Global Digital Gaming Market is Forecasted to Grow at a CAGR of 15.7%
According to a new report released by Research on Global Markets, the global digital gaming market is projected to expand at a CAGR of 15.7% and is expected to be worth USD 264.9 Bn by 2023. The mobile gaming segment has generated USD 45.2 Bn in 2017, followed by console and PC games.
According to the report, the increasing penetration of smartphones and tablets, improvement in technology and ease to internet connectivity have given a considerable push to the gaming market globally. The global digital gaming market is boosted by the increasing prominence of cross-platform games and 3D games.
Gaming companies are increasingly choosing digital distribution channels over physical distribution channels, as digital distribution has eased the process of downloading and purchase of digital content for different gaming platforms. The popularity of e-sports, especially in the Asia-Pacific region has encouraged gaming companies to make significant investments in the e-sports segment, since the e-sports market revenue increased by more than four times between 2013 and 2016, and could almost triple by 2021.
Check out the Research on Global Markets report featured in this article:
The major gaming platforms are PC, mobile, and console. The mobile gaming segment is expected to expand at a CAGR of 23.1% and generate global revenue of USD 165.3 Bn by 2023. The growth in mobile gaming can be attributed to the ease in use of mobile phones and the affordability of the feature-rich smartphones coupled with a reasonably good internet connection in most of the regions across the globe. Geographically, North America is expected to expand at a CAGR of 14.6% during the 2018-2023 period. The Asia-Pacific region is anticipated to secure the highest CAGR of 17.5% during the forecast period of 2018-2023. The EMEA region is expected to occupy a market share of 22.0% by 2023.
The investment crunch acts as a major challenge to the mobile gaming industry as lack of funds translated to limited access to good quality infrastructure and talent. It is important to gain and maintain a loyal user base to ensure that the sales do not dip. The biggest problem faced by the gaming industry on a whole is the need to create new content regularly in order to keep the current audience interested and engaged. Industry experts are of the opinion that almost all gaming genres and opportunities have been explored.
The key highlight of the report:
- Trends in the global digital gaming market
- Market attractiveness analysis, and geography-wise market revenue (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
- Qualitative analysis of the global drivers and challenges affecting the market and its segments
- Porter’s five forces analysis
- Value chain analysis
- Segmentation of the Global digital gaming market based on platform (PC, mobile, and console) - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key market observations, and market drivers and challenges
- Competitive landscape and company profiles
- Detailed analysis of the key developments and major innovations in the market