Market Definition:
With the release of innovative games and applications by various video gaming industry companies, the video gaming industry is predicted to grow at a quick rate. Gaming is one of the most popular types of entertainment in the modern world, especially among teenagers and young adults.
The increasing adoption of internet services, as well as the widespread availability and accessibility of online games around the world, are likely to boost market growth prospects in the future years. Game creators are constantly improving and pushing the technological limits in terms of real-time rendering of images and which is also predicted to fuel growth.
Cloud gaming services focus on leveraging hyper-scale cloud capabilities, streaming media services, and global content delivery networks to build the next generation of social entertainment platforms. These factors have an anticipated positive impact on market growth.
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Market Outlook:
Mobile gaming has surpassed both console and PC gaming as the most popular form of gaming worldwide. The accessibility of mobile gaming is one of the key reasons for its appeal. Almost everyone owns a smartphone that includes games. The growing popularity of mobile games is due to several technology developments and enhancements, such as augmented reality, virtual reality, and cloud gaming.
Young people are increasingly turning to video games to pass time. It has been helpful in increasing market expansion.
The good news for investors in this business is that players and publishers are increasingly coming together to push gaming to new heights of financial success.
During the forecast period, the global social gaming market is expected to rise due to rising smartphone demand.
Restraints and Challenges
During the projected period, restrictions on social networking sites are expected to limit the worldwide social gaming market’s growth.
The growing number of gamers who play video games frequently, particularly children, is frequently turned into an addiction. According to studies, this has a negative impact on their education and causes social anxiety. As a result, such activities discourage parents from purchasing a gaming system for their children.
The global video game market’s income generation is being impacted by the increasing availability of low-cost and free-to-play games for mobile and laptop devices.
COVID-19 Impact
The worldwide economy continues to be impacted by the COVID-19 pandemic; nevertheless, the video game sector is predicted to develop significantly in the next months. Companies are seeing an increase in the number of users and the number of hours players spend playing online games as governments around the world have ordered home quarantining to prevent the spread of COVID-19. Furthermore, a number of gaming companies are making their online games available for free download. Moreover, people were not able to participate in outdoor activities or social gatherings. They were unable to see their friends and family. This led to a vast amount of people using Gaming as an escape, a mental coping mechanism.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The Video Game Market is segmented into Device Outlook, Gamer Type, Hardware, Digital Platform, and Region. On the basis of Device Outlook, the Video Game Market is segmented into Console, Mobile, and Computer. Based on Gamer Type, the market is bifurcated into Extreme and Casual. Based on Hardware, the market is segmented into Handheld Console Video Games, Static Console Video Games, and Video Gaming Accessories. Based on Digital Platform, the market is segmented into Online Video Games, Mobile/Tablet Video Games, Handheld Video Games, and Virtual Reality Video Games. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
Key Players
Some of the key players of Video Game Market are Microsoft Corporation (US), Nintendo Co., Ltd. (Japan), Rovio Entertainment Corporation (Finland), Sony Corporation (Japan), Apple (US), Google (US), BlueStacks (US), Mad Catz (US), Playjam (UK) and EA Sports (US).
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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