The growth of the video game industry is on the rise, with an estimated global market revenue of more than $150 billion by the end of 2020. This number is expected to nearly double by 2030 and video game revenues are expected to exceed consumer spending on other forms of entertainment such as film, music, and live sports. Today, video games are an essential part of our lives, with some form of interactive entertainment found in almost every household.
The number of active gamers is growing exponentially, often cited as the world’s fastest growing entertainment sector. Over 500 million players are projected to be active by 2030, up from 146 million in 2019. This growth is driven by both new players and existing players, migrating to digital gaming, which both provides convenience and is significantly less expensive than its console-based counterpart.
The gaming industry offers limitless entertainment options the world has ever seen. It has evolved from static and two-dimensional pixelated landscapes to advanced gaming engines and virtual reality (VR). The advancement of technology has allowed gamers more freedom to create immersive, realistic experiences.
Mobile gaming has further enhanced the appeal of the industry driving more and more casual gamers using their devices. Mobile games now account for more than half of the gaming industry’s overall revenue and are poised to continue to dominate the industry. Cloud gaming, letting players stream games without downloading them, has also seen a surge in its adoption.
The increasing market numbers are driving the interest of major tech companies and major companies around the world. We are seeing an increasing amount of investment and partnerships in the gaming space as organizations look to capitalize on the tremendous potential of the gaming industry to create long-term value.
The future of the gaming industry appears brighter than ever before. This is due to its ability to provide immersive, entertaining experiences and its wide appeal. We can expect the gaming industry to experience unprecedented levels of growth in both user engagement and revenues in the years to come.