Game Engines Market To Reach USD 5.96 Billion By 2027 | Reports And Data
- Increasing demand witnessed by the gaming industry during lockdowns and proliferation of mobile gaming to drive market growth. Additionally, rising demand from industries like BFSI, Automotive, and Retail is helping enhance the growth over the forecasted period.
- Market Size - USD 2.18 Billion in 2019, Market Growth - CAGR of 13.63%, Market Trends -Rising adoption across BFSI, Automotive, Architecture, and Healthcare industries. Increasing trend for AR/VR will spur the growth over the forecasted period.
NEW YORK, July 30, 2020 /PRNewswire/ -- The global Game Engine Market size is forecast to surpass USD 5.96 billion by 2027. A game engine is a primary software of a video game or computer game. The software is employed to create and develop video games for mobile devices, consoles, and personal computers. 2D- or 3D-based game engine software are used to plan and code games rapidly. Game engines perform animation, sound, scripting, artificial intelligence, collision detection, and memory management in games.
A notable application of game engines is being observed across various industries, wherein they are used for gamification as well as the rising adoption of AR and VR. Banking sector is including their use for an innovative approach in regards to customer experience. It is also being used in the architecture end use for creating virtual environments in order to let the developers focus on the import of appropriate content. In the automotive end use, game engines to the likes of Unity or Unreal engine in order to develop UI & UX design. Although game engines are broad prototyping tools, they offer the design teams to quickly evaluate their work in real time 3D ecosystem.
The expanding gaming industry is expected to drive the growth of the global game engines market. Increasing rate of mobile gaming applications and app store spending will also boost the market growth. However, the high-cost constraints for smaller gaming organizations will pose a challenge to the games engine market.
Augmented reality in games is a very recent concept but is acting to raise demand in the games engines industry. Many game engines provide AR development suites. An AR game engine usually contains an augmented reality Software Development Kit or SDK, which allows developers to design, build, and test games under development. Such tools also enable developers to create and edit 3D characters which can interact with the real world. The requirement of such advanced features by developers is creating a demand for AR enabled game engine platforms.
The COVID-19 impact:
The global gaming industry is flourishing, despite the widespread economic disruption caused by the coronavirus. With the practice of social distancing reducing consumer and commercial activity to a minimum, gaming offers an enticing distraction for people trying to find social interaction during lockdowns that are being implemented across the globe. Initial data shows huge growth in playing time and sales since the lockdowns began. New gaming ventures are also entering the developing markets. For instance, Paytm First Games, the gaming arm of the digital payment's platform Paytm, started in 2019 and witnessed a 200% increase in user base during the lockdown. The global computer game market is forecast to be worth $159 billion in 2020, which when compare to the $43 billion amassed in 2019, indicates a fourfold growth. The most important market by revenue is Asia-Pacific with almost 50% of the games market by value. With games and gaming being much in demand, game engines market is also expected to perform exceptionally well during the pandemic.
Read 165 page research report with Toc, Tables & figures & charts on "Global Game Engines Market By Type (2D, 2.5D, & 3D), By Application (PC & Console Game, Mobile Game, TV Game, Training & Simulation, and Others), and By End Use (Gaming & Entertainment, Automotive & Logistics, BFSI, and Others), Forecasts to 2027" at: https://www.reportsanddata.com/press-release/global-game-engines-market
Further key findings from the report suggest
Unity Technologies published a report, there has been an increase of nearly 50% in daily active users high-definition games due to COVID-19. The report's findings stem from a cross-platform study focused on COVID-19's impact on consumer gaming including an analysis of player behaviors in games, and how games have thus far proven to be stable revenue generator during a global economic crisis.
2.5D imaging became popular in the gaming industry and animators in other fields started taking note of it by making it work in their respective fields.
Cloud gaming is another concept that is gaining impetus across PC games as well as mobile games too. With the surge of 5G and better internet connectivity, cloud mobile games will register increasing demand over the forecasted period, thus adding of the game engines market.
In 2020, the world is gearing up for the launch of Sony's PS5. In spite of the high cost Sony is expected to sell 120 to 170 million units over the next 5 years. The incremental interest in gaming and increase in disposable income will augment gaming which in turn will drive game engines market.
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