Global Gaming Market - Growing Adoption of VR and AR Technologies to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Feb 17, 2018--Technavio’s latest market research report on the global gaming market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global gaming market from 2018-2022. (Graphic: Business Wire)
According to Technavio analysts, the global gaming market will grow at a CAGR of around 7% during the forecast period. The growing adoption of AR/VR gaming is a major factor driving the market’s growth.
VR and AR technologies are gaining acceptance worldwide. The growing availability of headsets that support the technologies and the option to integrate these technologies in smartphones are key reasons for their rising popularity.
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In this report, Technavio highlights the emergence of free-to-play gaming for console platform as one of the key emerging trends driving the global gaming market:
Emergence of free-to-play gaming for console platform
Free-to-play business model is the one wherein the game is free to play for the gamers. However, the revenue is generated using in-app purchase which is used to upgrade the games or by ads shown in the game. This revenue model is quite popular among mobile games and browser games, where-in most of the games are free-to-play.
According to a senior analyst at Technavio for gaming research , “Console gaming was the only platform where less than 2% of the games adopted the free-to-play concept. However, this trend is expected to change in the coming years with many new console games coming out with a free-to-play model. In January 2018, Tencent released its popular free-to-play multiplayer online battle arena game for Nintendo Switch.”
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Global gaming market segmentation
The global gaming market is segmented by device (console gaming, mobile gaming, and PC gaming), by type (casual gaming and professional gaming), and by platform (online gaming and offline gaming). The report also presents an analysis of the market’s growth across various geographic regions such as the Americas, APAC, and EMEA.
In 2017, APAC dominated the global gaming market, accounting for a revenue share of close to 40%. One of the major reasons for APAC’s dominance in the market is the large number of gamers in the region, especially in China, which accounted for the highest revenue share in 2017.
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INDUSTRY KEYWORD: ENTERTAINMENT ELECTRONIC GAMES TECHNOLOGY OTHER TECHNOLOGY GENERAL ENTERTAINMENT GENERAL SPORTS SPORTS
SOURCE: Technavio Research
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