Newzoo’s new report estimates that mobile games will account for $103.5 billion in total revenue for the year.
A new report from Newzoo today says the global video game market is estimated to reach $197 billion in revenue in 2022. The market intelligence firm says that this represents a 2.1% increase. compared with the same period last year.
Newzoo reckons that consumer spending in mobile games is the main driver of total consumer spending worldwide by 2022. Mobile titles are expected to gross 103.5 billion USD and accounts for 53% of the global game market.
Console game revenue is projected to hit $53 billion this year and account for 27% of the year’s earnings worldwide. The PC Games market is forecast to gross $40.4 million and will account for 21% of global video game spending.
In terms of regional revenue in 2022, the North American games market is on track to reach $51.3 billion and Europe is expected to reach $34.1 billion. Africa and the Middle East are expected to accrue $7.1 billion in spending this year, while Latin America is projected to reach $8.7 billion.
Going forward, Newzoo estimates that by 2025, the global video game market will generate $225.7 billion in revenue.
According to previous statistics of the game industry, playing role-playing games, VR games are about 20 times more attractive than traditional games. Companies like Bigscreen VR and AltspaceVR (two of the big players in the industry) are rapidly investing in the future of virtual gaming, much faster than in the past.
According to game industry statistics, Asia-Pacific gaming revenue is estimated to amount to more than $174 billion by 2021. Reports show around $72.2 billion generated released by 2019 alone. This is double the game market in North America.
China ranks first among the world’s largest gaming markets. As of year-end, the country generated $40.8 billion in sales. The United States followed closely behind, coming in second with $36.92 billion in annual revenue.