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Global Video Game Software Market Continues Impressive Growth, Fueled by Emerging Markets and Games as a Service Trend

Video Game Software Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company’s Video Game Software Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The global video game software market size grew from $228.1 billion in 2022 to $260.83 billion in 2023 at a compound annual growth rate (CAGR) of 14.3%.”

— The Business Research Company

LANDON, GREATER LANDON, UK, November 24, 2023 /EINPresswire.com/ — The global video game software market has experienced remarkable expansion, escalating from $228.1 billion in 2022 to $260.83 billion in 2023, achieving an outstanding Compound Annual Growth Rate (CAGR) of 14.3%. Projections indicate a sustained upward trajectory, with the market anticipated to reach $431.73 billion by 2027, maintaining a robust CAGR of 13.4%.

Key Drivers of Market Growth

The video game software market’s primary impetus stems from the rapid expansion of emerging markets during the forecasted period. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, following a significant decline in the historic period, are expected to further bolster market growth. Developed economies are poised for stable growth, and emerging markets are projected to outpace developed markets. This stable economic growth is anticipated to drive investments in end-user markets, contributing to the market’s expansion.

For comprehensive insights into the global video game software market, refer to our detailed sample report:

Prominent Companies Shaping the Industry Landscape

Major players in the video game software market include Microsoft, Tencent Holdings Co Ltd., Nintendo Co Ltd., Sony Corp, Netease Inc., Electronic Arts, Google, Financière de l’Odet, Take-Two Interactive, and Bandai Namco Holdings Inc.

Games as a Service Transforming Business Models

Games as a service, a software delivery method hosting gaming applications on remote servers accessible through the internet, is emerging as a pivotal trend. Game developers are increasingly adopting subscription-based models, enabling customers to access content and purchase additional features through microtransactions. These transactions encompass new in-game items, weapons, clothing, and other gear for player characters, along with in-game currency and rewards. This business model ensures a continuous revenue stream for gaming companies, diverging from the traditional one-time purchase model. Notable companies embracing games as a service include Activision and Blizzard Entertainment.

Regional Dynamics and Market Segmentation

Asia-Pacific secured its position as the largest region in the global video game software market in 2022, with North America following as the second-largest region.

The global video game software market is segmented –

1) By Type: PC Games, Browser Games, Smart Phone/Tablet Games, Console Games
2) By Genre: Action, Adventure, Role Playing, Simulation, Strategy, Sports, Other Genres
3) By End User Sex: Male, Female

Subsegments Covered: Online Microtransaction, Digital PC Games, Physical PC Games

Access the complete report for in-depth analysis and strategic insights:

Video Game Software Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Video Game Software Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on video game software market size, video game software market drivers and trends, video game software market major players, video game software market competitors’ revenues, market positioning, and video game software market growth across geographies. The video game software market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

Browse Through More Similar Reports By The Business Research Company:

Browser Games Global Market Report 2023

Console Games Global Market Report 2023

Digital PC Games Global Market Report 2023

About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 6500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess supply-demand gaps.

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Originally published at https://www.einpresswire.com/article/670620326/global-video-game-software-market-continues-impressive-growth-fueled-by-emerging-markets-and-games-as-a-service-trend

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