LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global gaming market to grow at a CAGR close to 7% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate as the year-over-year growth is projected to decrease.
The entry of entertainment franchises is one of the major trends being witnessed in the global gaming market 2018-2022. With the increase in smartphone penetration, many gaming companies are taking up the opportunity to reach out to gamers on their mobile screens. Currently, several vendors are coming out with games and apps related to famous characters and IPs. For instance, 2017 witnessed the release of mobile games for Star Wars and Stranger Things. Thus, with such initiations and advances, the gaming industry is expected to showcase a positive outlook over the forecast period.
According to Technavio analysts, one of the key factors contributing to the growth of the global gaming market is the growing adoption of AR/VR gaming:
Global Gaming Market: Growing Adoption of AR/VR Gaming
The adoption of VR and AR devices such as smart glasses, head-mounted devices (HMDs), and VR Cardboard is likely to increase over the forecast period because of the rising awareness of VR gaming. These developments will enhance consumer interest in the industry, allowing a positive outlook for the gaming market.
According to a senior analyst at Technavio for research on interactive home entertainment, “Apart from the growing adoption of AR/VR gaming, the emergence of free-to-play gaming for consoles platform and use of blockchain technology some other factors that are expected to boost market growth during the forecast period.”
Global Gaming Market: Segmentation Analysis
The global gaming market research report provides market segmentation by device (console gaming, mobile gaming, and PC gaming), type (casual gaming and professional gaming) and platform (online gaming and offline gaming) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting for close to 40% share, followed by the Americas and EMEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance and register the highest incremental growth due to the region being a hub for gaming.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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