New York, USA, July 14, 2021 (GLOBE NEWSWIRE) -- A latest report on the global gaming simulator market published by Research Dive sheds light on the impact of COVID-19 pandemic on the current and future scope of the market. This report is a useful study for stakeholders, investors, market participants, and new entrants in the hunt for comprehensive insights on the impact of COVID-19 on the market growth.
Key Highlights of the Report:
The COVID-19 pandemic has had a positive impact on the growth of the global market for gaming simulator in 2020. As per the report, the global gaming simulator market garnered $4,320.0 million in 2019 and is expected to hit $20,433.9 million, rising at a CAGR of 22.1% by 2026. In the present situation, the market size has reached up to $6,197.2 million owing to the growing favoritism for online games during the quarantine or lockdown period.
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Factors Boosting the Market Growth during the COVID-19 Crisis:
According to Verizon’s research, nearly 115% of growth in the gaming sector in the U.S. alone has been observed amidst the coronavirus pandemic. Moreover, several governments across the globe are partnering with leading video game developers for launching new online games for keeping people occupied in self-quarantine period. All these factors are boosting the global gaming simulator market during the pandemic.
Factors Affecting the Market Growth
As per our analyst estimates, the substantial growth of the global gaming simulator market is mainly driven by the advancement in gaming simulators to enhance the player’s gaming experience by the addition of a real-life touch with simulation and graphics. However, the low product penetration in developing countries along with the high cost of gaming simulators will hamper the growth of the global gaming simulator market.
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Software segment of global simulator market will have rapid growth During 2020-27
On the basis of component, the global market for gaming simulator is categorized into software and hardware. The software market accounted for $9,808.3 million in 2026 and is expected to grow at 23.0%, throughout the period of forecast.
Current Face of the Market Due to COVID-19:
Various governments worldwide and game developers are greatly focusing on launching novel games, and thus resisting the impact of the pandemic on the gaming industry. Foremost companies in this industry are significantly investing in R&D and novelties in game designs, ideas, and technologies. Also, government authorities in various countries are supporting the game developers in the global market. For instance, during the pandemic the World Health Organization (WHO) and 18 video game market players have joined hands to set up #PlayApartTogether, a promotional campaign that inspires healthy physical distancing by bringing exclusives, rewards, special events, activities, and motivation to some of the most prevalent games in the world.
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Future Lookout of the Market:
According to the report, the global gaming simulator market is expected to undergo continuous growth even after the relaxation of the COVID-19 pandemic, owing to growing partnerships, investments in R&D activities, and new developments in the market. Some of the foremost players, such as
- Vesaro
- CXC Simulators
- Villers Enterprises Ltd
- Eleetus.
- RSEAT Ltd.
- Hammacher Schlemmer & Company, Inc.
- Play seat B.V.
- D-BOX TECHNOLOGIES INC.
- Aeon Sim
- Sony Interactive Entertainment Inc.
and others, are anticipated to come up with innovative developments and pave way for beneficial opportunities for the market growth in the upcoming years.
For instance, in July 2020, Microsoft’s Xbox Game Studios, a video game production division of Microsoft Corporation, and Asobo Studio, a French video game developer based in Bordeaux, announced its plans to launch the next-gen Microsoft Flight Simulator 2020.
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