An increase in the commercialization of 5G technology as well as a rise in the adoption of cloud gamification are anticipated to drive the growth of the global gaming software market during the forecast period. The North America region is projected to hold the majority of the market share by 2032.
PORTLAND, Ore., Nov. 21, 2023 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Gaming Software Market by Purchase Type (Box/CD Game, Shareware, Freeware, In-App and Purchase-based, Digital), by Type (PC Games, Browser Games, Console Games, Smart Phone/Tablet Games): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global gaming software market generated $127.1 billion in 2022, and is anticipated to generate $301.5 billion by 2032, witnessing a CAGR of 9.3% from 2023 to 2032.
Prime Determinants of Growth
The global gaming software industry is experiencing significant growth propelled by various factors. The commercialization of 5G technology stands out as a key driver, particularly impacting mobile gaming by enabling cloud gaming for mobile users and delivering console-level graphics. Moreover, a surge in the number of gamers and the rising popularity of immersive and competitive gaming on mobile devices contributes to the market’s expansion. The increased adoption of cloud gamification and the enhancement of cross-platform gaming experiences present promising opportunities for market players. However, games often require access to social media, making stringent data privacy adherence imperative. The challenge of maintaining trust and operational efficiency in the face of these concerns presents a potential obstacle to sustained market growth during the forecast period.
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$127.1 billion |
|
Market Size in 2032 |
$301.5 billion |
|
CAGR |
9.3 % |
|
No. of Pages in Report |
300 |
|
Segments covered |
Type, Purchase Type, and Region |
|
Drivers |
Commercialization of 5G technology
Surge in the number of gamers and immersive gaming on mobile devices |
|
Opportunities |
Widespread adoption of 5G technology
Increasing demand for immersive and competitive gaming across multiple platforms |
|
Restraints |
Stringent data privacy requirements, particularly in games with social media integration |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global gaming software market. As individuals spent more time at home, there was a remarkable surge in the demand for gaming entertainment. This heightened engagement spanned across diverse gaming platforms, ranging from consoles and PCs to mobile devices, resulting in substantial revenue growth for the industry.
- Moreover, online multiplayer games experienced a thriving period as people sought avenues for social interactions within virtual environments.
- The pandemic, while presenting challenges to various sectors, became a catalyst for the gaming software market, showcasing its resilience and adaptability to evolving consumer needs during times of global uncertainty.
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By Type: Smartphone/Tablet Games Segment to Maintain Growth in 2032
The smartphone/tablet games sub-segment emerged as the dominant force in the global gaming software market, holding a substantial share of 36.9% in 2022. This sub-segment is expected to lead the market, growing with a CAGR of 11.2% in the forecast period. The preference for smartphone and tablet games is mainly due to their portability, ease of game downloads, and the surge in popularity during the COVID-19 pandemic, where people sought immersive gaming experiences while staying at home. Additionally, the integration of emerging technologies like Augmented Reality (AR), Virtual Reality (VR), and cloud gaming further fueled the growth of this segment.
Purchase Type: Box/CD Game Segment to Hold Majority of Market Share by 2032
The box/CD game sub-segment held the major share of 30.5% in 2022, and is expected to dominate the market by holding a market share of 36.3% by 2032. The enduring popularity of box/CD games is attributed to their reliable gaming experience without the need for constant internet connectivity. This appeals to individuals in areas with unreliable or limited internet access, ensuring uninterrupted gameplay even when online servers face disruptions.
Region: North America Dominated the Market in 2022
In 2022, the North America region dominated the global gaming software market, holding a major share of 39.7%. The widespread use of mobile devices, including smartphones, and the availability of affordable data plans fueled the region’s gaming software market. North America’s dynamic and thriving gaming industry, enriched by a strong gaming heritage, robust e-sports events, and a massive player base, showcased the region’s resilience and adaptability to evolving technology and consumer preferences.
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Leading Players in the Gaming software Market:
- Rockstar Games Inc.
- Bethesda Softworks LLC.
- Nintendo Co., Ltd.
- GAMELOFT
- Activision Blizzard, Inc.
- Valve Corporation
- Nexon Co, Ltd.
- Electronic Arts Inc.
- Nvidia Computer Game Company
- Sony Corporation
The report provides a detailed analysis of the key players of the global gaming software market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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