NEW YORK--(BUSINESS WIRE)--Netscribes, Inc., a global market intelligence firm, released its Global Digital Gaming Market report today. According to Netscribes, the global digital gaming market will grow at an overall compound annual growth rate (CAGR) of 18.98 percent and will be worth USD 274.24 billion by 2022.
A worldwide increase in demand for digital games can be attributed to an improved global economy, higher disposable income, proliferation of internet and smartphones, and rise in gamers across the world. However, political unrest, challenging economic conditions, government restrictions, slow internet speeds and low smartphone penetration are some of the major barriers to the growth of the digital gaming market.
Despite these challenges, there is optimism regarding growth in the global digital games market. The industry is booming with some established players like Activision Blizzard, Electronic Arts and Ubisoft earning huge revenues and profits through their games. Some of them are also focusing on mobile games for further expansion into the largest segment of global digital games market. Game-developing startups are also trying to enter this high revenue market. These new entrants will further contribute to the development of the digital games market.
- Mobile gaming is the largest segment, occupying the highest share of the overall digital gaming market. It is followed by PC gaming and then by console gaming. The overall market trend indicates a shift towards more digital purchases for games.
- For gaming companies to stay relevant and compete better, development of old games, strengthening customer relationships, expanding into mobile platforms, augmented reality and virtual reality will be crucial.
- The top five companies hold nearly half of the overall gaming console market; the top ones being Sony and Microsoft.
For more information, download the Netscribes Global Digital Gaming Market report.
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