Microsoft’s XBOX One hit store shelves on November 22nd, marking the launch of the long-awaited 8th generation of gaming consoles. In addition, Sony announced 1 million PS4 units sold in its first 24 hours. Gamers all over North America are rejoicing as innovations from both companies are building up the hype and driving the demand even higher.
It is clear the market is booming and tremendous growth for the Global Gaming Software Market is foreseen through to 2016, growing at a CAGR of 10.85 percent. In addition to this rapidly growing market, one major factor responsible for its boom is the evolution of gamer demographics.
This rapid shift in consumer behavior is dictating market segmentation and it is one of the key factors influencing the market drivers. Thus, the industry is experiencing strong innovation of audio-visual devices, a rise in the disposable income among consumers and technological developments for product innovation.
Although, the Global Gaming Software Market does have strong drivers, it is important to be aware of some growth inhibitors as well. The main challenge faced by the market is the shifting of consumers to alternative gaming platforms. The Global Gaming Software Market primarily consists of console, PC, and Mac games platforms.
However, the shifting customer demographics to other platforms will lower revenue generated from those products, and will cause a slow down the market. Another major challenge hindering the growth of the Global Gaming Software Market is the high cost of gaming consoles.
The major shift to alternative gaming platforms along with the emergence of smartphones and tablets is proving to be a difficult roadblock to get around for the major players in the Global Gaming Software Market. To top that, a supply-demand imbalance caused by natural calamities is forcing its own agenda onto the market.
Despite these challenges, the Global Gaming Software Market will be witnessing significant growth during the forecast period.
For more information, view our 2012-2016 Global Gaming Software Market report.
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