The global video game software market was USD 227.08 billion in 2022 and is likely to reach USD 762.10 billion by 2031, expanding at a CAGR of 14.4% during 2023 – 2031. Video game software is a program that facilitates interaction by user interface or input devices such as joysticks, controllers, keyboards, or motion sensor devices.
Video games are usually supplemented with audio feedback that is delivered through speakers or headphones. Video game software programs use a platform which is a combination of electronic components and computer hardware along with an associated software. These platforms are essential for video games to operate.
Video game software are required to be downloaded or installed in the platform for it to be accessed. These games are mainly played by the younger generation and teenagers. Many innovative and advanced video games are emerging in the market. Video game software programs are designed and marketed to primarily attract the target teenagers and children.
Market Trends, Drivers, Restraints, and Opportunities:
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Increasing application of immersive technology including virtual reality (VR) and augmented reality (AR) in the market is expected to surge the demand for video game software.
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Rising influence of social media and the global penetration of the Internet are the drivers of the video game software market.
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Product innovation increases the cost of production, which in turn, surges the cost of advanced video games, thereby hampering the market growth.
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Rise in standard of living and disposable income encourage many people to buy video games for leisure time, which further drives the market.
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Technological advancements have resulted in the implementation of cloud gaming as it allows users to stream high-end games across handheld devices. This factor has escalated the market growth significantly.
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The expansion of product portfolio and the release of new games and consoles in multiple formats by key players is expected to provide lucrative opportunities for market growth
Scope of the report:
The report on the global video game software market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Video Game Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023 – 2031
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Segmentation
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Gaming Types (Consoles, Tablets, Smartphones, Downloaded/Box PCs, and Browser PCs)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Sony Corporation, Microsoft Corporation, Nintendo, Tencent Holdings Limited, and Electronic Arts Inc
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Video Game Software Market Segment Insights:
Increasing demand for mobile games drives the smartphones segment
On the basis of gaming types, the market can be segmented into consoles, tablets, smartphones, downloaded/box PCs, and browser PCs. The smartphones segment accounted for a significant market share in 2020 owing to the rise in global demand for mobile games. Smartphones are an efficient platform for video game software programs as these can be carried anywhere and it is comparatively easier to download games on a mobile phone.
Smartphone gaming applications became widely preferable during the spread of COVID-19 owing to the emergence of new and immersive games that could be played while sitting at homes.
Technological advancements such as AR, VR, and cloud gaming further fueled the growth of the smartphones segment. The AR technology is usually adopted for mobile gaming due to its interactive nature of technology and the multiple additions of genre integrated in the AR games.
The consoles segment is also projected to expand at a substantial growth during the forecast period owing to the rising disposable income among the consumers. Console-based video games can be played by using a gaming controller and a hardware electronic device that outputs a video signal to display the video game.
Asia Pacific to emerge as a prominent video game software market
In terms of regions, the global video game software market can be fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific constituted a significant share of the market in 2020 due to mergers and acquisitions conducted by key market players.
Moreover, increase in R&D spending and growing advancements in the coding and gaming sectors are driving the market in Asia Pacific. The market in North America is projected to expand at a significant CAGR during the forecast period due to growing R&D expenditure and new product development and innovation by key players.
Segments
By Gaming Types
- Consoles
- Tablets
- Smartphones
- Downloaded/Box PCs
- Browser PCs
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Sony Corporation
- Microsoft Corporation
- Nintendo
- Tencent Holdings Limited
- Electronic Arts Inc
Competitive Landscape
Key players in the global video game software market include Sony Corporation, Microsoft Corporation, Nintendo, Tencent Holdings Limited, and Electronic Arts Inc.
These players have constantly engaged in several market development strategies including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to strengthen their geographical presence, expand their customer base globally and increase their market share.
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