Global Digital Games Market Size of 2.24 Billion by 2022
Posted by facto on October 16th, 2019
Digital Games is one of most booming sectors in the Global Media and Entertainment Industry, comprising games played on PCs, mobiles, and consoles. In 2016, the Global Digital Games Market generated a revenue of .89 billion. According to Netscribes’ Gaming Market Research, the digital games market is expected to have a significant growth with a CAGR of 18.98% (2017-2022) leading to a global market size of 2.24 billion by 2022.
Mobile gaming has developed at a staggeringly high rate in recent times and was the largest segment in 2016, followed by console and PC games. According to the gaming industry forecasts, it will be the fastest growing segment of the market and is expected to grow at a CAGR of 25.5% through 2017-2022. The segment is gaining traction due to low entry barriers and fast proliferation activities of internet and smartphones across the globe.
PC games and console games hold significant portions of the global digital games revenues and are expected to grow at a CAGR of 11% and 14.8% respectively through 2017-2022. Though much of the free browser/online gaming industry within PC games has shifted to smartphones and tablets, the analysis shows expanded digital purchases on PCs. Both PC and console segments are to witness growth due to the adoption of Virtual Reality, eSports and increased digital purchases.
Key growth factors
The increased penetration of smartphones and internet across the world is one of the main reasons behind the growth of the video games market. That in turn contributes to an overall increase in the digital distribution of games.
Threats and key players
Despite a forecast in growth, slow internet speed and low smartphone penetration across many regions of the world hinders the growth of the digital games market. Often, challenging economic conditions, political unrest and government restrictions in certain areas restrict the growth of the digital gaming market. The recent turmoil with regard to the Eurozone and Brexit, among others, has challenged the growth of the market for digital games.
Some of the major gaming companies in the Digital Gaming Market are Activision Blizzard, Electronic Arts, Take-Two Interactive and Ubisoft.
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About the Authorfacto
Joined: October 7th, 2019
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