The gaming industry has been growing at an unprecedented rate in recent years, and it shows no signs of slowing down. According to a report by Newzoo, the global gaming market is expected to reach $196 billion by 2022, with a compound annual growth rate of 9.3%. But how big will the gaming industry be in 2023? Let’s take a closer look.
Firstly, the rise of mobile gaming is expected to continue. With the increasing popularity of smartphones and tablets, mobile gaming has become the largest segment of the gaming industry. In 2023, it is projected to account for 59% of the total gaming market, generating $106 billion in revenue. This growth is driven by the accessibility and convenience of mobile gaming, as well as the increasing number of mobile gamers worldwide.
Secondly, the esports industry is expected to see significant growth in the coming years. Esports, or competitive video gaming, has become a global phenomenon, with millions of fans and players around the world. In 2023, the esports market is projected to reach $1.5 billion in revenue, up from $776 million in 2018. This growth is driven by the increasing number of esports tournaments and leagues, as well as the growing interest from sponsors and advertisers.
Thirdly, the gaming industry is expected to continue its shift towards digital distribution. With the rise of digital platforms such as Steam, Epic Games Store, and GOG, more and more gamers are purchasing games online rather than in physical stores. In 2023, digital game sales are projected to account for 91% of the total gaming market, generating $164 billion in revenue. This growth is driven by the convenience and accessibility of digital distribution, as well as the increasing number of gamers with high-speed internet connections.
In conclusion, the gaming industry is set to continue its rapid growth in the coming years, with mobile gaming, esports, and digital distribution leading the way. By 2023, the global gaming market is projected to reach $215 billion, with a compound annual growth rate of 9.9%. As the industry evolves and new technologies emerge, it will be interesting to see how these trends develop and shape the future of gaming.
