Market Trends of Gaming Industry
Console Games Gaming Type Segment Holds Significant Market Share
- Over the past few years, the demand for gaming consoles has steadily increased, driven by a growing gamer base and ongoing technological advancements and improvements. The amount of time consumers spend on gaming has increased as the number of games and the variety are diversified. Moreover, unique games and gaming content are also being created continuously.
- According to the data shared by ZarkCentral, the amount of time consumers spend on gaming is rising, with the global average being 7.11 hours per week. Gamers in European countries spent the most time gaming, with almost 7.98 hours per week. As per adjoe GmbH, gamers spent 20 minutes daily on average with the simulation gaming app. Moreover, the number of games and the variety have diversified over the years.
- In 2023, Indian gamers, as per a survey by Google and Lumikai, an Indian gaming-focused venture capital fund, devoted an average of 4.7 hours weekly to real-money gaming, marking the highest engagement. In comparison, hyper-casual games saw an average of just 2.6 hours per week.
- Currently, the hardware requirement of many games and the multipurpose use of home consoles for purposes such as browsing, providing various other applications, etc., have further enabled gaming industry growth. The release of supportive multiple provision accessories, such as 4K and 8K TVs, effectively drives the demand for home consoles. They provide a better gaming experience than other options available.
- Video game companies and consumers continue to move away from physical game disks and prefer the convenience of digital downloads. Major gaming companies, such as Microsoft, Sony, and Nintendo, offer free digital games to people who are subscribed to their online services. Multiple companies are developing new platforms and services to buy and play games.
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Asia Pacific to be the Largest Market
- Asia-Pacific encompasses diverse economies, from advanced technological hubs like China, Japan, and South Korea to rapidly developing nations such as India, Indonesia, and others. This diversity creates a favorable environment for gaming companies looking to capitalize on varied consumer preferences and spending capacities.
- Hence, companies in the region are continuously launching new gaming products and software to accommodate the growing number of gamers in the region. For instance, in May 2024, Asus announced that it had launched a new handheld gaming console, Rog Ally, equipped with the latest chip from AMD. The company also said it will come with a bigger battery and better thermals to provide a better user experience.
- Again, in December 2023, Tencent Holdings introduced Last Sentinel, a big-budget console game. Tencent focuses on expanding into the international market, catering to Chinese consumers' changing preferences, and engaging resources in big-budget console games. These developments indicate the growing demand for gaming solutions in the region.
- Technological innovations, the growing popularity of mobile gaming, and the soaring interest in E-sports majorly drive the market in Japan. With its ease of access and affordability, mobile gaming has increased the gaming penetration rate in Japan, making it a lucrative market for mobile game developers. This momentum is further fueled by the rise of social gaming, where multiplayer games are integrated with social media platforms, fostering community and connectedness among players.
- Several global gaming companies have entered the Japanese market through strategic initiatives such as partnerships and acquisitions. For instance, in February 2024, KOJIMA PRODUCTIONS Co. Ltd announced that it has an action espionage game in the pipeline, a brand-new IP combining film and gaming elements. The company plans to develop this game in collaboration with Sony.
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