Although the pandemic outbreak took a toll on the global economy, the gaming market experienced staggering growth. People turned to find relief in entertainment and break free from the quarantine monotony. Hence, the trend of playing video games accelerated.
Given the fun and the opportunity to connect socially, video games remain a popular activity post-pandemic.
According to PwC’s Global Entertainment and Media Outlook (2022-26), the industry is predicted to be worth $312 billion by 2026. A closer look at key statistics of the gaming market will reveal more about its worth in 2022.
Gaming Market Overview
The gaming market was valued at 198,40 billion US dollars the previous year. However, the market value is expected to hit $339,95 billion by 2027.
Gaming enticed thousands of people worldwide during COVID-19, and the impact continued post-pandemic. Therefore, the gaming platforms experienced a surge in online players and revenue.
- The spike in interest convinced developers to incorporate several technological advancements in the gaming industry. The emerging trends boost gamers’ experience and keep them hooked.
- Game developers strive to launch and rewrite codes for several platforms and consoles, including Xbox, PlayStation, and Windows PCs, to enhance the overall gaming experience.
- The surging internet connectivity and the emergence of high bandwidth internet - think 5G - is adding to the demand of the gaming industry globally.
- The growing number of internet users encourages game developers to leverage cloud technology. This boosts gaming demand by engaging multiple players for different games.
How Much Is the Gaming Market Worth In 2022? Key Stats and Figures
High-speed internet connections have made online gaming a fun and practical entertainment option. Plus, with the increasing use of smartphones and consoles, the market has a strong potential for growth in the future.
We’ve curated a list of key gaming market 2022 statistics to keep you in the loop.
- The gaming market is forecasted to reach a whopping $435 billion by 2028. This means the industry is set to make almost half a trillion dollars. Key players covered in the gaming industry report include NetEase Inc, Walt Disney Co, Sony Corp, Microsoft Corp, CyberAgent Inc, Electronics Arts Inc, Activision Blizzard Inc, and more.
- Immersive gaming is predicted to exceed $2,4 billion by 2024. Comparatively, the key figure for 2022 is $1,6 billion. What driving force stands behind such fantastic growth? Immersive or VR gaming makes traditional gaming more intriguing. People are interested in trying new trends and finding ways to elevate their gaming experience.
- The Asia-Pacific region claims to generate the largest revenue from gaming globally. The region’s annual revenue is forecasted to surpass $96,3 billion by the end of the year 2022.
- China is the biggest video gaming market worldwide. The country is predicted to generate $50,18 billion with 742,19 million players. The United States follows closely behind with expected revenue of $47,62 billion and 197,16 million players.
- Mobile game revenue is predicted to cross $100 billion by 2023. Because mobile usage continues to soar globally, smartphone users will play a massive role in the video game industry's revenue.
- The global console game industry is predicted to skyrocket from $65,48 billion in 2021 to $72,67 billion by the end of 2022.
Critical Findings About the Gaming Industry
Although the latest data helps understand the current trends, diving into the industry’s history and the structure helps gain a deeper insight into how the market works. Some key findings about the gaming industry include the following:
- The average revenue per user (ARPU) in the video games segment is forecasted to hit $84,71 in 2022, thanks to the growing mobile gaming trends.
- Causal and Hyper casual games are taking over the smartphone gaming world. The casual game segment is predicted to hit 17,05 billion US dollars in 2022.
- Although released in October, FIFA topped the list of best-selling games in the United Kingdom for 2021 with massive sales.
- eSports revenue is projected to grow from $1,38 billion in 2022 to $1,87 billion in 2024.
- Mobile gamers spent roughly $41,2 billion in the first half of 2022. PUBG Mobile and Honor of Kings are two popular titles generating $1 billion each. Other top-grossing titles include Candy Crush Saga, Genshin Impact, and Roblox.
- Activision Blizzard is the biggest gaming firm by market capitalization. It experienced a jaw-dropping growth from 8,8 billion US dollars in 2021 to 68,7 billion US dollars in 2022.
- Many assume most gamers are in their teens, but data reveals the average age of gamers is 35 years. This shows everyone loves to play games in their free time.
Where Is the Gaming Market Headed?
The gaming future seems bright, given the massive growth the industry has experienced within a short time. Let’s explore what it has in store for gaming enthusiasts.
- As technology advances, the gaming industry is expected to become fully immersive. The idea of transforming gamers’ experience for the better by making it immersive has been the industry’s ultimate goal.
- The key players - Microsoft, Google, Sony - expect a cloud-based future. Therefore, cloud-based subscription services are gaining traction. This will keep people from spending on costly hardware because smart devices are all they’ll need. The interest in cloud gaming is also growing, which explains why such gaming experiences are sought-after.
- Video game nostalgia is a whole new thing. Gamers love to revisit familiar places and give old concepts a new spin. Although they have enough choices, they desire to pick a gaming world they are familiar with. This encourages game developers to bring a twist to old concepts.
- The eSports and game streaming market will hit $2,3 billion in 2022. The trend is expected to grow even more, with a market value of $7,2 billion by 2023.
- Game developers are intrigued to create more high-fidelity games because they offer ultra-realistic graphics, leveling up the gaming experience.
Conclusion
The gaming market is booming and is predicted to expand even more. The mind-blowing market stats make it an even more significant industry than Hollywood. Millennials, Gen Z, and Baby boomers are all fascinated by the entertaining world of games.
It would be fair to say that these aspects combined will bring new growth avenues for the market in the coming years.
