Portland, OR, Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global video game software market generated $198.5 billion in 2021, and is projected to reach $751.4 billion by 2031, growing at a CAGR of 14.4% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $198.5 billion |
| Market Size in 2031 | $751.4 billion |
| CAGR | 14.4% |
| No. of Pages in Report | 345 |
| Segments Covered | Device type, end-user, genre, and region. |
| Drivers | Increase in the standard of living |
| Increase in demand for easily accessible forms of entertainment and media | |
| Opportunities | Emergence of advanced technologies such as virtual reality and mixed reality with video game software solutions suites |
| Growth in the popularity of work from home culture | |
| Restrains | Hardware and infrastructure requirements of modern video games |
| Limited to specific consumers |
COVID-19 Scenario:
The outbreak of the COVID-19 has had a positive impact on the growth of the global video game software market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in increased internet penetration around the world, and hence more and more people, particularly the younger generation, switched to video games. In addition, increase in popularity of work from home culture and persistent advancements and application of virtual reality and mixed reality in video games are expected to create ample opportunities for the industry. Thus, dramatically increased screen time and digital presence of people during the period of COVID-19-induced lockdowns and social distancing policies significantly boosted the growth of the market.
The report offers detailed segmentation 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 largest market share in 2021, holding more than one-third of the global video game software market share, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 14.9% during the forecast period. The report also analyses other segments such as Console, PC, and others.
Based on end-user, the commercial segment held the dominating market share in 2021, holding more than two-thirds of the global video game software market share, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 15.0% during the forecast period. The report also includes other segments such as personal segment.
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Based on genre, the action segment held the dominating market share in 2021, holding nearly one-fourth of the global video game software market share, and is expected to maintain its leadership status during the forecast period. The report includes other segments such as adventure, role playing, simulation, strategy, sports, and others.
Based on region, the market across North America held the largest market share in 2021, holding more than one-third of the global video game software market share, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 16.2% during the forecast period.
The key players analyzed in the global video game software market report include Activision Blizzard, Apple, Inc, Beijing Babeltime Technology Co., Ltd., Electronics Art, Inc, Konami Holdings Corporation, Lucid Games, Microsoft Corporation, Nintendo, 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, Virtous Holdings Pte. Ltd, and Zeus Interactive Co., Ltd.
The report analyzes these key players in the global video game software market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
