Integration Of Video Game Software With Virtual Reality (VR) And Augmented Reality (AR)
According to video game software market trends, Virtual Reality (VR) and Augmented Reality (AR) are gaining popularity in the video game software market. VR allows players to experience being in a three-dimensional environment and interact with that environment. AR is a specific type of VR that aims to duplicate the environment through computer software and displays. AR adds intense graphics, sounds, and even smell to the experience. Pokemon GO is one such AR video game where the player can catch and train Pokemon and then fight with other players and their “pets”.
Video game software market forecasts show that the global video gaming software market size is expected to decline from $167.2 billion in 2019 to $166.4 billion in 2020 at a compound annual growth rate (CAGR) of -0.5%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 11% from 2021 and reach $223.2 billion in 2023.
The video game software market consists of sales of video game software by entities (organizations, sole traders and partnerships) that produce video game software, including businesses that are involved in design, documentation, installation and support services, and producing and distributing video games. This also includes companies that are solely involved in designing and developing or in publishing only. The video game software market is segmented by type into browser games, PC games, smart phone/tablet games, and console games. By genre, it is segmented into action, adventure, role playing, simulation, strategy, sports, and others. The subsegments covered are online microtransaction, digital PC games, and physical PC games.
According to gaming software industry analysis, Asia Pacific was the largest region in the global video game software market, accounting for 50% of the total share in 2019. North America was the second largest region accounting for 23% of the global video game software market. Africa was the smallest region in the global video game software market.
Major players in the market include Sony, Activision Blizzard, Microsoft, EA, and Nintendo.
The Business Research Company’s global video game software market report include regional analysis of the following countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.