Global Gaming Industry: Growth, Trends And Forecast 2020-2025
- May 04, 2020-
The global gaming industry is expected to register a CAGR of 12% during the forecast period 2020-2025.
The virtual reality will become a major cornerstone piece of the gaming industry, even though people have been talking about it for years now. According to the research and market, players will spend USD 4.5 billion on immersive gaming. It is 20 times more enjoyable and conveninet than traditional alternatives. Two of leaders in the gaming industry, like BigScreenVR and AltspaceVR, which accerlating a virtual future perhaps faster than many expect market.
Key Market Trends
Console play an important role in Significant Growth
The most recent trend is the growing availability and popularity of multi-functional gaming console, which is emerging in the market and helping in growing the market of video games globally.
A video game console is an interactive entertianment computer or modified computer system that produces a video display signal which can be used with a display device to display a video game.
Video Gaming in China is a massive industry and pastime that includes the production, sale, import and export, and playing of video games. China is the largest, highest grossing and the most profitable video game market in the world since 2015.
Due to ado[ation of esports,the increase of video game through console is increasing and will accumulate more growth in the future.
Asia-Pacific Holds the Largest Market Share
Asia-Pacific hold the largest market share, where Southeast Asian holds the largest revenue. The online population in Southeast Asia (SEA) is rapidly rising, mostly due to an increase in mobile-device use and almost two thirds of the gaming population in Greater Southeast Asia are engaged in esports. Owing to this, the region is also the fastest-growing games market in the world.
While companies from all over the world are vying for a piece of the SEA gaming pie, the region's top publisher is local player Sea Group (formerly known as Garena). The company is best-known for publishing Tencent's titles in SEA.
Moreover, South Korea-based Gravity, a subsidiary of GungHo, has doubled down on SEA, investing heavily to promote its portfolio in the region, particularly the Ragnarok franchise.
Also various new platforms are being generated to enhance the Aisa-Pacific growth. For instance,in Sep 2019, industry-leading casino content developer Betsoft Gaming announced that they will roll out a suite of highly innovative slot games specifically designed for the Asian market.
Asia-Pacific is soon becoming the hub for many pilot projects of gaming companies. For instance, in March 2019, Tencent launched a website for the cloud gaming platform called Start and invited people in Shanghai and Guangdong, China to sign up for the test.
Japan has been setting trends in gaming since the advent of the industry. It developed the consoles that shifted video games into the mainstream and pioneered a number of foundational genres, franchises, and studios. Esports and MMO games are the obvious future of the video game industry, and Japan is starting to change the way it approaches both to maintain its position as a gaming heavyweight.
The gaming market is fragmented as the demand for online games and increasing penetration of mobile applications across the US, the UK, Italy, and China & SAR region will help attract new players in this market over the next few years. Key players are Sony Corporation, Microsoft, Nintendo, etc.