The global gaming simulator market was valued at $4,320.0 million in 2018 and is anticipated to surpass $20,433.9 million by 2026, at a CAGR of 22.1%. Simulators are primarily used in games to imitate a real-life situation.
In the previous years, the gaming simulator market has witnessed significant growth due to exponentially increasing demand across all industrial sectors. The gaming simulators available in the market are graphically rich, provide feedback, and generate a lot of emotion within the participants. In addition, Skylines, Football manager 2020, PC building simulator, and planet coaster are some of the popular simulator games are anticipated to drive the need for gaming simulators, which will boost the growth of the global gaming simulator in the global market.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|17.2%||22.1%||486||USD 5,933.9 Million||USD 6,197.2 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The upsurge of the global gaming simulator market is primarily attributed to the key factors such as the availability of improved hardware like sound cards, graphics, and faster processors. Moreover, this is coupled with the extensive adoption of gaming zones, excellent virtual and amusement experience, performance enhancement, and the technical as well as technological advancements in gaming technology, across the globe. For instance, as per UK Interactive Entertainment (UKIE), the global gaming software market is anticipated to surge from $137.9 billion in 2018 to $180.1 billion by the end of 2021. These elements may drive the demand for gaming simulators in the global market.
Furthermore, increasing adoption of the smartphones, growing disposable income and rising popularity for video games are some of the key factors for the exponential growth of the gaming simulator market, during the period of forecast. For instance, according to Microsoft, approximately 2 billion people are gamers, across the world. These factors are making a huge impact on the global gaming simulator market. In addition, automobile ventures are highly adopting gaming simulators to provide training to car racing drivers and to enhance the driving experience.
In recent days, the world is facing a deadly situation, with all of the global markets witnessing an extreme downfall due to the communal spread of coronavirus. This health emergency will have grave effects on the global economy as well as ventures such as food & beverages, airlines, automotive, and many others. On the other hand, though this pandemic has created multiple threats and challenges, it has also created various opportunities for online shopping, teleworking software, and the gaming industry.
The majority of people across the world are significantly showing interest in virtual gaming during the quarantine period. For instance, as per a study conducted by Verizon, it is estimated that around 115% of the surge has been witnessed in gaming in the U.S. alone during the Covid-19 crisis. Furthermore, many governmental bodies across the globe are partnering with significant video game makers in support of online gaming as a way to keep people self-quarantine. In addition, in the U.S., the CARES act would play a substantial role in protecting and securing the ability of the gaming industry to continue its role in generating new jobs. These key factors may support to sustain the global gaming simulator market, in the current COVID-19 scenario.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Moreover, as per the publication of Research Dive, the global market for the gaming simulator market is expected to continue its substantial growth in the upcoming future years, post the COVID-19 pandemic. To strengthen the leadership across the global industry sector key players are majorly opting for situation decisions. The rising number of strategic tie-ups and acquisitions, high spendings of key players on R&D, and innovations are the stimulus for considerable growth of the gaming simulator market after the end of the pandemic crisis.
In addition, the majority of leading ventures are significantly emphasizing on R&D and innovation. Moreover, Governmental bodies across the world are also supporting the industry players of the global gaming simulator market. For instance, 18 video game global leaders teamed up with the World Health Organization (WHO) to create a program called #PlayApartTogether. These factors may be anticipated to drive the growth of the global gaming simulator market, after the pandemic crisis. Due to the lock-down in the majority of countries, the market will witness positive growth.
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Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Gaming Simulator Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity