Market research publisher Global Industry Analysts has released a new report, Toys And Games - A Global Industry Outlook, stating that videogames are currently a major force in the wider toys and games sector and will play a vital role in its future growth.

“A key force shaping the market's future is the development and launch of innovative, advanced technology-based next generation gaming products, and the resultant availability of numerous genres of games,” says the report.

“Online gaming is another area of growth for the toys and games industry. Wireless gaming is also growing and promises to be the future of gaming in the global market.”

While the toy and game sector’s core target demographic still includes teenagers and youngsters, older consumers are now playing an increasingly large role in growing the market, according to the report.

“Older adults are also increasingly embracing the advancements in gaming technologies. The trend is especially evident in the wireless gaming industry wherein the sheer variety of games available is attracting the attention of new sections of the population, who are evincing interest for mobile games. Women, for instance, have entered the spotlight as significant revenue generating audiences for mobile games, such as, puzzles, word, and trivia.

“With children outgrowing their toys much faster than in the past, the need for new and innovative products is immense,” says the report. “However,” it warns, “high development cost, particularly with regard to hi-tech games, is a major obstacle faced by toy manufacturers.”