The global gaming market is set to reach $256.97 billion by 2025, according to a report from Research and Markets. This is due to several factors including the increasing popularity of mobile gaming, the expansion of esports, and the surge of virtual reality and augmented reality gaming. In 2020, the global video gaming market surged by 19.6% from the previous year, due, in part, to people staying at home during the Covid-19 pandemic. The Asia-Pacific region was the largest region in terms of the gaming market, generating over 50% of total revenue.
Global Gaming Market Booms: A Comprehensive Look at Latest Sales Data and Growth Projections
Introduction
The gaming industry has been experiencing an explosive growth in recent years, with the global gaming market expected to reach $256.97 billion by 2025, according to a recent report by Research and Markets. This growth is being propelled by a variety of factors, including the rise of mobile gaming, the proliferation of esports, and the increasing popularity of virtual reality and augmented reality gaming.
Sales Data
The latest sales data from the gaming industry highlights the continued growth of the industry. In 2020, the global video gaming market generated revenues of $174.9 billion, representing a 19.6% increase from 2019. This growth was driven by a number of factors, including the COVID-19 pandemic, which resulted in more people staying at home and turning to gaming as a form of entertainment.
Regional Breakdown
The Asia-Pacific region was the largest gaming market in 2020, accounting for more than 50% of the total global revenue. This is due in large part to the popularity of mobile gaming in countries such as China and Japan. North America was the second-largest market, followed by Europe and the Rest of the World.
Mobile Gaming
Mobile gaming continues to be a major factor in the growth of the global gaming market. In 2020, mobile games accounted for $86.3 billion in revenue, representing nearly 50% of the total video gaming market. This is largely due to the increasing availability of smartphones and tablets, which has made it easier for people to access and play mobile games.
Esports
Esports has also emerged as a significant driver of growth in the gaming industry. In 2020, esports generated $1.08 billion in revenue, an increase of 15.7% from the previous year. This growth has been fueled by the increasing popularity of competitive video gaming and the rise of professional esports teams, leagues, and tournaments.
Virtual Reality and Augmented Reality Gaming
Virtual reality and augmented reality gaming are also expected to play a major role in the growth of the gaming industry in the coming years. The global virtual reality and augmented reality gaming market is projected to grow to $45.09 billion by 2025, with the Asia-Pacific region expected to be the largest market.
Conclusion
The global gaming industry is experiencing unprecedented growth, driven by a variety of factors including mobile gaming, esports, and virtual reality and augmented reality gaming. With the continued evolution of technology, the gaming industry is poised for even greater growth in the coming years.