Consumer financial sentiment remains fragile with many still feeling the impact of the cost-of-living crisis. This may dampen consumer demand for purchases of high-end gaming consoles, monitors and portables, until more robust consumer confidence returns. Mobile gaming, whose ad-supported freemium model dominates can however, continue to benefit.
One of the main challenges for the gaming industry will be the balance of accessibility and originality as technology evolves. Games growing in scope could reduce the number of titles gamers play, while competitive online play will also see gamers focus their efforts on a narrow range. Big franchises will continue to play a big role, but it is important there is space for new, entertaining titles to invigorate the market.
Despite this, gaming remains a powerhouse and it offers access to consumers through a wide variety of platforms. There is strong opportunity for growth in cloud gaming, particularly as broadband speeds improve. Handhelds will also continue to perform well, boosted by portability and the convenience of accessing game titles via the cloud offers on the move. The handheld market will see growing competition, with the potential arrival of a Microsoft handheld, as well as Nintendo launching a follow up to its hugely successful Switch console.
The convenience and reach of cloud gaming can see portables and mobile benefit, whilst tailored high end hardware can support the hardcore gamer.
Joe Birch, Senior Technology and Leisure Analyst
For the purposes of this Report, Mintel has used the following definitions:
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