Board Games - Colombia

Colombia

The Board Games market in Colombia is expected to experience significant growth in the coming years.
According to projections, the total revenue in this market is estimated to reach US$4.51m by 2022.
This represents a substantial increase in revenue for the country's Board Games market industry.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate (CAGR 2022-2027) of 10.25%.
As a result, the projected market volume is expected to reach US$7.72m by 2027.
This growth indicates a promising future for the Board Games market in Colombia.
In terms of revenue sources within the Board Games market, in-app purchases (IAP) are projected to contribute significantly.
It is estimated that in-app purchase revenue will reach US$1.43m in 2022.
This demonstrates the increasing popularity of digital transactions within the Board Games market sector.
Additionally, paid app revenue is expected to reach US$0.43m in 2022.
This indicates that consumers are willing to invest in premium Board Games market applications.
Furthermore, advertising revenue is projected to reach US$2.65m in 2022, highlighting the potential for monetization through advertisements in the Board Games market.
Moreover, the number of downloads in the Board Games market is expected to reach 57.04m downloads in 2022.
This high number of downloads showcases the growing interest and engagement of consumers in Colombia with Board Games market applications.
To provide further insight, the average revenue per download currently stands at US$0.08.
This metric demonstrates the revenue generated per individual download, indicating the profitability of the Board Games market in Colombia.
In a global comparison, it is noteworthy that in the United States leads in terms of revenue generation, with an estimated revenue of US$1,149.00m in 2022.
This highlights the dominance of the US market within the Board Games market industry.
Overall, the Board Games market in Colombia is poised for growth, with significant revenue potential and increasing consumer engagement.
These projections indicate a positive outlook for the industry, offering opportunities for businesses and investors alike.

Key regions: Europe, South Korea, United States, Germany, Japan

Market

Region

Region comparison

Currency

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.