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LONDON–(BUSINESS WIRE)–Technavio’s latest market research report on the global board games market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Ujjwal Doshi, a lead analyst from Technavio, specializing in research on consumer electronics sector, “The global board games market is expected to grow at a CAGR of over 29% during the forecast period, due to the fact that the target audience for board games has changed from children to adults. Board games have now become the primary source of entertainment for adults, which augurs well for the growth of the market, as the buying power of this addressable market is higher.”
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The top three emerging market trends driving the global board games market according to Technavio media and entertainment research analysts are:
- Growth of organized retail sector
- Increasing projects being funded through crowdfunding platforms
- Games evolving with time
Growth of organized retail sector
The retail industry, especially in developing countries, will witness rapid growth with the increase in the number of organized retail stores such as supermarkets, hypermarkets, and discount stores. Customers rate both convenience and value for money very high because of the increasing fast-paced lifestyle and work schedule. Organized retailers offer a large variety of products under the same roof, which helps customers save time and gives them an opportunity to choose from numerous brands.
“In addition, the technology component of board games is rapidly evolving. Technologies such as 3D printing and Internet reviewing have further boosted the sales of board games. The advent of e-commerce has further influenced the popularity of the board games,” says Ujjwal.
Increasing projects being funded through crowdfunding platforms
Board games are seeing high value proposition among investors and general population as compared to more advanced video games. This is in contrast with the latest trend in the entertainment sector where video games market is growing. In 2015, over USD 200 million was raised through crowdfunding platforms for board games, in contrast to only USD 100 million raised for video games.
This drastic disparity can be attributed to the fact that funding through crowdfunding platforms is predominantly done by general population or angel investors and not venture capitalists. A few factors that encourage the general population to invest in board games as opposed to video games are that board games are easy to understand, people can connect with the concept and can set realistic targets.
Games evolving with time
One of the most prominent features of board games is their ability to evolve with time. The latest versions of board games are designed keeping in mind the latest consumer trends. For instance, Game of Thrones released the second version of the game after the show was launched on TV in 2011. This was to keep abreast the updates or changes in the series as compared to the book, as the first version of the game was designed based on the book. Similarly, Scrabble which is the most popular word building game, updated its dictionary to add 5,000 new words. These words might not be present in the conventional dictionary but are frequently used in the current age of the Internet.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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