LONDON–(BUSINESS WIRE)–#ConsumerDiscretionary–The global gaming market is expected to post a CAGR of over 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
In traditional video games, the in-game items and player characters are owned and controlled by game developers. The integration of blockchain technology in gaming solution enables players to trade in-game virtual assets through contracts with other competing players and allows peer-to-peer transactions that can be accessed by anyone in the blockchain. For instance, GCS (GameChain System) is one such game distribution platform based in China. It uses blockchain technology to offer a secure transaction platform to its users.
The integration of blockchain technology also provides decentralized asset exchange, verifiable scarcity of virtual objects, fast and secure payment networks, and can enable game service providers or game developers to monetize their gaming services. Thus, it is expected that the integration of blockchain technology in the gaming industry will present a huge growth opportunity for market participants during the forecast period.
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As per Technavio, the growth in free-to-play model, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Gaming Market: Growth in free-to-play model
Free-to-play model, also called as a freemium model, provides an opportunity for gaming service providers to promote their games. This model allows users to play games in exchange for virtual goods and currencies. Virtual currencies are used to buy virtual goods through microtransactions in games. Virtual goods include different avatars. In some instances, users spend real money to purchase virtual products, such as coins, magic wands, houses, guns, and swords, in video games. For instance, League of Legends requires a gamer to pay money to access additional benefits, such as riot points. The free-to-play model aims to convert free users to premium paid users by limiting the access up to a certain game level. Gaming service providers can monetize their services by providing access to many freemium games via social media and mobile platforms. This helps game service providers to increase their revenues, which will drive the growth of the global gaming market
“Apart from the integration of blockchain technology, the increasing emergence of cloud gaming, rise in strategic partnerships and acquisitions, and the growing adoption of AR and VR games are some other major factors that are expected to boost the market growth during the forecast period,” says a senior analyst at Technavio.
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Global Gaming Market: Segmentation Analysis
This market research report segments the global gaming market by device (console gaming, mobile gaming, PC gaming), by component (hardware, software, and services) and geographical regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. However, during the forecast period, the North American region is expected to register the highest incremental growth due to the presence of major vendors in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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