The global video game market is expected to post a CAGR of over 9%
during the period 2019-2023, according to the latest market research
report by Technavio.
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Technavio has published a new market research report on the global video game market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising penetration
of smartphones and improving Internet access. Mobile gaming is the
largest segment of the global video game market and is growing
significantly compared with the other segments. The availability of
low-cost smartphones is increasing the demand for such devices in
emerging countries such as China, India, and Mexico, which is driving
the growth of the mobile gaming segment. In addition, the Internet
provides users affordable access to multiplayer games, especially casual
online games. Hence, improvements in access to the high-speed Internet
also drive the growth of the global video game market.
As per Technavio, the rising cross-platform gaming experiences will have
a positive impact on the market and contribute to its growth
significantly over the forecast period. This global
video game market research report also analyzes other
important trends and market drivers that will affect market growth over
2019-2023.
Global video game market: Cross-platform gaming
experiences
One of the key trends in the global video game market is the advent of
cross-platform gaming. Cross-platform games allow players from different
platforms or devices to play together at the same time. The improved
compatibility across multiple platforms will allow gamers to access
cloud data through different computers and smart devices. This is
expected to make a positive impact on the growth of the global video
game market. It will bolster the community building and team gaming
experience. Advances in technology and improved smart devices will also
offer an enriched gaming experience. Therefore, the trend of
cross-platform gaming is expected to create new growth opportunities for
the vendors of the global video game market during the forecast period.
“Apart from the cross-platform gaming experiences, the growing
popularity of eSports tournaments is expected to drive the growth of the
global video game market during the forecast period. eSports tournaments
are multiplayer video game competitions, which are commonly played
between professional gamers. eSports tournaments allow gamers to compete
through online platforms. Therefore, the growing popularity of eSports
and the rising number of professional gamers are estimated to increase
sales of gaming merchandise and accessories as well as video game
software and hardware,” says a senior analyst at Technavio.
Global video game market: Segmentation analysis
This market research report segments the global video game market by
platform (mobile devices, consoles, and computing devices) and
geographical regions (APAC, North America, Europe, South America, and
MEA).
The APAC region led the market in 2018, followed by North America,
Europe, South America, and MEA, respectively. During the forecast
period, the APAC region is expected to continue dominating the global
market as well as register the highest incremental growth due to the
popularity of online video games and the expansion of broadband
connectivity in the region
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Market Sizing
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- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190430005587/en/