Video games have been in constant demand since the early 90s. The integration of technologically advanced concepts in video games has contributed to the increasing adoption of the product across the world. Recent technological advances have yielded a few exceptional products in recent times.
The global video games market will rise at a considerable pace driven by the massive investments in the integration of advanced concepts by major companies across the world. The increasing use of concepts such as AI and VR will emerge in favor of the growth of the market. The recent coronavirus outbreak has brought major businesses to a standstill. The rapid spread of the disease has urged governments to take strict measures. Due to travel bans, video game manufacturers are likely to take a huge hit in the coming years. The report includes the impact of the Covid-19 pandemic on the global video games market and discusses how major companies are coping with this.
According to a research by Fortune Business Insights, titled “Video Game Market Size, Share & Industry Analysis, By Gamer Type (Extreme, Casual), By Device Type (Smart Phones, Tablets, Laptops, Consoles), By Platform Type (Online, Offline), By Age (Between 10 to 20, Between 21 to 35, Between 36 to 50, Between 51 to 65) and Regional Forecast, 2019-2026,” the market will benefit from the ease of availability of low-cost cloud platforms.
The use of concepts such as virtual reality and has enabled games with a real-time experience. The increasing demand for video games has encouraged several large scale companies as well as attracted newer start-ups over the past few decades. Accounting to the increasing product demand, investments have been pouring in this sector and this factor has also been pivotal to the growth of the overall video games market. Additionally, the increasing internet penetration, coupled with the availability of low cost cloud platforms will have a massive impact on the growth of the market in the foreseeable future.
Google’s Completes Acquisition of Typhoons Studio; Makes a Statement of Intent in the Gaming Industry
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on the growth of the market. In December 2019, Google announced that it has completed the acquisition of a game development studio ‘Typhoon.’ Through this acquisition, Google has expressed its intent of penetrating in the gaming market across the world. Google’s acquisition of Typhoon is a huge statement by the company and will come out as a mark of serious competition in the market. Accounting to the wide consumer base of the company, Google’s latest acquisition will not just help the company but will have a massive impact on the growth of the overall video games market in the foreseeable future.
Asia Pacific to Emerge Dominant; Evolving Markets in Countries such as India and China to Aid Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The rising demand and adoption of video games in this region will bode well for the growth of the regional market. The evolving markets in regions such as India, China, and Japan will contribute to the growth of the market. The presence of several large scale companies will provide impetus to growth. Moreover, high investments by major companies in this region, towards the integration of advanced concepts will also emerge in favor of the growth of the market in this region. The market in North America will also witness considerable growth in the coming years owing to the increasing adoption of cloud-based servers by large-scale companies.
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