Trending technologies and the outburst of reality platforms have set the pace for the explosive growth of the game development software industry. As there is a huge demand for gaming software, many technology-based companies have turned their focus to this booming market and their hands on the exclusive development and innovation of game development software.
Game development software is used by game developers to create engaging games for smartphones, PCs, and consoles. With video game streaming getting prevalent, the need for game design software is catching the wave of demand worldwide. Every year witnesses the birth of new technologies, features, tools, or trends in the market. Every game app development company is motivated to bring advanced platforms that engage and entertain customers with excellent next-generation games.
One of the fastest growing scenarios of the entertainment industry, the gaming market is fuelled by advancements and innovations in games technology. Virtual and augmented games especially with VR headsets like HTC Vive, Google Daydream View, Samsung Gear VR, etc have added to the demand.
Today the gaming industry is USD 100 billion industry riding the surf of the Smartphone surge across the globe. Mobile gaming, AR & VR platforms, wearable games, location based games, 5G Internet, Cross-platform technology, etc are some of the key developments that are cradling the growth of the gaming software market.
Though online and mobile gaming, contributes to the rapid growth of this sector, core gaming or mainstream console and PC games, are the backbone that still strengthens the huge share of the global gaming software market.
According to the Goldstein Research Analyst Forecast, an expansion of CAGR of 4.7% is expected in the Game development Software Market during the forecast period 2016-2024 and further increase during the period 2018-2022 to 4.25%.
As per geography, the market of Game Development Software has been concentrated in APAC and EMEA; In South American countries like Brazil, Argentina, and the rest of South America, Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa) and North America (United States, Canada, Mexico).
In 2018, North America held the largest market share while Asia-Pacific came up as the second largest market thanks to the presence of key companies and technological advancement. China is a major force in the region, being the highly avaricious and swift-growing gaming software market in the world. A huge part of the revenue in the country is generated from the mobile gaming segment.
Some of the key vendors in the gaming market are
One major trend in the gaming software market is the innovative concepts and new gaming platforms. By the end of the year 2024, the VR gaming software is predicted to grow from the present hundreds of millions of dollars to a whopping USD 8 billion industry. Other new genres like multiplayer-online-battle-arena and MMO (massively multiplayer online) will also contribute to the revenue generating markets.
The key booster in the global gaming software market is the expeditious growth in mobile gaming. In the year 2016, mobile gaming has brought forth approximately USD 38.0 billion, a 40% of the gaming revenue at a global level. Of this, more than 70% came from Smartphone gaming, while the rest from tablet games. The penetration percentage of internet connected smartphones has added to the success of mobile gaming and spiked up the gaming software market.
One major challenge is the parallel gaming segment like cloud gaming, which discards the additional purchase of gaming software or downloads. As cloud gaming is still in its nascent stage one needs to wait for a few more years to see its threat to the gaming software. Though the presence of free game development software is a challenge, web-based entertainment boosts up the Game Development Software market. Also, the rising demand from SMEs and other industry verticals adds fodder to the market growth.