Key Note estimates that in 2015, the UK market for video gaming software, hardware and accessories grew by 6.5%. Overall, over the 5-year review period between 2011 and 2015, the market grew by 20.2%.
Despite growth in the value of the market, the UK video gaming industry is currently facing what some consider to be a ‘brain drain’ in terms of skilled workers, with such workers increasingly being enticed abroad by the prospect of higher salaries in competitor countries, for instance the US and Canada. An example of this trend comes from consultants Procorre, which has estimated that more than half of all online gaming job advertisements aimed at UK staff are actually recruiting for positions based in North America, while a mere 20% of advertisements are for roles actually based in the UK, with a further 26% of advertisements for jobs in mainland Europe.
In part, it is considered that a considerable proportion of the drive to recruit UK technology professionals stems from the various tax breaks and tax credits available to the industry in certain jurisdictions, for instance in the Canadian provinces of Ontario, Nova Scotia and Quebec.
Despite this apparent ‘brain drain’, looking forward, Key Note forecasts that the UK market for video gaming will continue to benefit from the release of the eighth generation of gaming consoles in 2013. In 2016, Key Note forecasts that growth will be 5.2%, after which, annual growth will eventually begin to taper off, with growth slowing to 3.5% in 2017, 3.1% in 2018, 2.8% in 2019 and 2.5% in 2020. Overall, Key Note forecasts that the UK market for video gaming will rise by 12.5% between 2016 and 2020.
In addition to the aforementioned, this Key Note Market Update also includes an overall look at the state of the UK market for video gaming, including an exploration of the market size, and current and future trends. The report also includes a political, economic, social, technological, environmental and legislative (PESTEL) analysis of the sector, alongside a strengths, weaknesses, opportunities and threats (SWOT) evaluation.
By Tom Ikonen
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Notes to editors:
Key Note’s 2016 Market Update, Video Gaming analyses the market for video gaming in the UK.
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