The global gaming market is set to exceed $200bn by 2023, according to a report by Juniper Research. Factors driving the growth include the increase in smartphone usage leading to a boost in mobile gaming, with 50% of gaming revenue predicted to come from mobile by 2023, and the rise of esports and competitive gaming, leading to growing revenue from online gaming, expected to surpass $40bn over the same period. The report also highlights the introduction of virtual and augmented reality and an increase in female gamers. The report predicts female gamers will account for almost a third of gaming market revenue by 2023.
Global gaming market set to surpass $200 billion by 2023
Introduction
The gaming industry has experienced tremendous growth in recent years, with consumer spending on video games and related content increasing year-on-year. According to a new report by Juniper Research, the global gaming market is set to exceed $200 billion by 2023. This growth is attributed to several factors, including increased smartphone usage, the rise of online gaming, the launch of new gaming technologies, and a growing number of female gamers.
Smartphone gaming drives growth
The rise of mobile gaming has been the biggest contributor to the gaming market’s growth in recent years. With the increasing penetration of smartphones and the availability of affordable data plans, more people have access to mobile gaming than ever before. The report predicts that mobile gaming will account for almost half of the total gaming market revenue by 2023.
Online gaming on the rise
Online gaming has become increasingly popular, with more gamers subscribing to streaming and online gaming services. The growth of esports and competitive gaming has also contributed to the rise of online gaming. The report states that online gaming will continue to grow, with revenue expected to surpass $40 billion by 2023.
New technologies driving growth
The introduction of new technologies, such as virtual and augmented reality, is expected to drive growth in the gaming market. The report predicts that VR and AR gaming will generate over $11 billion in revenue by 2023. The increasing popularity of cloud gaming is also expected to contribute to the growth of the industry.
Female gamers driving growth
The report also highlighted the growing number of female gamers, who are expected to be a significant driver of growth in the gaming market. Female gamers have traditionally been underrepresented in the gaming industry, but that is changing as more games are being developed to cater to them. The report predicts that female gamers will account for almost a third of the total gaming market revenue by 2023.
Conclusion
The gaming industry is set to experience significant growth in the next few years, with the global gaming market expected to surpass $200 billion by 2023. Smartphones, online gaming, new technologies like VR and AR, and the growing number of female gamers are all expected to drive this growth. Game developers and publishers should continue to innovate to meet the evolving needs and expectations of gamers.