Global Gaming Industry Value Now Exceeds $300 Billion
The Gaming Industry has grown by over half a billion players over the last decade, representing a total of 2.7 billion people worldwide. It is believed that more than half of the global $300 billion market value for gaming has already been exceeded.
The three key segments of the global gaming industry are video games, mobile games, and video game consoles.
The projections put the value of mobile games at $100 billion, which will almost certainly siphon off revenue from the console and PC games. The rise of mobile games and the growth of the mobile phone and tablet market are also making an important contribution.
Video games are responsible for generating more revenue than all other forms of entertainment, such as movies, television, music, and movies combined. There are more than 2.5 billion video games today, but there are only a few hundred million of them in the world. The video game market generated $131 billion in 2014, $116 billion in revenue in 2017 with mobile gaming outpacing PC and console gaming revenue. The global video game industry generated, and today its revenue comes from a different perspective. The games industry makes its money mainly from selling games.
The Indian gaming industry is also growing exponentially, generating significant revenues, creating jobs, ensuring responsible gaming, rationally taxing, restricting and eliminating illegal activities such as illegal gaming and online game gambling, The increasing use of mobile phones, tablets, and tablets on the internet in India is revolutionizing the gaming sector as more and more people join the online gaming world and the rise of game streaming offers an opportunity to monetize their passion. With the introduction of formal regulations, we can usher in a new era of gaming in the form of online and mobile games.
India is expected to attract 40 million online gamblers by 2020 – 22, making it the world’s second-largest gaming market after the United States. With the cost of the internet falling for phones and an ever-growing online population, we are getting a taste of mobile gaming. Games can be played on mobile phones, tablets, and tablets as well as laptops and desktops.
The COVID-19 pandemic has given an extra boost to the gaming industry as people turn to games during the lockout to bridge the time gap. The types of games we play are multiplying and offering more consumers access to way more of the play. We are also seeing a bit more movement in the grey market as games are available in other countries, but even that will be limited to the hardcore few who can’t wait to play certain games.
Virtual reality (VR) is another branch of the game that is firmly integrated into entertainment. According to a report by the market research firm Gartner, game sales rose 37% in the first half of the year, and game console sales soared by 285.6%, while the COVID 19 pandemic has taken hold, and game sales on consoles have soared by 285.6%.
The games and sports analytics company Newzoo published its much-quoted annual report on the global gaming industry. By 2024, the video game industry is projected to generate revenues that exceed those of all sports and movies combined. However, the video games industry has a significant impact on the global market share of gaming, particularly in the United States.
More than 400 million new players are expected by the end of 2023 and that the global gaming market is expected to generate revenues of $159.3 billion over the next five years.