Lucintelís Analysis: Smartphones and Next Generation Consoles to Drive Global Gaming Software Industry Growth
Irving, TX, January 16, 2014 --(PR.com
)-- The global gaming software industry witnessed strong growth during the last five years and is expected to continue the same growth momentum and reach an estimated $80.7 billion by 2018. Due to lack of a direct alternative for gaming software, the industry is expected to flourish as long as smartphones, consoles, and handheld gaming devices exist. The next generations of consoles will further boost the industry over the forecast period.
Lucintel, a leading global management consulting and market research firm, has analyzed the growth opportunities in the global gaming software market and offers its findings in its comprehensive research report, “Growth Opportunities in Global Gaming Software Industry 2013 – 2018: Trend, Forecast, and Opportunities Analysis."
In the last five years, APAC (Asia Pacific) andthe Rest of the Word (ROW) have emerged as the fastest growing regions in global gaming software market. The growth in these regions has been driven by increased consumer spending, growth in internet penetration, robust sales of handheld devices, and growing number of younger age population. On the other hand, growth in North America and Europe slowed down during the last five years as these regions werelargely affected by global economic slowdown. ROW gaming software industry is expected to witness the highest growth during 2013-2018.
Lucintel research indicates that among all the market segments, mobile and online segments are expected to register robust growth over the forecast period. Strong economic growth in the emerging markets, such as India, China, Indonesia, and Malaysia will result in high disposable income for entertainment. Young population in the emerging markets is likely to increase which will prove to be sales booster for the gaming software industry. Mobile, social, and online gaming segments are anticipated to grow continuously as they are suitable for lower income segments of the population. Rapid growth of broadband and other high speed internet facilities have led to huge growth potential for the online gaming sector. Increasing penetration of tablet and smartphones is further boosting the global gaming software industry to the next level.
Lucintel outlines that piracy is one of the key challenges which hinder the growth of the global gaming software industry, especially in the emerging nations such as China and India where per capita income is relatively low. Industry players are required to come up with innovative offerings with economical pricing to overcome this challenge. Increasing cost to develop new gaming software with continuous evolvement in customer behavior is also creating a challenge for the global gaming software industry to maintain and increase its acceptance in the market.
The report provides an in-depth analysis of the global gaming software industry covering all the four regions: North America, APAC, Europe, and ROW. It also details about the emerging regions that reflect growth in the forecast period. This report will help in knowing the upcoming opportunities and threats likely to be faced by the industry players. Through this report, industry players will come to know about the unmet demands of customers, new product launches, and more which will help in making their research and development activities simpler, and players can design their products as per the demand.
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