Currently, more than 2.5 billion people across the world play some form of the game. In 2021, the video gaming industry alone had a worth of $178.73 billion. This shows a growth of 14.4% from 2020 and it is predicted that the gaming industry will keep growing in the coming years too. According to reports by Mordor Intelligence, the global gaming industry will be worth $256.97 billion by 2025. In 2019, the value of the gaming industry was $151.55 billion. If the growth trend is studied, one can forecast a growth rate of 9.17% from 2020 to 2025. Covid-19 not only created pressure on the health industry but also in many other sectors but the gaming industry was not one of them. In fact, when different other sectors were struggling to survive during the global pandemic, the gaming industry flourished at the same time. The gaming industry generated almost a revenue of $162.32 billion in 2020. The gaming industry picked a growing pace and it is expected to continue in the upcoming years too.
Which Region Has The Largest Revenue From Gaming?
According to reports from Statista, the Asia-Pacific region is enjoying the highest revenue from gaming. In 2021, the gaming revenue from the region alone was close to $174 billion. Also, in 2019, the Asian game market alone managed to generate a revenue of $72.2 billion.
Also, the biggest gaming market in the world resides in China, which alone in 2021, managed to generate a revenue of $40.8 billion. The global games market currently houses 2.9 billion players and it generated a revenue of $178.37 billion in 2021. Also, online gambling is forecasted to become immersive for the players and through such events, the players are also expected to receive huge rewards, just like the reward amount of lotteries like Lottery Sambad and Dhankesari. The top spot for video game revenue goes to the Asia-Pacific region.
Interestingly, 85% of the gaming industry revenue comes from free-to-play games according to a report published by Fortune in 2020.
The Growth Of The Video Games Market
In the gaming industry, the video games market is doing extremely well. In 2017, the video game industry managed to generate a revenue of $78.61 billion and it is currently experiencing an annual growth of 2.29%. If the growth trend continues, the video game industry alone will generate revenue above $100.56 billion by 2024.
On one hand, video games are doing exceedingly well in the gaming industry but the same cannot be said for the console gaming market because it has experienced the slowest growth rate. Once upon a time, console gaming was trending but it seems like it is no longer the case. Since 2015, the console gaming market has experienced the slowest growth rate.
Another emerging trend is that of immersive games which are also known as VR gaming. These games are known for their immersive experience for the players and therefore, they are more fulfilling for the players than the traditional game. The same is visible from the fact that in 2020 alone, the players have spent a whopping $4.5 billion on immersive games.
How Popular Are Mobile Games?
Mobile games are also becoming quite popular. It is expected that by the end of the year, 50% of the revenue of the gaming industry will come from mobile gaming. It is forecasted that mobile gaming will generate a revenue of $95 billion by the end of 2022. The popularity of mobile gaming can be cited to the increased availability of smartphones across the globe and an increased internet penetration too. The mobile gaming industry will touch the $100 billion mark by 2023. In mobile gaming, casual and hyper-casual games are immensely popular.
The Future Of The Gaming Industry
The gaming industry has a bright future, thanks to technological advancement. Cloud-gaming services will play a huge role in the growth of the gaming industry in the coming year. In addition to that, the players can also expect to see more revised versions of the previous games in the form of remakes of the classic games. Along with the games, video gamer spectators will also see huge growth. In the past few years, many people have become interested in watching gamers play in cyberspace. The gaming industry is huge now and the growth in the future looks very optimistic for it.
If you enjoy games and gaming and want more NEWS from the Gaming World Click Here
