The gaming industry generated $159 billion in revenue in 2020, despite the COVID-19 pandemic causing global lockdowns and social distancing rules. Mobile gaming was the driving force, representing 58% of total revenue, followed by console gaming, which made up almost a third, and PC gaming at 23%. The industry is expected to continue growing at a compound annual growth rate of 9.3% until 2026, with revenue projected to reach $295.6 billion by then.
Gaming industry revenue hits $159 billion in 2020
Introduction
The gaming industry has hit a new milestone in 2020 by reaching a whopping $159 billion in revenue despite the COVID-19 pandemic. This surge in the gaming industry has been largely attributed to the global lockdowns and social distancing rules that have forced millions of people to stay indoors.
Mobile gaming dominated 2020
Mobile gaming was the driving force in the gaming industry in 2020, accounting for 58% of the total revenue, generating around $91.3 billion. The increasing popularity of mobile gaming can be attributed to the easy accessibility, affordability, and portability of mobile phones.
Console gaming gained momentum
The popularity of console gaming witnessed an increase in 2020 due to the launch of new gaming consoles like PlayStation 5 and Xbox Series X. Console gaming generated around $51.2 billion in revenue, accounting for almost one-third of the total gaming industry revenue.
PC gaming showed steady growth
PC gaming witnessed steady growth in 2020 and generated around $36.9 billion in revenue, accounting for 23% of the total gaming industry revenue. The growth in PC gaming can be attributed to the increasing popularity of esports and the launch of several PC games.
Gaming industry set to grow in the coming years
The gaming industry has been growing continuously over the years and is expected to continue its growth trajectory in the coming years. Experts predict that the gaming industry will continue to grow at a CAGR of 9.3% during the forecast period of 2021-2026 and is expected to reach a revenue of $295.6 billion by the end of 2026.
Conclusion
Overall, the gaming industry has proven to be one of the fastest-growing industries in recent years, with 2020 being a particularly successful year for the industry. With the increasing popularity of mobile gaming, console gaming, and PC gaming, the gaming industry is set to grow even further in the coming years, presenting a lucrative opportunity for gaming companies and investors alike.