Game Engines Market Estimated To Reach USD 8.26 Billion By 2030
Posted by Neha Bora on January 6th, 2023
San Francisco, 6 Jan 2023: The Report Game Engines Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Type (3D, 2D), By Platform (Console, Mobile, Computer), By Region, And Segment Forecasts, 2022 - 2030
The global game engines market size is projected to reach USD 8.26 billion by 2030, expanding at a CAGR of 16.76% from 2022 to 2030, according to a new study by Grand View Research, Inc. The ever-expanding gaming community across the globe is creating a need for developers to enhance gamers' overall experiences with the help of game engines. The gaming industry has become a multi-billion-dollar industry as players of different ages and backgrounds find gaming a viable form of entertainment.
The advent of cloud gaming, mobile gaming, and improvements to gaming hardware is contributing to the transformation of the gaming industry. Due to this transformation, the creation of games is turning significantly complex. However, the cost of building a video game for game consoles and smartphones has escalated with rising complexity. This has boosted demand for game engines as they cost less than traditional development methods and are easy to use that help produce excellent images in a short time.
Game developers have exhibited an increased inclination towards engines for tools and components to create games robustly and efficiently. Also, developers have explored opportunities in game engines as the latter has gained ground across the automotive, banks, fashion, gaming, and entertainment sectors. For instance, 3D cloth simulation technology has set the trend across the entertainment and fashion industry, while rendering showroom graphics has become sought-after in the automotive sector.
Moreover, cloud gaming has leveraged scalability and provided avenues of growth for e-sports and video games following a notable impact on media consumption due to the COVID-19 outbreak. The gaming industry expansion during the pandemic has been driven by social and casual gaming trends as millions of people picked up gaming to escape the isolation and boredom caused by COVID-19 lockdowns. For instance, in 2020, Nielsen Games Video Game Tracking (VGT) suggested that 46% of Americans said they were playing video games more due to the COVID-19 pandemic. This trend has positively impacted market growth.
Asia Pacific is expected to emerge as a strong market for the rising footfall of mobile gaming and cloud-based gaming. In addition, in 2022, as the number of video gamers around the globe crossed 3 billion, the region has become home to almost 50% of gamers. The region is projected to remain the most prominent gaming market as a result of its strong player base. This has created endless opportunities for game developers, strategists, and marketers to develop video games on game engines and sell them in the growing Asia Pacific market.
The Middle East and Africa region is anticipated to witness the highest growth during the forecast period. In the past few years, gamers in Africa, of which 24 million gamers are from South Africa, have been playing games on personal computers and consoles at gaming joints or cyber cafes. However, the penetration of smartphones in Africa has led to a significant upsurge in the number of gamers on the continent, causing an upward trajectory across the overall gaming industry.
Companies are expected to focus on technological advancements, innovations, collaboration, and mergers & acquisitions to expand their footprint across yet-to-be-penetrated areas and solidify positions in established regions. For instance, in April 2022, Epic Games introduced Unreal Engine 5, the latest version of the development toolset, to enable creators to build games with substantial amounts of geometric detail.
Moreover, in August 2022, Tencent Games reportedly teamed up with Logitech to create a cloud gaming handheld device that will facilitate multiple cloud gaming services. Moreover, in August 2022, Microsoft's Azure was named the cloud partner of the Unity Game Engine as the latter gears to boost its 3D portfolio. Unity expects it will help developers to implement their creations more easily and quickly on Xbox devices and Windows.
Access Research Report of Game Engines Market @ https://www.grandviewresearch.com/industry-analysis/game-engines-market-report
Game Engines Market Report Highlights
List of Key Players in Game Engines Market
Access Press Release of Game Engines Market @ https://www.grandviewresearch.com/press-release/global-game-engines-market
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About the AuthorNeha Bora
Joined: September 16th, 2019
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