PUBLISHER: The Business Research Company | PRODUCT CODE: 1429685
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429685
A video game is a computerized form of entertainment that can be played on various devices, including personal computers (PCs), mobile phones, or gaming consoles.
The primary types of video game software encompass browser games, PC games, smartphone/tablet games, and console games. A browser game is one that is played online using a web browser over the internet. These games span various genres, including action, adventure, role-playing, simulation, strategy, sports, and others, catering to both male and female end users.
The video game software market research report is one of a series of new reports from The Business Research Company that provides video game software market statistics, including video game software industry global market size, regional shares, competitors with a video game software market share, detailed video game software market segments, market trends and opportunities, and any further data you may need to thrive in the video game software industry. This video game software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed in the historical period can be attributed to factors such as in-game purchases and freemium models, the influence of live streamers and gaming influencers, a rise in smartphone users, and an increase 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 anticipated growth in the forecast period can be attributed to the increasing use of the internet, a shift in preference towards digital games, the prevalence of cross-platform publishing and play, technologically advanced platforms, and increasing involvement of gamers. Major trends in the forecast period include the integration of augmented reality (AR) and virtual reality (VR) technologies, a focus 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, providing streaming video game services, and investing in the development of new as well as updating existing software compatible with the latest gaming consoles.
The video game software market experienced substantial growth, primarily fueled by the rapid expansion of emerging markets in the forecasted period. According to the International Monetary Fund (IMF), global GDP grew by 3.3% in 2020 and 3.4% in 2021, with recovering commodity prices further contributing to market growth. Developed economies are expected to maintain stable growth, and emerging markets are projected to grow slightly faster than their developed counterparts. This steady economic growth is anticipated to drive investments in end-user markets, acting as a key driver for the video game software market in the forecasted period.
The growth of the video game software market is expected to be propelled by the increasing number of gamers. The gaming population, comprising individuals engaged in playing video games, plays a crucial role in the video game industry. Video game software serves as the fundamental element for creating, running, and delivering interactive gaming experiences. Notably, in March 2023, the UK witnessed a 63% growth in the number of gamers since the 2021 lockdown, as reported by CyberCrew UK. In 2020, consumers dedicated $5.2 billion to video games in the UK, marking the first time that video game sales surpassed the $5 billion milestone. Consequently, the rising number of gamers is a significant factor driving the expansion of the video game software market.
Major players in the video game software market are strategically focusing on innovative solutions, such as the establishment of game development studios, to enhance their market position and profitability. Game development studios are responsible for the design, development, and release of video games across various platforms. For instance, in November 2022, Indium Software, a US-based Digital Engineering services company, launched iXie, an end-to-end game development studio offering a comprehensive range of gaming services top video game companies globally. iXie is poised to enter the gaming-as-a-service market, showcasing holistic competencies in game design and development.
In January 2022, Microsoft Corporation, a US-based technology company, announced its intent to acquire Activision Blizzard Inc. for $68.7 billion. This strategic move is expected to accelerate Microsoft's growth in the gaming business across mobile, PC, console, and cloud platforms, while also providing foundational elements for the metaverse. Activision Blizzard Inc., a US-based video game holding company, stands as a key player in the industry.
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, Climax Studios, 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
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 countries covered in the video game software market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The video game software market includes revenues earned by entities by providing design, documentation, installation and support services, and producing and distributing video games. This also includes companies solely involved in designing and developing or publishing only. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Video Game Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on video game software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for video game software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The video game software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.