games has emerged. Video game market is the only field in the entertainment industry which could rival the film industry in terms of revenue. In 2015, video games industry alone generated almost USD 74 billion worldwide and seems to be growing in coming years.
Technological advancements and development in communication technology have led to the growing popularity of video games worldwide. Emergence of smartphones and tablets have opened new doors for the gaming industry and have led the big tech companies such as Facebook, Microsoft and others to turn their heads towards video games segment. Due to the widespread of technology, the gaming population as compared to the early gaming population, has increased exponentially. Internet has made possible for the consumers to download the games from anywhere in the world and within less time as compared to buying from the retail stores. This has led to the explosion of mobile and downloadable gaming market in recent years. Also, e-sport (video games competition) has become a popular activity among the youths of countries like China, USA, Canada, Germany, UK, Japan and others, which has driven the growth video games market.
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Few factors like exclusivity can hurt the growth of video game market. For instance, gaming consoles such as Xbox and Sony Play Station have few games that are exclusively developed for them and cannot run on cross-platforms. This may establish an initial market share for the respective console companies first, but after a certain point, it won’t affect the software supply chain.
Game-as-a-service (GaaS) is emerging as a new business model in gaming industry which includes digital add-ons such as downloadable content, consumables, virtual currencies, season passes and other digital items. This business model results in high engagement rate, longer selling lifecycle and increased spending on digital content as compared to the traditional games. Traditional retailers, who sell the physical copies of the games could also benefit from GaaS by selling the premium-priced versions of games which include, downloadable content and other digital items.
Video game live streaming platforms which include broadcasting of e-sport competitions, real-life video streams and other gaming content are seemingly gaining viewership day by day. For instance, Twitch, a subsidiary of Amazon Inc., is a video game streaming platform has almost 2 million broadcasters monthly and nearly 15 million active users daily.
In terms of device, the video game market can be segmented as:
• Console
• PC
• Boxed/downloaded PC games
• Browser PC games
• Mobile
• Smartphones
• Tablets
In terms of application, video game market can be segmented as:
• Software
• Digital & online
• Boxed software
• Mobile games
• Pre-owned
• Hardware
• PC game hardware
• Console hardware
• Peripherals and accessories
• VR Hardware
• Game Culture
• Toys & Merchandising
• Movies & soundtracks
• Books and magazines
• Events & venues
In terms of region, video game market can be segmented as:
• Asia-Pacific
• USA
• Europe
• UK
• Germany
• France
• Other European countries
• Latin America
• South Africa
• UAE
• Nigeria
• Other Middle-East and African countries
Some of the key players on the video game industry are:
• Sony Play Station (Sony Corporation)
• Microsoft Xbox
• Rockstar Games, Inc.
• Electronic Arts, Inc.
• Nintendo Co. Ltd.
• Razer Inc.
• Facebook Inc.
• Rovio Entertainment Corporation
• Supercell Oy
• Sierra Entertainment, Inc
In March 2018, Epic Games announced that Fortnite Battle Royale, which is claimed to be the most-played video game on internet, would launch a mobile version for iOS and Android devices. Fortnite Battle Royale, which was launched by Epic Games as a free-to-play game with in-app purchases on PC, Playstation 4, Xbox One and Mac gained popularity among the youth and has millions of players worldwide. The company claimed the earnings to be nearly around USD 25 million in their first month of mobile version launch and becoming the most successful application on iOS devices.
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