LONDON--(BUSINESS WIRE)--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.
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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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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