The global gaming industry is massive and continues to grow at an impressive rate. In 2023, the total global gaming market is expected to be worth around $222 billion, up from $196 billion in 2024.
Key Facts and Figures
- There are over 3 billion gamers globally across all platforms and devices
- Mobile gaming makes up over 50% of the market and earned $93.2 billion in 2021
- The US gaming market alone was worth $65.49 billion in 2021
- China, the US, and Japan are the top 3 gaming markets by revenue
- The most popular gaming genres are action, sports, and adventure games
Market Growth Trends and Projections
The gaming industry has experienced rapid growth over the past decade thanks to mobile gaming, new platforms like cloud gaming, and overall increasing mainstream popularity. Key growth figures include:
- From 2021 to 2023, the global gaming market is projected to grow at a compound annual growth rate (CAGR) of +8.7%
- Mobile gaming is driving much of this growth, with expected CAGR of +10.4% through 2023
- Cloud gaming also expected to take off, growing at CAGR of +26.9% globally
- In 2023, it‘s projected there will be over 3.14 billion total gamers worldwide
The astronomical success of games like Fortnite and emergence of esports are also strong indicators the gaming industry will likely continue its robust growth for years to come.
Driving Factors Behind Growth
There are several key factors fueling growth in the massive global gaming market:
- Smartphone adoption: More people have access to smartphones globally, expanding the total addressable market for mobile gaming tremendously.
- Advancing technology: Consoles, PCs, smartphones are all continuously evolving to provide higher quality experiences. Things like virtual reality (VR), augmented reality (AR) and haptics bring new depth.
- Cloud gaming services: By utilizing cloud streaming technology, services like Xbox Cloud Gaming provide frictionless access to play without needing expensive hardware.
- Culture trends: Gaming becoming more socially acceptable mainstream hobby. Rise of platforms like Twitch and YouTube Gaming also help.
The stars seem aligned for gaming to continue rising rapidly in the years ahead as both a form of entertainment and a business. We can expect game developers and publishers to find new creative ways to keep audiences engaged across various devices and platforms.
