According to a new report published by Allied Market Research, titled, "Serious games market by User Type, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global serious games market was valued at $2,731 million in 2016, and is projected to reach $9,167 million by 2023, growing at a CAGR of 19.2% from 2017 to 2023. The consumers segment is anticipated to grow at the highest rate during the forecast period.
Asia-Pacific generated the highest revenue in the global serious games market in 2016 due to its high population and China being the largest consumer of learning games and tools. The LAMEA serious games market is expected to grow at the highest rate, followed by Europe, which is expected to second highest CAGR during the forecast period. LAMEA has unexplored market potential as the region is developing and has high rate of internet penetration.
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The consumers business segment contributed the highest share in 2016. This segment accounted for $1,461 million in 2016, and is projected to grow at the CAGR of 18.5% during the forecast period. However, the serious games market for enterprises segment is projected to grow at the highest rate of 19.9%.
Simulation and training application segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 19.4%. Among industry verticals, education industry is expected to witness highest CAGR of 20.2% during the forecast period, followed by retail.
The report features a competitive scenario of the global serious games industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are BreakAway, Ltd., Designing Digitally, Inc., DIGINEXT, IBM Corporation, Intuition, Learning Nexus Ltd, Nintendo Co., Ltd., Promotion Software GmbH, Revelian, and Tata Interactive Systems. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the serious games market.
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KEY FINDINGS OF SERIOUS GAMES MARKET STUDY
- The consumers segment accounted for the highest share of the global serious games industry by user type in 2016, growing at a CAGR of 18.5% from 2017 to 2023.
- The others segment serious games market by industry vertical generated the highest revenue share in 2016, and is projected to grow at a rate of 19.1%.
- The Asia-Pacific serious games market generated the highest share, valued at $953 million, in terms of revenue in 2016.
- The serious games market is education sector is expected to witness the highest growth rate during the forecast period.