A couple of decades ago, many people thought playing games was a waste of time. But, things are entirely different today. The global gaming industry has reached more than $300 billion. And it’s growing by around $8 billion yearly. This article will take you through some essential gaming industry statistics, so keep reading to learn more.
Video Game Sales
Gaming industry statistics project that sales will increase at a compound annual growth rate (CAGR) of 8.17%. This figure considers seven factors that affect worldwide video game sales. They include:
- The release of AAA titles in big franchises (e.g., Call of Duty, FIFA, Battlefield)
- The release of new hardware platforms (e.g., PS4 Pro, Xbox One X)
- The popularity and success of esports
- New gaming genres and types (e.g., virtual reality, augmented reality)
- New gaming business models (e.g., free-to-play, mobile games)
- Marketing campaigns by publishers and developers
- The global economic situation (e.g., growth or recession)
A report published by Newzoo Research in January of 2018 said that there are 2.9 billion active gamers across mobile, PC, and console systems. In addition to these players, a 2017 study showed that roughly 1.2 billion people play video games daily.
Microtransactions in Video Games
Today, there are two primary sources of revenue for most video games: digital and physical. Digital revenue comes from microtransactions in games like NBA 2K18. These transactions charge players extra money to buy virtual goods within their game.
According to Liquid Web, “Mobile phones were the most used devices for gaming in the US and worldwide, while the fewest gamers used tablets as their device of choice.” As a result, the mobile gaming content market’s value in 2020 was 25.2 billion US dollars. According to gaming industry statistics, it will reach 38.7 billion US dollars by 2025.
The virtual reality market’s value sat at $4.42 billion in 2020. And with hundreds of games in various stages of development, it’s clear that VR is here to stay. In addition, companies like HTC, Oculus, and Sony are starting to push boundaries. So, for example, their gaming systems will have cheaper and more user-friendly headsets.
eSports and Gambling
Gambling and eSports are booming industries that continue to grow each year exponentially. eSports, or electronic sports, are competitions where players compete in video games. The eSports market will reach a value of 1.5 billion US dollars by 2024.
China Gaming Market Forecast
The gaming market in China will reach $37.8 billion in 2022. That figure is up from $26.1 billion in 2016, at a CAGR of 14.2% during the forecast period, 2016-2021 (in local currency terms). Government initiatives like digital China and the national gaming association want in and expect to boost demand for PC gaming hardware and software. In addition, there will be an increase in mobile internet connections among the youth. This should drive growth over the next five years.
With more people playing video games, the gaming industry shows no signs of slowing down. But, as we continue to see innovations in technology and games, we will likely see even more growth in years to come.