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Growth and Revenue Projections
- Gaming is now a bigger industry than movies and sports combined with revenue of $184 billion in 2022.
- Consumer spending on gaming is projected to reach $384.90bn in 2023.
- The gaming industry’s revenue is projected to reach $665.77 billion by 2030.
- The number of gamers is expected to grow to 3.6 billion by 2025.
- Gamers are from all age groups including 38 percent between the ages of 18 and 34 years, and 16 percent who are older than 55.
Mobile Gaming Industry
- The mobile gaming industry has experienced growth with the adoption of smartphones and mobile computing.
- Social or casual gaming will generate revenue of $185.8 billion.
- In-game purchase spending will be worth $68 billion.
- With 3 billion active gamers worldwide, there will be growth in gaming revenue.
Setting up a Gaming Business
- Setting up a gaming business requires skills.
- By 2025, gaming revenue is expected to reach $211 billion with mobile gaming at $116 billion.
- Multiplayer, mobile games and casual gamers are expected to expand.
Industry Trends and Employment
- The gaming industry drives innovation and unlocks potentials.
- Employment in gaming is projected to grow by 9% annually, offering roles such as developers, designers, marketers, and esports professionals.
Challenges and Opportunities
- Addiction issues from intense gaming, especially among children, hampers studies and gives social anxiety. This repels parents from purchasing gaming systems.
- The gaming industry in Japan has high numbers of gamers estimated to further grow to JPY 1.55 trillion by 2024.
- Asia is the fastest-growing region responsible for 55% of global gaming revenue.
Future of Gaming Industry
- Despite mobile being the top driver of the gaming market, PC/console is not in decline.
- Core gamers still prefer playing on PC/console as games are more immersive and complex.
- Gaming companies need to navigate opportunities and challenges ahead to sustain growth.
