San Jose, California (PRWEB) February 26, 2008
World Video Games market is forecast to maintain a CAGR in excess of 7.5% over the 2001-2012 analysis period and exceed US$61.9 billion by 2012. Console Video Games dominate the global market for Video Games, with a share estimated at 54% in 2007. In terms of growth, however, Online Video Games are forecast to surpass all other segments, with a projected CAGR of 24.60% over 2001-2012.
As video game graphics improve in resolution and rendering speed, and film and television move into the digital arena, the gap between them gradually closes. Actors, storylines, and cinematic norms are making their way into video games, with the result that quite a few of the well-known series, titles, and franchises are often included in both.
The market for video games follows a cyclical trend wherein, high sales are recorded when new consoles are launched followed by a period of slump, when software sales sustain the market. Video game consoles are high priced products, the sales of which virtually push up the market. Additionally, new console launches are followed by introduction of new game titles the sales of which, add to the overall growth in video games market.
Console manufacturers slash hardware prices to boost volume sales especially during lean off-peak season. This is likely to effect console hardware sales in terms of value. However, manufacturers expect to recover losses on hardware from greater console software sales.
Pent-up demand for new software and consoles integrated with next-generation features is driving the growth of gaming market across the globe. Functionality upstaged the development centers, mirroring the progressive trend towards powerful and entertaining games. Sales of video games, worldwide, are outshining ticket sales at the box office. This phenomenal growth of video games is attributed to rising popularity of massively multiplayer online games (MMOGs) and the recent launches of next-generation video game consoles with enhanced features, power, and blazing performance aspects. These gaming consoles were developed and released by three leading console companies, Microsoft, Sony, and Nintendo. Additionally, extensive multiplayer online games have revolutionized the global video gaming market.
The introduction of new generation video games with enhanced features and technological breakthroughs are expected to give an additional fillip to the industry sales and profits. The ability of the video and consoles market to incorporate advanced features including Internet hook-ups and DVD player is boosting up sales. As per a recent estimate, as much as 60% of all Americans play video games. Rapid evolution in technology brought in large-scale changes in the video gaming industry. Numerous changes happened during the past few years in almost all areas of the video games. One of the most noticeable is the shift from 2D to 3D picture format. Latest developments in PCs and high power consoles allowed high-level special effects to be included in video games that were till recently available only to special-effects professionals in film industry. Special effects, such as shaders, cloth simulations and complex facial animation rigs have become quite common in video games these days. Technological development continued to bring in more complex simulations such as cloth with collision detection, volumetric effects, muscles, hair, depth of field and logical motion blur.
Major companies covered include Activision, Inc, Capcom Co., Ltd, Eidos Interactive Ltd, Electronic Arts, Infogrames Entertainment, S.A., Jadestone Group AB, Jaleco Holding Ltd, Konami Corporation, Metro-Goldwyn-Mayer Inc, Microsoft Corporation, Namco Bandai Games Inc, Nintendo Co. Ltd, Oberon Media, Inc, Radica Games Limited, Sega Corp, Sony Computer Entertainment Inc, Take 2 Interactive, Ubi Soft Entertainment and Vivendi Games.
Video Games market in the study are analyzed by the following platforms - Console, PC, Handheld, Online, Wireless and Other Platforms.
For more details about this research report, please visit http://www.strategyr.com/Video_Games_Market_Report.asp.
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