Key regions: France, South Korea, Europe, India, Asia
The Online Games market in Nigeria has been experiencing significant growth in recent years.
Customer preferences: Nigerian consumers have shown a strong preference for online gaming, with a growing number of people accessing games through their smartphones and other mobile devices. This can be attributed to the increasing availability of affordable smartphones and the expansion of internet connectivity across the country. Additionally, the popularity of online multiplayer games has been on the rise, as Nigerians enjoy the social aspect of gaming and the ability to connect with friends and other players from around the world.
Trends in the market: One of the key trends in the Nigerian online games market is the shift towards mobile gaming. With the increasing affordability of smartphones and the expansion of mobile internet coverage, more Nigerians are accessing games on their mobile devices. This has led to a surge in the popularity of mobile games, with developers and publishers focusing on creating games specifically for the mobile platform. Furthermore, the rise of online multiplayer games has created a demand for more interactive and engaging gaming experiences, leading to the development of games with advanced graphics and immersive gameplay.
Local special circumstances: Nigeria has a large and youthful population, with a high percentage of the population falling within the target demographic for online gaming. This has contributed to the growth of the online games market in the country, as young Nigerians are increasingly embracing gaming as a form of entertainment. Additionally, the Nigerian gaming community has become more organized, with the establishment of gaming events, competitions, and communities. This has further fueled the growth of the online games market, as it provides a platform for gamers to connect and engage with each other.
Underlying macroeconomic factors: The growth of the online games market in Nigeria can be attributed to several macroeconomic factors. Firstly, the country's economy has been experiencing steady growth, which has resulted in an increase in disposable income for many Nigerians. This has allowed more people to afford smartphones and other mobile devices, as well as the data plans required to access online games. Additionally, the expansion of internet connectivity across the country has made it easier for Nigerians to access online games, further driving the growth of the market. Lastly, the Nigerian government has recognized the potential of the gaming industry and has taken steps to support its growth, such as providing incentives for game developers and organizing gaming events. These factors have created a conducive environment for the development of the online games market in Nigeria.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the Video Games market. Digital video games are defined as fee-based video games distributed over the internet. These include online games, download games, mobile games, and gaming networks. 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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