Video Games Market Inclinations & Development Status Highlighted for the Forecas

Posted by Arslan on December 20th, 2018

Digital gaming is not mere fad, fueled by the groundswell of interest among millennials and the like in consumer demographic, world over. Video games with the vast array of engaging hardware and immersive user interfaces have gained wide popularity among generation Y cohorts in recent years. Video games in various parts of the world gained popularity as a commodity for leisure and entertainment, not mere passive gaming. The evolution of the video games market is underpinned by several of these trends and will continue to gain strength from similar demand dynamics in the coming years as well.  However, the demand for video games is cutting flak and the severe criticism stems from the fact that of late engagement with video games have assumed the proportion of addiction for gamers, especially in developed nations. The mounting concern of video game disorder having significant repercussions on social lives by adversely affecting their psychology and overall behavior has been a critical factor influencing the dynamics of the video games market. This can account for a lackluster growth of the market in the next few years.

Key Market Projections

1. According to the report, by the end of 2017, nearly one-third of video games sold in the world will be action & fighting games. However, towards the end of forecast period, action video games are expected to witness a sluggish growth owing to increasing concerns of violent games influencing the mindset of young generations. Sport games will also remain a top-seller in the global video games market, creating over US$ 3.8 Bn incremental opportunity between 2017 and 2022.
2. In Asia-Pacific excluding Japan (APEJ) region, a majority of video game sales are influenced by the penetrating trend of multi-player user dungeons (MUDs). Moreover, consumers in the APEJ region are growing more inclined towards interactive games available through smartphone applications. By the end of 2022, the video games market in APEJ region is expected to surpass US$ 34 Bn in value.
3. North America is anticipated to remain the largest market for video games through 2022. Prevalence of digital platforms such as gaming consoles, smartphones and portable media devices has propelled the use of video games in the US and Canada. Growing inclination of North American gamers towards advanced user interface technologies such as Virtual Reality (VR) is influencing the future strategies of video game developers.
4. Handheld gaming devices will remain the sought-after hardware for video games in the future. Procuring more than two-fifth of the global revenue share, global sales of this key video gaming hardware – handheld consoles – will bring in more close to US$ 60 Bn revenues by the end of 2022. During the forecast period, global sales of static consoles are expected to gain relatively higher traction, compared to handheld consoles.
5. On the basis of physical platforms, console games will continue to dominate the global video games market, particularly due to enhanced user engagement offered by console games. Computers, correspondingly, will also remain a great physical dais for playing video games, especially for their compatibility with multiple video game developers. The report also projects that nearly one-fourth of video game revenues procured in the global market will be accounted by the digital platform – PC (personal computers). Console games, again, will be a dominant segment in terms of digital platforms, procuring close to US$ 100 Bn revenues by 2022-end.

Over the past few years, hardware improvements has been key to the various growth trajectories of the video games market. These developments have notably been witnessed in the rapid advances in processing units used in the gaming. Coupled with advancements in computer graphic techniques, video games bring a feeling of more immersive experience for gamers. The advances have been so massive that experts opine that gaming technology is no longer a constraint but an enabler in the rapid growth of the video games market, globally.

Competitive Tracking of Video Games Market

The report takes a closer look at the key elements that form the competitive landscape. The insights include factors that may influence the prevailing intensity of competition and strategies and tactical moves that may alter the scenario in the coming years. Some of the prominent companies in the video games market are Disney Interactive Studios, Vivendi SA, Supercell Oy, Ubisoft Entertainment SA, Electronic Arts Inc., Microsoft Corporation, Sony Corporation, NVIDIA Corporation, and Nintendo Co. Ltd.

Video Games Market Report is available for Purchase @ https://www.factmr.com/checkout/124/S