Key regions: United Kingdom, Germany, India, United States, South Korea
The Games market in Nigeria is experiencing significant growth and development in recent years.
Customer preferences: Nigerian consumers are increasingly turning to games for entertainment and leisure activities. The popularity of mobile gaming has soared, with more Nigerians owning smartphones and having access to affordable internet services. This has led to a rise in mobile game downloads and in-app purchases. Additionally, console gaming is also gaining traction among Nigerian gamers, with a growing demand for popular gaming consoles and accessories.
Trends in the market: One major trend in the Nigerian Games market is the increasing popularity of locally developed games. Nigerian game developers are creating unique and culturally relevant games that resonate with the local audience. These games often incorporate Nigerian themes, characters, and storylines, providing a sense of familiarity and connection to the players. This trend is not only driving the growth of the local gaming industry but also contributing to the overall development of the Nigerian creative sector. Another trend in the market is the rise of esports in Nigeria. Esports tournaments and competitions are gaining momentum, attracting a large number of participants and spectators. This has created opportunities for professional gamers, streamers, and content creators to monetize their skills and gain recognition. The growing esports ecosystem in Nigeria is also attracting investments from both local and international companies, further fueling the expansion of the industry.
Local special circumstances: One of the key factors driving the growth of the Games market in Nigeria is the country's young and tech-savvy population. With a large percentage of the population under the age of 30, there is a significant market for gaming products and services. Additionally, the increasing availability of affordable smartphones and internet connectivity has made gaming more accessible to a wider audience. Furthermore, Nigeria's vibrant and diverse entertainment industry has also contributed to the growth of the Games market. The country has a thriving film and music industry, which has created a strong culture of entertainment consumption. This culture of entertainment has spilled over into the gaming industry, with Nigerians embracing games as another form of entertainment and self-expression.
Underlying macroeconomic factors: The Nigerian economy has experienced steady growth in recent years, which has contributed to the increasing disposable income of consumers. As a result, more Nigerians are able to afford gaming devices, accessories, and in-app purchases. This growing purchasing power has created a favorable environment for the Games market to flourish. In conclusion, the Games market in Nigeria is witnessing significant growth and development, driven by factors such as customer preferences for mobile and console gaming, the rise of locally developed games, the emergence of esports, a young and tech-savvy population, a vibrant entertainment industry, and a growing economy. These trends and circumstances are shaping the gaming landscape in Nigeria and providing opportunities for both local and international players in the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the Games market, which is divided into Physically Sold Video Games and Digital Video Games. Physically Sold Video Games comprises revenues associated with in-person purchases of video games in retail stores. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.Modeling approach / market size:
The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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