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Research on Global Markets
Market Research Reports
What is driving the Global Digital Gaming market?
There are various platforms for entertainment and recreational activities today, the digital platform being the most popular. People now have a variety of options to turn to besides their computer to get the latest digital gaming content. Mobile gaming is apparently, the latest trend among all segments of the society.
Recent developments in mobile internet accessibility have strengthened the market for digital gaming as it enables gamers to play digitally-downloadable games without any buffering issues. Given that companies like 99Games Online Pvt. Ltd., Dhruva Interactive, Electronics Arts Games India Pvt. Ltd., and Gameloft Software Pvt. Ltd. are investing in the Indian gaming market, India is expected to be a significant revenue generator in the global digital gaming market.
Digital gaming is classified into computer games, mobile games, and console games. According to market research, mobile gaming is the fastest growing segment and is also the primary revenue generator. This is due to the considerable amount of time people spend on smart devices and their preference for online mobile gaming. The revenue generated from console games are also expected to increase as their target audience is mostly the youth who are becoming increasingly savvy toward digital gaming. This presents a lucrative growth opportunity for console game companies. Region-wise, the Latin America digital gaming market employs the freemium or free-to-play model, which has been successful in acquiring a strong customer base through referral network, word-of-mouth, and organic search marketing.
Due to a rise in income levels, affordability of smartphones and digital gaming has also increased. Therefore, higher expenditure on digital gaming is expected, augmenting the growth of this industry. However, internet and smartphone penetrations are still at a minimal level in most rural, under-developed areas of the world. Such factors often has a negative impact on the growth of the market. Additionally, the prevalence of piracy in the digital gaming sector is a significant deterrent to the growth of the market. Easy availability of pirated games allows consumers to play the games for free or at a relatively cheaper price which that affects the revenues of companies.
It has been witnessed that technology is playing a key role in the global market for digital gaming. Due to recent improvements in technology, many of the recently released games use attractive features and animations along with regular updates. This has, in turn, increased the demand for mobile games and applications development.