LONDON--(BUSINESS WIRE)--The game development software market is expected to grow by USD 53.53 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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The growing popularity of PC games is encouraging several PC manufacturers to launch products specifically designed for gaming. For instance, in June 2019, HP launched the OMEN and Pavilion series of gaming laptops to cater to the growing demand from India. Similarly, gaming console manufacturers are launching updated versions of existing consoles with improved features. For instance, in October 2019, Sony Corp. announced its plans to launch the PlayStation 5 with brand new controllers. Also, prominent gaming companies such as Electronic Arts Inc. are creating platforms for the digital distribution of games and the creation of online gaming communities. These factors are encouraging game developers to develop new games, which is driving the demand for game development software.
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As per Technavio, the growing popularity of AR/VR games will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Game Development Software Market: Growing Popularity of AR/VR Games
The rising awareness of AR/VR content is encouraging many companies to offer AR/VR devices. For instance, in November 2019, Apple announced its plans to launch a combined AR/VR headset that can run videos, games, and virtual meetings. Also, many companies are launching AR/VR games to capitalize on this growing trend. For instance, in October 2019, Minecraft Earth, an AR game, was launched in partnership with Mojang AB and Microsoft Corp. Similarly, Niantic Inc. developed Pokemon GO, an AR game that can be played on mobile phones with the help of GPS. The rising development of such games will increase the demand for game development software, thus leading to the growth of the market.
“The emergence of cloud gaming and the advent of cross-platform gaming will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Game Development Software Market: Segmentation Analysis
This market research report segments the game development software market by Component (Game engine and Audio engine) and Geography (APAC, Europe, MEA, North America, and South America).
The North America region led the game development software market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, APAC is expected to register the highest incremental growth due to the increase in demand for console games in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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