Key regions: France, South Korea, Europe, India, Asia
The Online Games market in Singapore has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Singaporean customers have shown a growing interest in online games, with a particular focus on mobile gaming. This can be attributed to several factors. Firstly, the increasing availability and affordability of smartphones has made it easier for people to access and play games on the go. Additionally, the convenience of mobile gaming allows users to play anytime and anywhere, fitting into their busy lifestyles. Furthermore, the social aspect of online gaming, such as multiplayer options and in-game chat features, has also contributed to its popularity among Singaporean customers.
Trends in the market: One of the key trends in the Singaporean online games market is the rise of esports. Esports refers to competitive video gaming, where professional players compete against each other in organized tournaments. This trend has gained significant traction in Singapore, with the government actively supporting the development of the esports industry. The establishment of dedicated esports arenas, the hosting of international tournaments, and the inclusion of esports as a medal event in the Southeast Asian Games are all indications of the growing importance of esports in Singapore. Another trend in the market is the increasing popularity of free-to-play games with in-app purchases. These games are accessible to a wide range of users and often rely on microtransactions to generate revenue. Singaporean customers have shown a willingness to spend on in-app purchases, such as virtual items or additional game content, which has become a significant source of revenue for game developers.
Local special circumstances: Singapore's strong infrastructure, high internet penetration rate, and tech-savvy population have created a favorable environment for the growth of the online games market. The country's well-developed telecommunications network ensures fast and reliable internet connectivity, enabling seamless online gaming experiences. Furthermore, Singaporeans' high levels of digital literacy and familiarity with technology make them more receptive to online games.
Underlying macroeconomic factors: The strong economic growth and high disposable income levels in Singapore have also contributed to the development of the online games market. With a prosperous economy and a high standard of living, Singaporeans have the financial means to invest in entertainment and leisure activities, including online gaming. Additionally, the government's support for the digital economy and the creative industry has further fueled the growth of the online games market in Singapore. In conclusion, the Online Games market in Singapore is experiencing significant growth due to changing customer preferences, such as the increasing popularity of mobile gaming and esports. The local special circumstances, including Singapore's strong infrastructure and tech-savvy population, have created a favorable environment for the market's development. Furthermore, the underlying macroeconomic factors, such as strong economic growth and high disposable income levels, have contributed to the increasing demand for online games in Singapore.
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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