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.
Request challenges and opportunities that influence COVID-19 pandemic – Request a free sample report of the game development software market
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.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=I1468032020
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.
Register for a free trial today and gain instant access to 17,000+ market research reports
Technavio’s SUBSCRIPTION platform
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.