The global Gaming Software Market was valued at USD88.51 billion in 2020 and is projected to grow at a CAGR of around 10.81% during the forecast period, owing to the rise in the applications of smartphones, growing adoption of digital distribution, growing demands for various applications in the entertainment and education sector after COVID-19 pandemic.
Additionally, the popularity of content creators and live streaming is also expected to drive the market. To meet the education and entertainment demands across the globe, software gaming proves to be a boon for both sectors. However, the high subscription charges and violent video gaming is likely to hamper the market growth during the forecast period. Additionally, reputation management and unionization can further restrict the growth of the market.
Based on the region, the market can be fragmented into Asia Pacific, Europe, North America, South America, and Middle East & Africa.
The Asia Pacific contributes the highest share of 48.54% in the market and is expected to grow at a significant pace on account of its high technological investments and new user engagement.
Based on end-use, the market can be divided into entertainment, education, and others. The entertainment segment dominates the market with a share of 48.94% in 2020, primarily due to the increasing number of smartphones and gaming software users, etc., as software games are highly relied upon when it comes to entertainment.
Based on the gaming device type, the market can be split up into smartphones, PC, gaming consoles, handheld games, and tablets.
The smartphones segment dominates the market with a share of 33.05% in 2020 due to an increase in the demand for mobile devices.
Based on game type, the market can be apportioned into action, adventure, simulation, role-playing, puzzles and others.
The action segment dominates the market with a share of 25.79% in 2020 as they are beneficial for physical, psychological, and social activities and help in improving the perceptual decision-making qualities among users.
Based on the gaming channel type, the market can be divided into online and offline.
The online segment dominates the market with a share of 53.75 in 2020 as players find them more exciting due to the option of choosing an unlimited number of players across the globe.
Key Players:
- Disney Interactive Studios, Inc.,
- Electronic Arts, Inc.,
- Tencent Holding Ltd.,
- Ubisoft Entertainment SA,
- Google LLC,
- NCSoft Corporation,
- Nexon Co. Ltd.,
- Nintendo Co, Ltd.,
- Electronic Arts, Inc. and
- Valve Corporation.
The post Gaming Software Market to Expand at 10.81% CAGR by 2026 appeared first on ELE Times.
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