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Posted in Business Services by Adolf on Oct 12,2021 1260
When I bought my first Nokia phone way back in early 2000, I was literally obsessed with one of the famous games of that time – Snake. I’m pretty sure everyone must have played or at least heard about it, where the basic motive of the game was to keep the fast moving and ever-growing serpent from colliding into itself. Later, with the launch of an advanced version of the game, it got children and adults of all age groups hooked in competing for a better score. At the end of the day, all we got was a drained out phone battery and of course an earful from the parents.
Simple yet addictive, the game started a revolution in paving the way for online games on handheld devices. During the earlier days, Super Mario Bros. created by Nintendo, a Japanese company was probably one of the famous video games. Other games such as Pac-man, Final Fantasy series, Pokemon were also a global phenomenon. Moreover many games were specifically targeted for children above the age of 13, where they were allowed to interact with other players through voice and chat functions.
Including different genres, online games have changed the meaning of entertainment and gaming. Not only does it offer a fun and sociable way to spend time, but also helps develop skills and inspires teamwork. The invention of the internet, coupled with the added advantage of fast-speed connections, technological innovations, games designed to be compatible with all devices and affordable mobile phones have bought players together from all around the world to compete individually or in teams with their gaming counterparts. These are some of the features that have attracted the heavy social media platform users in the Asian market. With the rise in online gamers, China, Japan and South Korea from the Asia Pacific region have ranked as top leaders in the biggest gaming markets across the world.
While Japan was the foremost country having a significant impact on video and online games, it was later joined by the other two super-powers – China and South Korea. China, referred as the rising star, have access to the powerful and right technology to get the gaming platform moving. The enviable broadband infrastructure in South Korea has helped promote the gaming talent in the country, while becoming one of the gaming giants of today.
Asia’s gaming market is constantly progressing and becoming very competitive. The Asia-Pacific online gaming market is anticipated to grow at a CAGR of 14.5% during the forecast period. The growth of the market is influenced by the increasing penetration of internet services coupled with the high popularity of social media. Additionally, the emerging domestic companies in the Asia-Pacific market such as Tencent Holdings Ltd., NCX Corp. will also impact the market growth by offering customized games for domestic customers. However, the rising cyber-security threats and increasing awareness regarding the harmful impact on mental health will challenge the growth of the market across the region.
With the current pandemic situation, there is still an advice to maintain social distancing. Adding to this new normal life, online games seem to have broken all records in becoming the most preferred form of gaming globally. Some of the key players operating in the Asia-Pacific online gaming market include NCX Corp., Sony Interactive Entertainment Inc., Tencent Holdings Ltd, Nintendo Co. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new game launches to stay competitive in the market.
The Asia-Pacific online gaming market is segmented based on game type, device type, and revenue model. Based on the game type, the market is sub-segmented into role-playing games, action & adventure games, racing games, simulation games, strategy games, sports games, and other games. Based on the device type, the market is sub-segmented into the console, computer, mobile devices, and others. Mobile devices are the fastest-growing segment for revenue generation for the gaming industry. Based on the revenue model, the market is bifurcated into free gaming services and paid gaming services. Furthermore, the market is segmented by geography into China, Japan, India, South Korea and the Rest of Asia-Pacific. China and Japan hold a major market share in the region whereas India will show the fastest growth rate during the forecast period.
The market study of the Asia-Pacific online gaming market is incorporated by extensive primary and secondary research. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. The country-level analysis is provided by analysing various regional players, regional tax laws and policies, consumer behaviour, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number.
Online gaming has taken the Asian market by storm. Besides, who doesn’t love playing games? Whether it is to take some time off our busy schedules or de-stress ourselves, playing online games for some time helps to re-energise our minds. Today the games are portable and can be enjoyed playing anywhere. Although depending on the size of the game and of course your mobile network, it does not take much time to download and start playing the games. From simple to complex designs, developers are catering to make the online games an interesting arena of play.