Strong Customer Base Propels the Global Gaming Market at 6.06% CAGR by 2027
“According to a new market research report published by Inkwood Research, “the Global Gaming Market is escalating at a CAGR of 6.06% over the estimated years of 2019-2027.”
“Browse 42 market Data Tables and 46 Figures spread over 123 Pages, along with an in-depth TOC on Global Gaming Market forecast 2019-2027.”
The global market for gaming refers to the market that provides a platform for digital games that are designed and promoted by game developers. The digital games come in the structured form of creative gameplay that is solely designed for recreational activities. The key components that form the backbone for the games are goals, interaction, challenge, and rules. A variety of genres based games are reaping revenues from the market, for instance, online games, games that are freely available, multiplayer based online games, etc. The global gaming market is primarily driven by increasing internet penetration and rise in a number of smartphone users. In addition, a strong customer base of the digital gaming coupled with free gaming application to a wide range of customers is also driving the global gaming market.
The snowballing availability of counterfeit products in the gaming industry, complexity with regards to the game localization and several forms of difficulties related to hardware compatibility are some of the challenges faced by the gaming market that limits the progress.
Penetration of Smartphones is driving the Global Gaming Market
The increasing number of smartphone users and Internet users have elevated the number of times big sized games are downloaded and played online. These growing dependency of a smartphone with Internet connectivity sufficiently propel the gamers to play them online. The easy availability of smartphone with fast support from the Internet connectivity services instigates the traditional gamer to transition from board games to the online game.
Mobile phones help the users to find easy accessibility of many platforms for social media and others which allows the gamers to play many of them online and look for newer connections that can further raise the demand for the online game. Therefore, the steady adaptation towards social media will drive the gaming industry.
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Online Gaming will Top the Revenue Chart in the Global Gaming Market
The global market for online gaming deals with virtual games that can be played over the Internet in either partial or complete manner with the help of wireless or other computer networks that remain available. They are fast permeating across the contemporary platforms for gaming, for instance, the Game Consoles, Smartphones, Personal Computers, etc. Online games can vary from the mundane text-based versions to the integration of high-quality graphical data input and the employment of virtual worlds. These games are found to enhance the interactivity among the players and can further make the experience of playing the game to a much greater degree as they have easily displaced the importance of offline game objectives.
Certain factors are triggering substantial growth in the online gaming market segment, for instance, the ever-increasing adoption of Augmented Reality (AR) in the online gaming scenario, the rapid permeation of Internet access all through the globe, etc. Some of the multiplayer online games like PUBG, Mini Militia, Fortnite, Pokémon Go, etc. have drawn the exclusive attention of the consumers, which has further driven the mobile gaming market.
The Asia Pacific Captures the Largest Market Share by Revenue for the Global Market
The Asia Pacific has been determined to be the fastest-growing region in the gaming industry for the forecasting period of 2019-2027 with over xx% of market share by 2027 in terms of revenue. Also, the humongous amounts of investments made by the gaming firms, rising penetration of the Internet, increasing adoption of smartphones throughout the region alongside the establishment of market giants, and the increasing levels of disposable income are mainly pushing the market adoption. Further, the increasing levels of per capita income within the economies of the Asian countries also propel the Asia Pacific gaming market. The Japan-based Nintendo, South Korea-based Nexon, Sony Corporation of Japan, Tencent Games from China, and others are extensively engaged in developing various gaming genres.
Major Players of the Global Gaming Market
The largely competitive market of the gaming industry is found to be hugely invested by many eminent market contenders, specifically through their R&D division for enhancing the quality of their products and broaden their product assortments. Polar Electro Inc., Giant Manufacturing Co. Ltd., Beeline Bikes, Inc. (acquired by Accell Group), Lifebeam, Cobi Bike GmbH, Smarthalo Technologies Inc., Wahoo Fitness LLC, Sena Technologies, Inc., Sigma Sport, CatEye Co. Ltd., Hammerhead, Magellan, Garmin, Vudu7, and Lezyne, are mainly investing in the Global market for gaming services.
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