The global gaming market has been persuaded by the evolving number of users, who choose gaming for entertainment. Now-a-days, users not only consume entertainment, but also actively participate in it. The global gaming market presents a more extensive and diverse mix of opportunities and challenges than ever before, which varies from competitive gaming to cosplay, and modding to streaming. Users look for the exciting world of interactive entertainment, at an easy access. The growing interest of consumers in gaming is responsible for the increase in gaming utility. The consumers of the gaming market fall within the age group of 5 years to 45 years.
The software market accounts for the largest share in revenue generation, which is followed by the returns generated by the online gaming market. Owing to the increasing usage and supportability on mobiles, laptops, and tablets, the gaming market has experienced a major boost. There are millions of games, which are either available for free on the internet, or at a very minimum price.
Some of the other drivers in the global gaming market are increased mobile gaming, firm growth of the bigger games and rising preference for freemium games. Mobile games are big business these days, and are expected to drive the market in the forecast period. In 2014, clash of clans was the highest earning gaming mobile application on iOS. The increasing numbers of free games, which offer new offerings every week, are anticipated to drive the global games market up to a huge extent.
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A major opportunity in the gaming market lies in the advent of Apple watch, the mobile game developers are focused on working with Apple to create gaming apps for Apple watch. Letterpad is the first gaming specimen of the device. Additionally, the cloud gaming segment is anticipated to be growing massively. The growth of cloud gaming is expected to gain a double digit growth in the forecast period, as the number of smartphone connections is increasing worldwide. Smartphones have elevated mobile gaming to unprecedented heights, improved digital distribution infrastructure, and broadband speeds have driven forward the online gaming segment. .
Some of the challenges in the global gaming market are fraudulent gaming, maturation of the technology, and innovation in the other segments of entertainment industry.
Nintendo, Nvidia, Sony Electronics Inc. and Microsoft are the major competitors in the global gaming market. Some of the other competitors who have significant market share in the industry are, Zynga Inc., Apple Inc., Electronic Arts Inc., Disney, Blizzard Entertainment, Inc. and others.
