Games - Colombia

Colombia

The Games market in Colombia is set to achieve impressive results in the coming years.
By 2022, the total revenue in this market is projected to reach a substantial amount of €89.19m.
Moreover, the Games market is expected to exhibit a strong annual growth rate (CAGR 2022-2027) of 10.73%, leading to a projected market volume of €153.40m by 2027.
In terms of revenue streams within the Games market, in-app purchases (IAP) are expected to play a significant role.
It is projected that in 2022, the revenue from in-app purchases will reach a noteworthy amount of €30.04m.
Additionally, paid app revenue in the Games market is projected to reach €5.53m in 2022.
Furthermore, advertising revenue is expected to reach €53.62m in the same year.
The Games market in Colombia is not only projected to generate substantial revenue but also witness a significant number of downloads.
It is estimated that in 2022, the number of downloads in the Games market will reach an impressive figure of 1,092.00m downloads.
This high number of downloads is attributed to the popularity of gaming among Colombian consumers.
Despite the large number of downloads, the average revenue per download is expected to be relatively low.
Currently, the average revenue per download is projected to amount to €0.08.
This indicates that while there is a high demand for games in Colombia, the revenue generated per individual download is relatively modest.
When compared globally, it is interesting to note that in China leads the way in terms of revenue generation in the Games market.
In 2022, it is projected that in China will generate a staggering amount of €59.65bn in revenue.
This highlights the dominance of the Chinese market in the global gaming industry.
Overall, the Games market in Colombia is poised for growth and success.
With impressive revenue projections and a significant number of downloads, the gaming industry in Colombia is set to flourish in the coming years.

Key regions: Europe, India, United States, South Korea, Asia

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Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, 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/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

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 case market dynamics change.