Innovation within the global games and puzzles industry is set to see the market grow rapidly to $30bn by 2025, according to a new report by Grand View Research. The growth would represent a CAGR of 16% throughout the forecast period.
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According to the report, the forecast growth is in part due to the industry's attempts to keep up with an increasingly digitized world, which has, in turn, stimulated innovation within the market. Board game manufacturers are utilizing advancements in 3D printing technology in order to enhance conventional play patterns, while some board games are being integrated with digital technology.
Additionally, increased sales are linked to the growing popularity of games as methods of enhancing cognitive thinking capabilities. As a result, educational institutes have begun adding them to curriculums, while teenagers and adults are utilizing toys such as Rubik's cubes for memory strengthening.
Even though the market is growing, sales at brick-and-mortar stores are plummeting as internet retailing has emerged as a more popular mode of distribution. This has meant that retailers are making efforts to complement conventional retail with e-commerce, in order to reach a larger consumer base.
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APAC is predicted to account for some 56% of the revenue growth by 2025 due to low-cost manufacturing facilities in China and Japan.
Commenting on the growth, Grand View Research stated: "The licensed games and puzzles segment is expected to witness phenomenal growth over the forecast period, as customers emphasize on premium quality and originality of products.