The gaming industry continues to evolve with technological advances like games which you can play from the comfort of your home. Sony’s PlayStation is one of the best gaming consoles in the industry and it has taken Sony to new heights due to fierce consumer loyalty. This blog post will explain to you the micro and macro environment trends in the gaming industry.
Copyrights serve as proof of authorship for developers. Copied video games are prohibited in various countries. Different authorities in the UAE are collaborating with each other, foreign governments and organisations to full capture counterfeit software and games. Specialised lessons are given to traditions inspectors to combat against commercial fraud. This enables them to discover any attempts to threaten the national security of the country. With innovative technologies and more experienced inspectors, these laws are going to be more effective in the coming years.
A recent report by Newzoo states the global gaming industry is set to reach $174 billion by 2021. The UAE currently ranks 35th among the world’s top gaming markets based on their revenue. Mobile games account for the largest market share in the country. Over 80% of smartphone users play mobile games and 86% of them are between the age of 16 and 36 years. Almost 38 per cent of developers are developing mobile games to cater to the growing interest in the segment worldwide.
Statistics show that 49% of American adults have played video games at least once in their life. The demographics in the US are ever-changing as 27% of gamers are 50 years old and every third gaming enthusiasts is a Millennial between the ages of 18 and 35. The vast majority of consumer spending in the country is concentrated on in-app purchases. Over $24.5 billion were spent on purchasing contents while less than $1.47 billion were spent on hardware and accessories combined. Social games are becoming more popular among the players as they have the potential to connect with millions of other gamers around the world. More VR and AR games will be introduced in the coming years. These games will appeal to a wide range of demographics among both genders.
Micro environment trends
Video games are all about interactivity. Players now want to participate in the gameplay and make something happen. This has indeed changed the traditional gaming rules. Players now expect a rich and multidimensional interaction every time they play a game. By maintaining an open channel for customers and promoting social interaction, the top companies in the gaming industry are developing affinity over time. Even B2B brands are using this ongoing engagement as an opportunity to demonstrate their innovation.
Nature of buying decision
Gaming consoles companies target hardcore gamers, who would want to feel they are part of the game. However, the hefty price associated with the top gaming consoles makes it harder for buyers to purchase them. Hence, companies constantly try to lower the price and add more specifications to their gaming devices.