In fact, a recent study by Newzoo has indicated that the gaming industry will exceed $200 billion by 2020. It is estimated to grow at a CAGR of 6.6 percent, which is the highest among all other entertainment industries.
Over the next few years, analysts anticipate that revenues from PC, console and mobile games will reach $203.1 billion in 2022 and $222.6 billion in 2024.
Continent Wise Gaming Market
Data from Newzoo on the gaming market for 2022 has been released. Analysts anticipate a 5.4% growth via consumer spending in 2022, reaching $203.1 billion, which would set the record for the games market with 192.7 billion dollars in 2021.
- Global revenue from mobile games is predicted to grow by 5.1% to $103.5 billion in 2022, according to the firm.
- Additionally, console game revenues are expected to increase by $56.9 billion (up 8.4% compared to last year).
- PCs are also expected to grow, but they will grow at a slower rate than mobile and consoles. Analysts forecast it will grow by 1.9% to $41 billion by 2022.
- In 2018, the number of players worldwide will increase substantially to 3.09 billion.
- According to Newzoo, gaming revenues via consumer spending by region will generate $50.5 billion for the US, surpassing China by $300,000.
- Chinese government restrictions on new games and youth gaming time are blamed for this, the firm explains.
- Nevertheless, Asia-Pacific still leads revenue generation by a very wide margin, generating $96.3 billion. Additionally, Western regions also show growth due to the success of PCs in Europe and consoles in North America.
Platform Wise Gaming Market
- Despite innovations across PC, mobile, and console, the gaming market is expected to grow constantly by 2024, reaching $222.6 billion.
- Mobile gaming will continue to evolve with live services and hybrid monetization as complex and immersive games become more prevalent. Moreover, those companies with a strong console or PC base are looking to bring their franchises to mobile devices in order to strengthen their growth and increase their revenues.
- Players will have the option of choosing their preferred way to play with subscription services on PC and console.