The video game software market comprises of sales of video game software by numerous entities (organizations, sole traders and partnerships) that introduce the video game software, comprising the businesses that are entailed in design, documentation, installation and support services, generating and distributing video games. This also includes corporates that are solely comprised in designing and developing or in publishing only.
According to the report analysis, ‘Video Game Software Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that Sony; Activision Blizzard; Microsoft; EA; Nintendo and several others are the key companies which recently operating more effectively in the video game software global market in the ongoing years for leading the highest market growth and registering the handsome value of market share globally while establishing the several research and development programs, increasing the applications and specifications of such, spreading the awareness connected to such, delivering the better consumer satisfaction, decreasing the associated prices of such, analysing the strategies and policies of the government as well as corporates, implementing the policies of the enlargement and profit making, and improving the qualitative and quantitative measures of such.
In addition, the Asia Pacific was the largest region in the global video game software market, accounting the market during 2019. North America region was the second largest region accounting the global video game software market. While, the Africa was the smallest region in the global video game software market. The global video game software market is predicted to decline in 2019 to 2020 at a compound annual growth rate (CAGR). The decline is mainly owing to the economic slowdown across countries owing to the COVID-19 epidemic and the measures to contain it. The market is then expected to recuperate and grow at a CAGR from 2021 to 2023.
Growth in the historic duration resulted from in-game buys and freemiums, live streamers and gaming influencers, increment in smart phone users and augment in disposable income. Aspect that negatively affected growth in the historic duration was stringent regulations. Going forward, growing the use of internet, everchanging preference towards digital games, cross-platform reproducing and play, technologically advanced platforms, and growing the gamers involvement will propel the growth. Factors that could limit the growth of the video game software market in the future entail growing privacy concerns, regulatory restrictions to curb pc games addiction, worldwide recession, age-based restrictions and COVID-19 pandemic.
In addition, the Virtual Reality (VR) and Augmented Reality (AR) are obtaining the popularity in the Video Game Software market. VR enables the players to experience being in a three-dimensional environment and interrelate with that environment. AR is a precise type of VR that focuses to duplicate the environment through computer software and displays. AR adds penetrating graphics, sounds and even smell to the experience. The Pokemon GO is one such AR video game where the player can catch and train Pokemon and then fight with the other players and their pets. Therefore, in the near years, it is predicted that the market of video game software will increase around the globe more significantly over the forthcoming duration.
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Ankur Gupta, Head Marketing & Communications