Gaming
Over 50% of Video Games Market Revenue Spurred by Mobile Gaming: Fact.MR Study
The latest intelligence report published by an ESOMAR-certified market research and consulting firm estimates that the video games market revenue will maintain a progressive growth rate between 2021 and 2031, following a CAGR of nearly 13% to reach US$ 510 Bn by the end of the said forecast period. In the short-run, by 2022, revenues are likely to reach US$ 140 Bn.
Historically, from 2016 to 2020, video games sales witnessed impressive growth, registering a CAGR of around 8% to top US$ 151 Bn by the end of the said period. Sales have especially catapulted amidst the COVID-19 pandemic, with online videogames anticipated to be the fastest-growing segment over the forecast period.
The advent of online streaming and adoption of VR in gaming are amongst the prominent factors for market growth. Furthermore, the rapid growth in internet users is propelling the global revenue gathering. In 2020, Asia dominated the market with nearly 55% revenue and is predicted to witness substantial growth in the forthcoming years.
Key Takeaways from the Market Study:
- The global video games market is anticipated to add over 3x value by 2031
- Mobile/tablet video gaming to account for 55% revenue, reaching US$ 162 Bn by 2020
- Based on hardware, handheld consoles to contribute US$ 60 Bn in revenue by 2022-end
- By type, action video games to remain in the limelight, accounting for 1/3rd of total sales
- Sales of video games in the U.S likely to expand at a CAGR of 11% through 2031
- China accounted for around US$ 30 Bn in value terms in 2020, especially for mobile gaming
- India likely to be a lucrative market, attributed to increasing smartphone adoption
“Prominent video game developers are increasingly focusing on providing highly sophisticated interface experiences by including advancements such as AI, VR and augmented reality, which will spur numerous innovations in forthcoming years,” comments a Senior Research Analyst.
Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In June 2016, Tencent announced the acquisition of 85% ownership of Supercell, the massively profitable Finnish firm behind hit game Clash of Clans, for around $8.6 billion.
- In March 2021, Microsoft finalized its US$7.5 Bn deal to acquire ZeniMax Media, the parent company of Doom and Fallout studio Bethesda Softworks. The finalization comes just a day after Microsoft secured regulatory approval from the EU for the acquisition, and it will now bolster the company’s first-party Xbox games studios up to a total of 23.
These insights are based on a report on Video Games Market by Fact.MR.
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FreezeNova
10-15% Of Gamers In Florida Show Signs Of Gaming Addiction: Here Are 10 Signs Your Kid Is Suffering From It (And How You Can Help)
Recent studies indicate that 10-15% of young gamers in Florida exhibit signs of gaming addiction. These findings underscore the need for early identification of symptoms to prevent negative impacts on children’s mental and physical health. Gaming addiction, if not dealt with, can lead to poor academic performance, social withdrawal, and even health problems.
Marin Cristian-Ovidiu, CEO of FreezeNova, discusses key indicators of gaming addiction and offers practical advice for parents.
Recognizing Early Signs
“Early recognition of gaming addiction is crucial in preventing long-term negative outcomes,” Marin explains. The following signs can help parents identify if their child might be developing an addiction:
Exhaustion and Irritability
Constant tiredness and grumpiness during the day could indicate late-night gaming sessions interfering with sleep.
Gaming Obsession
If gaming dominates your child’s thoughts and conversations, and they plan their day around it while neglecting other responsibilities, it could be a sign of addiction.
Decline in Academic Performance and Lost Interests
A noticeable decline in academic performance or loss of interest in previously enjoyed activities may suggest your child is prioritizing gaming over more important tasks.
Emotional Volatility
Extreme emotional reactions to in-game outcomes, such as uncontrolled anger, known as ‘Gamer Rage’, or intense celebrations, could indicate an unhealthy attachment to gaming.
Physical Strain
Signs of repetitive strain injuries like ‘Gamer’s Thumb’ or ‘Nintendo Neck’ from prolonged screen time are warning signals.
Neglecting Basic Needs
If your child is neglecting basic needs like eating, sleeping, or hygiene to keep playing, gaming has likely taken an unhealthy control over their life.
Creating a Supportive Environment
While video games can be a great source of entertainment and connection, around 70% of people with signs of gaming addiction also experience social disorders. Marin recommends a few tips for building a supportive and open environment for your child.
Teamwork and Setting Boundaries
“Parents and children should work together to create a healthy gaming environment. Gaming addiction requires a holistic approach,” Marin advises. Start by setting clear boundaries on gaming time to ensure there’s room for schoolwork, chores, and quality family time.
Revisit activities your child once loved, like football practice or exploring new hobbies together. It’s vital for your child to take breaks from screens, so create a balanced daily routine that includes homework, chores, exercise and just some gaming time. This allows your child to enjoy their games without neglecting other aspects of their life.
Open Communication
Maintain open communication. Discuss the games your child enjoys and any concerns you might have. By understanding their world, you can work together to find solutions.
Remember, you’re not alone. If you feel overwhelmed, seek professional help from specialists in gaming addiction. Marin concludes, “By working as a team, setting clear boundaries, and fostering open communication, we can help your child develop a healthy relationship with gaming and thrive in all areas of life.”
SYNOT Games has announced that more than 140 of its games have now been officially certified in Brazil.
“We are delighted to announce that more than 140 of our games have now been officially certified in Brazil. This significant achievement allows us to expand our reach and introduce a diverse selection of games to this dynamic market. Brazil represents a key opportunity for growth, and we are committed to delivering exceptional gaming experiences to the Brazilian audience,” the Company said.
“We are thrilled to introduce our portfolio in Brazil, offering innovative and engaging gameplay that promises to captivate and entertain players,” Martina Krajci, CCO at SYNOT Games, said.
Gaming
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Age verification to limit real money play to users 18 and older
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Proper identity verification (Know Your Customer or KYC)
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Location verification of customers
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AML policies to ensure proper transaction monitoring
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