SAN FRANCISCO, Nov. 16, 2020 /PRNewswire/ -- The global gaming simulator market size is expected to reach USD 9.99 billion by 2027, according to a new study by Grand View Research, Inc. It is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2020 to 2027. The increasing popularity of gaming coupled with the continued introduction of innovative VR headsets that can potentially enhance the graphics experience is expected to drive the growth of the market over the forecast period. The growing preference for realistic gaming experience among gamers also bodes well for the growth of the market.
Key suggestions from the report:
The hardware segment is anticipated to register a considerable growth rate over the forecast period owing to the increasing number of gamers and the growing preference for a better gaming experience
The shooting segment is expected to register a significant growth rate from 2020 to 2027 in line with the growing popularity of the first-person shooter (FPS) games among gamers
The commercial segment is expected to witness significant growth over the forecast period owing to the growing adoption of gaming simulators at gaming zones and for virtual training purposes
The Asia Pacific regional market is anticipated to register a significant growth rate from 2020 to 2027 owing to the strong emphasis gaming zones in the region are putting on offering innovative games based on simulation and virtual reality
Several gaming zones are putting a strong emphasis on offering a better gaming experience through gaming simulators. For instance, NASSAA Uth HUB, an entertainment hub in India, is offering an enhanced gaming experience through various simulators, including a cricket simulator, flight simulator, and car simulator. The growing demand for gaming simulators for playing different types of games, such as racing, cricket, and golf, is expected to drive the growth of the market over the forecast period.
Manufacturers are also focusing on developing advanced gaming simulators that can enhance the gaming experience for gamers. For instance, in May 2019, RS Simulation launched Sector One, a high-end racing simulator, in collaboration with D-BOX TECHNOLOGIES INC. The simulator is designed to meet the standards of savvy motorsports participants and professional race drivers.
Market players are focusing on strategic partnerships and collaborations, mergers & acquisitions, and new product development, to offer innovative products that can improve the user experience and build an international presence for their brands. For instance, in January 2019, GIANTS Software collaborated with Logitech to develop the Farming Simulator experience. The collaboration envisages GIANTS Software using Logitech's Logitech G eco-system to design a farming tractor simulator.
Grand View Research has segmented the global gaming simulator market based on component, game type, end-use, and region:
Gaming Simulator Component Outlook (Revenue, USD Million, 2016 - 2027)
Gaming Simulator Game Type Outlook (Revenue, USD Million, 2016 - 2027)
Gaming Simulator End-use Outlook (Revenue, USD Million, 2016 - 2027)
Gaming Simulator Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players of the Gaming Simulator Market
Cloud Gaming Market – Global cloud gaming market size was valued at USD 0.32 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 47.9% from 2020 to 2027.
Virtual Reality In Gaming Market – Global virtual reality in gaming market size was valued at USD 11.56 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 30.2% from 2020 to 2027.
Video Game Market – Global video game market size was valued at USD 151.06 billion in 2019 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.9% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.