On October 25th, Allied Market Research added a new report to its portfolio. This survey showed that the global video game software market was worth $198.5 billion last year. That number is expected to hit $751.4 billion by 2031, registering a compound annual growth rate (CAGR) of 14.4% during this forecast period.
“The outbreak of the COVID-19 has had a positive impact on the growth of the global video game software market, owing to the occurrence of lockdowns in various countries across the globe,” the report reads. “Lockdowns resulted in increased internet penetration around the world, and hence more and more people, particularly the younger generation, switched to video games.”
The report showed that the smartphone segment held the largest market share in 2021, making up over 1/3 of the global video game software sector. That segment is expected to maintain its leadership position and register the fastest CAGR during this forecast period (14.9%).
Meanwhile, the action video game genre was the most popular throughout the market last year. Action games comprised almost 25% of the market.
North America held the largest market share in 2021 (over 33%). While this part of the world is expected to continue to dominate the industry, the APAC region will register the fastest CAGR between now and 2031 (16.2%).