Press release
Video Game Software Market Size, Analysis, Trends, Overview And Forecast To 2033
Video Game Software Market
Video Game Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $446.78 billion In 2028 At A CAGR Of 12.6% :
The video game software market size has grown rapidly in recent years. It will grow from $248.29 billion in 2023 to $277.54 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to in-game purchases and freemiums, live streamers and gaming influencers, rise in smart phone users and rise in disposable income.
The video game software market size is expected to see rapid growth in the next few years. It will grow to $446.78 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to increasing use of internet, shifting preference towards digital games, cross-platform publishing and play, technologically advanced platforms, and increasing gamers involvement. Major trends in the forecast period include integrating ar and vr technologies, focusing on in-game advertising, providing free access to games with certain main features in paid versions, offering game software services on the cloud with pay-per-usage payment models, offering streaming video game services, and invest in developing new as well as updating existing software, which is compatible with latest gaming consoles.
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Video Game Software Market Major Segments
The video game software market covered in this report is segmented -
1) By Type: PC Games, Browser Games, Smart Phone/Tablet Games, Console Games
2) By Genre: Action, Adventure, Role Playing, Simulation, Strategy, Sports, Shooter, Fighting, Racing, Other Genres
3) By Type Of Transaction: Physical, Online/Microtransaction, Digital
Key Driver - Emerging Markets Drive Growth In The Video Game Software Market
The video game software market was mainly driven by rapid growth in emerging markets in the forecasted period. The International Monetary Fund (IMF) stated that the global GDP growth was 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
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Prominent Trend - Game Development Studios Driving Innovation In Video Game Software Market
Major companies operating in the video game software market are focused on introducing innovative solutions, such as game development studios to gain profits in the market. A game development studios are responsible for designing, developing, and releasing video games for a variety of platforms. For instance, in November 2022, Indium Software, a US-based Digital Engineering services company, launched end-to-end game development studio iXie that offers a wide range of gaming services to top video game companies across the globe. iXie is expanding into the gaming-as-a-service market with a holistic game design and development competency.
Video Game Software Market Players
Major companies operating in the video game software market report are Tencent Holdings Ltd., Nintendo Co., Ltd., Sony Corporation, NetEase, Inc., Microsoft Corporation, Activision Blizzard, Inc., Electronic Arts Inc, Ubisoft Entertainment SA, Square Enix Holdings Co., Ltd., Konami Holdings Corporation, Nova Gaming Ventures Private Limited, TA Games Studio, Virtuos Holdings Pte. Ltd., Elex Technology Co. Ltd., Zeus Interactive Co. Ltd., Beijing Babeltime Technology Co. Ltd., Happy Elements Technology (Beijing) Limited, Shanghai Everstar Online Entertainment Co. Ltd., 2Pi Interactive, 99Games, Apar Games, Dhruva Interactive, CreatioSoft, Sega Sammy Holdings, Bandai Namco Holdings, BEETSOFT Co. Ltd., Rikkeisoft, Wizcorp, CoolGames, Tinhvan Outsourcing Jsc. (TVO), Playsoft Game, Supercell, Gameloft, Ronimo Game, Travian Game, Asobo Studio, Team17 Digital Limited, Engine Software, Frontier Developments plc, Keywords Studio, Sumo Digital Team17 Digital Limited Frontier Developments, Codemasters, XSEED Game, 22cans Ltd, 4J Studios Limited, Blitz Games Studios Limited, BossAlien, Curve Digital Limited, Rockstar North Limited, Sports Interactive Limited, Criterion Games, HeroCraft, Brainy Studio, BUKA Entertainment, Factory Online, Ambidexter LLC, Mail.Ru Group, Alawar Entertainment, Nival, GSC Game World, Action Forms, Meridian'93, Elephant Game, Gaijin Entertainment, Novosoft, Alderac Entertainment Group, Arc Dream Publishing, Evil Hat Productions, Valve Corporation, Etermax, Bamtang Game, Squad, Iguanabee, AOne Game, Pomelo Game, Wixel Studios in Lebanon, Nezal Entertainment in Egypt, UAE-based Tahadi Games, Game Power 7, Gameguise
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the global video game software market in 2023. North America was the second largest region in video game software market. The regions covered in the video game software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Video Game Software Market Report Structure
3. Video Game Software Market Trends And Strategies
4. Video Game Software Market - Macro Economic Scenario
5. Video Game Software Market Size And Growth
…..
27. Video Game Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. AppendiX
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