Market analysis: online gaming in China
Introduction
Online gaming in China is a big source of revenue for the country with a potential to reach over 197 billion Yuan in 2018. Statistics shows that the market volume of online games in China had reached up to 89.2 billion Yuan by the year 2013. By 2014, approximately 366 million Chinese citizens had participated in online games (iResearch, 2015). The increments in the number of customers taking part in online gaming make this market a lucrative one. Statistics shows a tremendous increase in the volumes of online games in China with various companies coming into the industry.
The online gaming market: statistics
market volume of online gaming market in China from 2011 to 2018 (in billion Yuan)
Source: http://www.statista.com/statistics/284942/market-volume-of-online-gaming-market-in-China/
How statistics is useful to marketers in the online industry
Statistical information is very important for marketers especially in determining the volume of the target market and thus the purchasing power of the target population. The potential of a given product portfolio is determined by its reception by the target market based on the performance of related industries and products sold in the market. These statistics help marketers to predict the performance of their goods upon launching their operations in the given region. Based on the statistical information provided by the growth of the online gaming market in China, it is
market volume of online gaming market in China from 2011 to 2018 (in billion Yuan)
Source:http://www.statista.com/statistics/284942/market-volume-of-online-gaming-market-in-China/
How statistics relates to the external/market environment
Statistical analyses reflect the quality of the external environment in all perspectives. Marketers need information on market performance, competitors, and target population alongside other related market needs such as the socio-political factors as well as technological factors. The important key factors considered for marketing, however, are the nature and potentiality of the target population and competitors. Statistics, such as provided in this paper provides a clear description of the target market based on its performance through time (iResearch, 2015). It, therefore, reflects the external market environment needed by marketers to make critical decisions about marketing expenses and conditions.
Conclusion
The online gaming industry is rapidly growing in the current technological world. A lot of potential is shown by continued growth in the number of customers participating in various online activities. The Chinese market for online gaming has shown serious positive growth from 2013. The growth is projected to increase sharply into 2018 and possibly beyond. Statistical analyses are used by market researchers to predict the market potential for their products. The statistics provided within are important to market researchers in determining the right market potential for the potential companies interested in the industry.
References
iResearch. (2015). The Statistics Portal. Retrieved 9 October 2015 from <http://www.statista.com/statistics/284942/market-volume-of-online-gaming-market-in China/>