Dublin, Dec. 17, 2020 (GLOBE NEWSWIRE) -- The "Global Game Engines Market By Type, By Application, and By End Use, Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.
Increasing demand witnessed by the gaming industry during lockdowns, rising demand from industries like BFSI, Automotive, and Retail, and proliferation of mobile gaming are expected to drive market growth.
The growing trend of AR/VR and high demand for game engines for gamification applications across various industries.
The Global Game Engine Market size was USD 2.18 billion in 2019 and is forecast to garner USD 5.96 billion in annual remunerations, delivering a CAGR of 13.63% through 2027.
A game engine is a software used to create and develop games for personal computers, mobile phones, consoles, and other gadgets. For planning and coding games, 2D- or 3D-based game engine software are leveraged. They are experiencing high demand for gamification applications across various industries, wherein they are used for gamification.
The growing popularity of Augmented Reality (AR) and Virtual Reality (VR) is also boosting game engine proliferation. The application of these software ranges from the banking sector and architecture to the automotive sector. The automotive sector is generating huge demand for game engines for developing UI & UX design.
The expansion of the gaming industry with growth in mobile gaming applications available in the app store will further create major opportunities for game engines market growth.
The COVID-19 Impact:
With the outbreak of COVID-19, the initiation of lockdowns and social distancing rules led to reduced consumer and commercial activity. In times of crisis, gaming offered a distraction to users. A recent study suggests that there has been an increase of around 50% in daily active users of high-definition games due to the coronavirus pandemic. The gaming industry is witnessing huge playing time and sales since lockdowns were initiated.
For instance, the gaming arm of the digital payment platform Paytm, Paytm First Games, which was started in 2019, has experienced a 200% increase in user base in the lockdown period. The global computer game market was valued at USD 43 billion in 2019 and is estimated to be worth USD 159 billion by the end of 2020. Increasing consumer inclination towards gaming, primarily in developing economies, will supplement the game engines market share through 2027.
Further key findings from the report suggest
Based on type, the 3D segment accounted for 84.19% of the game engines market share in 2019 and is estimated to witness significant growth through 2027. The 3D type is extensively leveraged in games or role modeling, scenario modeling, 3D engine, and particle system.
In terms of applications, the PC & Console Games segment accounted for 58.2% of the market revenue share in 2019 and is set to garner major gains over the forecast period. With the surge of 5G and better internet connectivity across the globe, cloud mobile games are likely to witness high demand through 2027, supplementing the game engines market share.
In the regional landscape, the APAC region is estimated to exhibit a notable growth rate through 2027. China is one of the primary developers of game engines globally and accounted for 27% of the market share in 2019. The presence of a large consumer base, growing usage of mobile games, along with increasing popularity of E-Sports will boost regional growth.
Key players operating in the global game engines market are Unity Technologies, Chukong Tech, Epic Games, Crytek, YoYo Games, Valve Corporation, The Game Creators, Idea Fabrik, Marmalade Tech, Leadwerks Software, Amazon, Sony, GameSalad, Corona Labs (Organization), Silicon Studio Corp., and Scirra, among others.
By the end of 2020, Sony plans to launch PS5, and despite its high cost, the company is expected to sell over 120-170 million units over the next five years.
The Game Creators
Scirra Co.ona Labs (Organization)
Silicon Studio Corp
For more information about this report visit https://www.researchandmarkets.com/r/qgtgz1
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