Rise in living standards along with surging demand for easily accessible forms of entertainment and media will drive the growth of the global video game software market.
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Allied Market Research published a research report on the global video game software market. The findings of the report state that the global market for video game software generated $198.5 billion in 2021, and is projected to reach $751.4 billion by 2031, witnessing a CAGR of 14.4% from 2022 to 2031. The report offers valuable information on changing market trends, key segments, key investment pockets, and the competitive landscape for market players, shareholders, investors, and new entrants.
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The report offers an extensive analysis of drivers, restraints, and opportunities to help market players in determining strategies based on driving forces and tap into new growth opportunities. Rise in living standards along with surging demand for easily accessible forms of entertainment and media will drive the growth of the global video game software market. Launching of new technologies such as virtual reality and mixed reality with video game software solutions suites will open new growth opportunities for the global market. However, hardware and infrastructure requirements of modern video games can put brakes on the growth of the global market in the years ahead.
The research provides detailed insights regarding the Covid-19 pandemic along with its impact on the video game software market across the globe. The outbreak of the COVID-19 positively affected the expansion of the global market due to the imposition of lockdowns in various countries leading to increased internet penetration around the world and more people playing video games. Furthermore, rise in digital presence of the people during the COVID-19 period due to strict implementation of social distancing norms will contribute sizably towards the global market proceeds.
The report offers an extensive analysis of segments of the global video game software market based on device type, end-user, genre, and region. Based on device type, the smartphone segment held the highest market share in 2021, accounting more than one-third of the global video game software market share, and is anticipated to maintain its dominant status during the forecast period. In addition, the same segment is expected to register the fastest CAGR of 14.9% during the forecast timespan. The report also analyses other segments such as console, PC, and others.
On basis of end-user, the commercial segment held the leading market share in 2021, contributing more than two-thirds of the global video game software market share, and is projected to maintain its leadership status during the forecast period. In addition, the same segment is expected to record the highest CAGR of 15.0% during the forecast timeline. The report also includes other segments such as personal segment.
In terms of genre, the action segment held the major market share in 2021, accounting nearly one-fourth of the global video game software market share, and is set to maintain its leading position during the forecast period. The report includes other segments such as adventure, role playing, simulation, strategy, sports, and others.
Region-wise, the market across North America held the largest market share in 2021, accounting more than one-third of the global video game software market share, and is predicted to retain its dominant posiiton during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the highest CAGR of 16.2% during the forecast period.
Major players included in the global video game software market report include Activision Blizzard, Inc., Apple Inc., Beijing Babeltime Technology Co., Ltd., Electronics Art, Inc., Konami Holdings Corporation, Lucid Games Limited, Microsoft Corporation, Nintendo Co., Ltd., Nova Gaming Ventures Private Limited, Rovio Entertainment Corporation, Sony Interactive Entertainment, Square Enix Holdings Co. Ltd, Tencent Holdings Limited, TA Games Studio, Ubisoft Entertainment SA, VIRTUOS HOLDINGS PTE. LTD., and Zeus Interactive Co., Ltd.
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