Published Date : Jun 15, 2016
The world of gaming has considerably evolved over the last few years. With the introduction of the latest technologies, the global gaming market is now able to provide gamers with more addictive and enriching experience. All this has been possible with the launch of little changes in the already existing gaming technologies. Over 150 million people in the U.S. engage in gaming out of which 42% of gamers play video games on a daily Basis. While the average age of gamers is considered to be around 35 years, an astounding 74% of them are 18 years or older. Additionally, women gamers also constitute a significant chunk in the gaming population, accounting for almost 44%. This increasing number of gamers worldwide will provide lucrative opportunities for the global gaming market.
According to a report published by Transparency Market Research, the global gaming market has supposedly reached a valuation of US$17.9 bn by 2015 from US$70.05 bn in 2011, rising at a CAGR of 13.7% from 2011 to 2015.
Market Exhibits Steady Rise Post Economic Rebound
Despite witnessing a slowdown during global recession, the market has been able to regain its momentum post economic rebound in 2009. However, the most lucrative phase of the market began in 2011. Since then the global gaming market has been expanding at a steady pace. The market has also significantly benefitted from the rapid proliferation of high speed broadband. The increasing penetration of internet worldwide also has proven beneficial for the global gaming market since internet connectivity is the prerequisite of allowing players from two different geographical locations to simultaneously play interconnected games.
Demand for Free Online Games is Considered Higher than High-end Games
Consumers are observed to be more inclined towards games that are available for free online and those that require only a nominal fee. While demand for high-end games is considerably rising, the segment is still not as fast expanding as the segment of free online games. Sony, Microsoft, and Nintendo are considered the top companies operating in the market. The launch of new technologies and advancements in graphics are expected to boost the global gaming market in the near future.