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Video Game Software Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·3-min read

Major companies in the video game software market include Sony; Activision Blizzard; Microsoft; EA and Nintendo. The global video game software market is expected to grow from $168. 78 billion in 2020 to $177.

New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Video Game Software Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018776/?utm_source=GNW
17 billion in 2021 at a compound annual growth rate (CAGR) of 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $277.95 billion in 2025 at a CAGR of 12%.

The video game software market consists of sales of video game software by entities (organizations, sole traders and partnerships) that produce video game software, including businesses that are involved in design, documentation, installation and support services, producing and distributing video games. This also includes companies that are solely involved in designing and developing or in publishing only. The video game software market is segmented into browser games; PC games; smart phone/tablet games and console games.

Asia Pacific was the largest region in the global video game software market, accounting for 51% of the market in 2020. North America was the second largest region accounting for 23% of the global video game software market. Africa was the smallest region in the global video game software market.

Games as a service is a software delivery method where a vendor generally hosts a gaming application in a remote server and customers can access it through the internet, also known as cloud gaming. Many game developers are providing their content through a subscription-based model, and are allowing customers to purchase additional content or features through micro transactions. This includes new in-game items, weapons, clothing, or other gear for the player’s character along with in-game currency and rewards. This business-model provides a continuous revenue stream for the gaming companies instead of limiting the revenues to one-time purchases. Major companies providing games as a service include Activision and Blizzard Entertainment.

The video game software market was mainly driven by rapid growth in emerging markets in the forecasted period. The International Monetary Fund (IMF) predicts that the global GDP growth will be 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 forecast period

The video game software market was mainly driven by rapid growth in emerging markets in the forecasted period. The International Monetary Fund (IMF) predicts that the global GDP growth will be 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 forecast period.


Read the full report: https://www.reportlinker.com/p06018776/?utm_source=GNW

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