Technavio, the global market research company based in the UK, has shared a report on the video game market. The report covers insightful information that focuses on game platforms and geographical distribution.
The company begins by stating that the game industry is now defined as a subsidiary of the leisure products industry. While it is noted that the industry will benefit from fitness memberships, lifestyle awareness, dual-income families, and increasing online sales, fake products, tight regulations, and trade barriers might hinder its growth.
According to the predictions, the size of the video game market will increase by $73.62 billion between 2021 and 2026. Technavio expects the market to grow at a CAGR of 7.59% over the forecast period.
The research firm has determined that the most significant growth driver for the industry is the rising accessibility of smartphones and the internet. With the emergence of performance-driven phones and features like higher resolution and wider screens, mobile gaming has become a popular experience among gamers.
The report states that the internet will be a crucial expansion point by connecting users to multiplayer and online casual games, which will further the growth over the next few years. The growth driver information also leads to the prediction that mobile gaming will be the industry’s leading force.
The APAC region has been identified as the most significant contributor during this period of time, with an estimated 47% of the industry’s expansion coming from the region.
Technavio’s report contains further information about market growth factors, game market approximations and contributions, trend forecasts, regional industry growth, competition analysis, and market challenges. You can access a free sample of the report here.