56% growth will come from APAC for the game market. China, Japan, and South Korea (Korea) are key markets for gaming in Asia Pacific. Market growth in APAC will be faster than market growth in other regions. The growing penetration of e-sports in developing countries, such as Taiwan, Malaysia, and Singapore will facilitate the growth of games market in Asia Pacific during the forecast period. The game market is set to grow by 125.65 billion USD from 2020 to 2025 at CAGR 12% according to the latest report of Technavio.
Game Market: Integrating Blockchain Technology to Drive Growth
The blockchain technology integration in the gaming industry that allows players to trade virtual in-game assets with other competitive players and facilitates peer-to-peer transactions. Specific technology is being adopted by several game companies and game console manufacturers. Microsoft recently announced plans to implement blockchain technology for Xbox. The blockchain integration is expected to provide a fast and secure payment network and allow game developers to monetize their game services. The integration of blockchain technology will present significant growth opportunities for game companies during the forecast period, driving the growth of games market size.
Game market: Loot box regulation could hinder market growth
The regulations on loot boxes will be a big challenge for the game market. Loot boxes are digital boxes or packs that include in-game items that are sold for money or in-game currency. The use of loot boxes in games has been considered an illegal form of online gambling and an addictive practice, especially for children. As a result, governments in many countries, such as China, Japan, Belgium, and Australia, introduced strict rules regarding the use of crates during game design and release in those countries. These regulations can have a negative impact on market growth as loot boxes make up a large portion of in-app purchases.
Game Market: Segment Analysis & Revenue Generation Segmentation
This market research report segmented game market via Type (Casual gaming and pro gaming) and Geography (APAC, North America, Europe, MEA, and South America).
Game market share grows by casual gaming segment will be significant for revenue generation. The casual gaming market is growing with the increasing adoption of mobile games. Most casual gamers prefer mobile devices over PCs and consoles because of the easy access to games. In addition, casual players play online games on their mobile devices, as they can easily play the games of their choice from anywhere at any time. Technavio’s report accurately predicts the contribution of all segments to the growth of game market size.
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