Gaming Software Market Size, Opportunities & Trends | 2031

Report Description

The gaming software market size was valued at USD XX Bn in 2022 and is estimated to reach USD XX Bn by 2031, expanding at a CAGR of XX% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising availability of budget-friendly internet connectivity and increasing demand for online entertainment solutions.

Gaming software is an application or program designed to be played for entertainment purposes. Based on the type of video game different programs, tools, and technologies are used to develop them.

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Players use various devices such as consoles, mobile, computers, joystick, controllers, and motion sensor devices to play video games. Gaming software can range from simple games with basic graphics and gameplay to complex games with advanced graphics, storylines, and multiplayer capabilities.

Console gaming, mobile games, and personal computer gaming are some of the types of gaming software. Console gaming is designed to connect to the TV or any other big-screen devices through which the games can be played. Microsoft Xbox, Sony Play Station, and Nintendo Switch are some of the consoles designed specifically for gaming.

PC gaming involves playing games on the personal computers or laptop. A wide range of PC games are available, which range from simple browser-based games to high-end games that require components such as graphic cards and processors.

Mobiles game software is designed to be played on smartphones and tablets. Compare to console and PC games, smartphone games are accessible through a free download on Play Store, App Store, or any other downloading platforms. Additionally, these games are easy to develop due to this, they have a large user base. According to studies, the number of mobile gaming user is likely to reach 2.27 billion by 2027.

Types of gaming software include online gaming and virtual gaming, which immerse gamers into the virtual world, enabling a more engaging and interactive experience. Gaming software can be a great source of entertainment and provide learning, health, and educational benefits.

These games increase the cognitive function of the brain and help foster social connection and builds friendships. Over 30 genres of gaming software are available in the market, each having its own gameplay mechanics, themes, and storylines. The most popular genres of games include action, racing, shooting, and adventure.

The COVID-19 pandemic propelled the global gaming software market, as several people were confined to their homes, due to strict lockdown restrictions. Thus, they had more access to games, as they spent more time on their devices and extensively used budget-friendly internet services.

Engagement in online gaming increased; however, game releases were delayed due to the disruptions in the supply chain and developments in the gaming technology. Studies showed that global increase in the time spent on games rose by 36% due to the pandemic.

Gaming Software Market Dynamics

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Key Trends

Growing popularity of cloud-based gaming software is a major trend across the global market. Cloud gaming platforms are providing accessibility to high-end gaming software to a wide user base, which is expected to boost gaming entertainment.

Increasing interest of gamers in eSports gaming is a rising trend in the market, as a large number of online tournaments are being arranged by game developers and various companies. These companies are attracting numerous casual players to become professional gamers in large arenas in various countries around the world.

Major Drivers

Rising availability of budget-friendly Internet services and high adoption of devices such as mobiles, tablets, and PC are encouraging people to play multiplayer online games with friends or strangers worldwide are driving the market. For instance, the number of mobile device users around the world increased by 6.6 billion in 2022. These factors have accelerated the entry of new-generation gamers in the growing gaming industry. Moreover, high use of mobile gaming software is expected to drive the market during the forecast period..

Existing Restraints

Availability of multiple gaming platforms for creates fragmentation and creates a lack of standardization in the gaming software market. These create difficulties for developers while developing games that work seamlessly across various platforms and increases the cost of development.

Players often confine themselves to one spot and in awkward postures for hours while playing gaming software, which increases physical and mental health-related issues. This, in turn, is likely to restrict the market.

Numerous studies have shown, the number of players suffering from anxiety, insomnia, sleep deprivation, circadian rhythm disorders, and depression has increased due to hyper obsessions with gaming. Additionally, the violence and visuals of blood can also cause anger and insensitivity to basic human emotions.

Emerging Opportunities

Increasing developments in virtual reality (VR) and augmented reality (AR) is creating opportunities in the market for players. Furthermore, the growing trend of implementation of artificial intelligence in gaming software is expected to create opportunities in the market.

Scope of Gaming Software Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Gaming Software Market Segment Insights

Based on platform, the gaming software market is divided into PC gaming, console gaming, mobile gaming, and others. The mobile gaming segment held a major share of the market in 2022 and is expected to continue growing at a significant pace during the forecast period.

The segment is propelled by the increasing availability of smartphones with large displays with high resolution at low cost. The expansion of the mobile gaming segment is further attributed to the growing use of high-speed 4G and 5G internet in developing countries such as India, China, and South Korea.

Advancements in personal computers and laptops making them compatible with high-performance gameplay. This, in turn, is expected to boost the share of the PC gaming segment during the forecast period.

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On the basis of revenue type, the market is segmented into in-app purchases, freeware, box/CD games, and shareware. The freeware segment is expected to hold a key share of the market in the coming years due to the increasing number of smart device users.

The in-app purchase segment is expected to grow in the coming years due to the increasing number of in-app purchases from freemium customers. Gaming software developers are proving customizable characters, upgraded weapons, premium viewing experiences, and other features at affordable costs to attract more users in the in-app purchases segment.

In terms of application, the gaming software market is divided into educational, entertainment, health, and others. The entertainment segment holds a major share of the market. Playing games with friends, family, and other gamers gives a fun experience.

The educational segment is estimated to expand at a significant pace in the market owing to the rising use of gaming software to develop cognitive learning. Educational gaming software is used to improve various abilities such as enhancement of fostering creative thinking, growth of interaction skills, and increasing problem-solving skills.

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Based on genre, the market is fragmented into action, adventure, shooting, racing, role-playing, simulation, and others. The shooting segment is expected to hold a major share of the market during the projection period. This segment provides extra functionality such as attractive weapons, multiplayer functionality, realistic 3D graphics, interesting storylines, and tactical challenging missions. Some examples of shooting games include PUBG, Call of Duty, SoulsBorne series, Fortnite, and Minecraft.

The action segment is expected to constitute a large share of the market during the forecast period. The growth of this segment is attributed to the increasing popularity of action-based games such as first-person shooters (FPS) games and third-person shooters (TPS) games. The FPS and TPS are sub-genre of the action segment that are played from a first-person or third-person perspective.

Regional Outlook

In terms of region, the gaming software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period. The growth of the market in the region is due to the rapid rise of the urban population and the increasing awareness of trending gaming software.

The market in Europe is expected to expand at a substantial pace during the forecast period, due to the increasing development of esports games that attract people to become professional players. Additionally, high investments from the federal government and other financial institutes fuel the market in the region.