DUBLIN--(BUSINESS WIRE)--The "North America Digital Gaming Market (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
The North America Digital Gaming market is expected to grow at a CAGR of 11.40% leading to a revenue of USD 42.79 Bn by 2023.
North America is forecasted to be one of the most prominent Digital Gaming markets in the world. Digital games has always been a popular means of entertainment for the people of the region. Even though mobile gaming is becoming very popular with the masses, console games have always held the majority of the shares of the Digital Gaming market in North America.
North America presents a very strong market with preferences for all gaming platforms- PC, mobile, and console. Most of the revenues of digital games in 2017 came from console gaming, followed by mobile and PC gaming. Mobile gaming is also gaining traction in the region as some major companies from the region like Take Two Interactive, Activision Blizzard, etc., who were previously only into PC/Online games, are entering into the mobile gaming segment.
Overall the total consumer spend on video gaming has increased rapidly in the last few years at 16.48% CAGR (2014-16) in the USA, and in Canada, digital gaming is increasingly becoming a key contributor to the country's GDP.
By platforms, the market is segmented into PC games, mobile games, and console games. Among these segments, console games is the fastest growing segment, as well as the biggest revenue generator.
By countries, the market is divided into USA and Canada. USA is the highest revenue-generating country among the two.
Key growth factors
- The rise in affordability of the people of the region, where the growth in real median income of U.S. households, based on average age of family members, has increased from 3.2% to 4.3% in the 15-24 years category and from 2.9% to 5.6% in the 25-34 years category in 2014-2015, is further boosting the strong economic backbone of the economy. This is expected to result in higher expenditure on digital games in the coming years and thereby increase adoption of digital gaming.
- Also, the internet penetration in the region has reached 88% and the average time spent across digital media by an adult has increased from 2.7 hours/ day to 5.6 hours/ day (2008-2015). Therefore, these factors are driving the Digital Gaming market in the region.
Threats and key players:
- Given the factor that North America region is already a saturated market for digital games, the scope of further growth of the market is quite low. With an already high smartphone penetration in Canada (70%) and the USA (69%) (Ranked 6th and 7th in the world, respectively), the scope for massive development of the mobile gaming segment is low.
- Also, the working hours in the region are not very favorable for the growth of the market. In the U.S., 85.8% of males and 66.5% of females work more than 40 hours per week. The high working hours for the US youth may lead to a reduction in time spent on gaming.
- The key players in the North America Digital Gaming market are Activision Blizzard, Electronic Arts, Take Two Interactive, Zynga, Microsoft Corporation. etc.
Companies Mentioned
- Activision Blizzard
- Electronic Arts
- Take Two Interactive
- Zynga
- Microsoft Corporation
- Ubisoft
- Nintendo
- Sony
- BioWare
- Valve Corporation
For more information about this report visit https://www.researchandmarkets.com/research/sz7xrm/north_america?w=4
