There is no doubt that the gaming industry is worth billions of dollars across the globe.
Video gaming is a hobby that over 3 billion people engage in at least daily, weekly, or monthly.
Therefore, with over three billion gamers worldwide, just how much is the gaming industry worth?
The topic of the day is the gaming industry’s worth. We will briefly discuss aspects of the video gaming industry.
Without further commentary, we will address the facts about the worth of the gaming industry.
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How Much Is the Gaming Industry Worth in 2024?
At the global level, it’s estimated that the video gaming market is worth $196.92 billion, with growth expectations to reach over $221 billion in 2023, according to Statista.
The overall projected growth in the video game market predicted for 2027 is $284.94 billion.
The global CAGR for 2023 to 2027 is 6.52%, which is how they came to nearly $285 billion for 2027.
According to the most recent Statista data, the video gaming market in the United States alone is estimated at $97.67 billion.
This data includes all video gaming segments.
Gaming Industry Revenues by Country
Since the video gaming industry’s worth is related to how much revenue it generates, we have researched and compiled this data for you.
This data is from 2022, so the 2023 data is yet to be revealed.
- China is number one in this list, with over 740 million gamers and a revenue of $45.8 billion.
- The United States is second with almost 210 million gamers and revenues of $45 billion.
- Japan takes third place with 77.1 million gamers and revenues of $20 billion.
- South Korea gaming revenues come to $7.69 billion among 34.1 million players.
- Germany has 49.5 reported players and $6.6 billion in revenues.
- The United Kingdom accounts for $5.5 billion in gaming revenues and 38.5 million players.
- France brings $4.1 billion in gaming revenues to the table among its 38.8 million gamers.
- Canada reported $3.4 billion in video gaming revenues and 22 million players.
- Italy is home to 36.1 million gamers that account for its $3 billion in gaming revenues.
- Brazil has 102.6 million video gamers and reports $2.6 billion in gaming revenues.
*Please note that monetary figures are in US dollars.
Global Gaming Revenues by Segment
These figures after 2021 are estimates but they are close to what we already know about the overall revenues incurred by gaming.
Overall, the video gaming industry revenues in 2021 accounted for $214.2 billion.
Estimates for 2022 came to $235.7 billion and $257.1 billion for 2023.
These figures have changed some since these predictions, as you can see from the section about video gaming worth.
Social and casual gaming experiences the highest revenues over all others that we will cover in this section.
1. Social and Casual Gaming
According to PwC, in 2021, the global revenue for social and casual gaming industry accounted for $148 billion, which was the latest data available at the time.
The projections for 2022 were estimated at $167 billion and for 2023, they estimated revenue of $185.8 billion.
Social gaming is commonly played with other social media users on Facebook or other social platforms.
Casual games are the most usual form of gaming experiences on social networks.
This segment of gaming is primarily played online with social media friends. Casual games are created to be fun, non-violent, and relaxing to play.
They are known to reduce stress, release anger, and help with muscle tension.
Some social games like hidden object, word games, and simulation games are called “mom” or “grandma” games because most of the players are older Millennials to Baby Boomers and beyond.
2. PC Gaming
PC gaming is second to social and casual gaming with revenues of $33.7 billion in 2021.
The projections in this segment for 2022 and 2023 were estimated at $35.9 and $36.9, respectively.
PC gaming can include casual games, first-person shooter games, simulation games, and others with violent or non-violent content.
These games can be relaxing or competitive.
PC gaming involves downloaded or sometimes online games played from a specialty computer designed to handle the high-quality of these types of games.
3. Console Gaming
Consoles like PlayStation, Xbox, and Nintendo (GameCube, Wii, Switch) generated revenues of $28.3 billion in 2021.
The estimates for 2022 and 2023 were $$29.2 billion and $30.6 billion, respectively.
Console games can be played online or offline and be single player to multiplayer games. Some games are on disc, and some are available to download to the console.
The consoles have special controllers that allow gamers to navigate and maneuver their characters, items, or environments.
These games can be relaxing, stressful, competitive, or even addicting.
4. Integrated Video Games Advertising
This segment generated $4.2 billion in revenues for 2021. The projected revenues for 2022 came to $4.3 billion and for 2023, $4.4 billion.
It’s the lowest revenue-generating video gaming segment on the market.
While this segment isn’t a type of video game, it is something that generates revenues in the gaming industry.
This segment of video gaming involves in-game advertisements that occur in mobile, console, PC, and social gaming.
Some examples of in-game advertisements include banners, audio ads, video ads, etc. As you might expect, it’s not something that gamers like.
- Smartphones: Statistics show that in the third quarter of 2022, Smartphones had a 66.2% share in usage among players.
- Desktops/Laptops: Second to Smartphones were desktops and laptops used for playing video games, with a share of 37.9%.
- Consoles: Gaming consoles had a share of 25.3% in 2022’s third quarter.
- Other: Finally, tablets (16.5%), handheld gaming devices (13.1%), media streaming devices (9.4%), and VR headsets (8.7%) were used for playing games in 2022.
FAQ
What’s the Number One Game in The World?
ROBLOX is the number one game in the world and is still on an upturn.
This game blends gaming, social media, and social commerce as the “ultimate virtual universe”, according to ROBLOX itself. (Hootsuite Blog)
What’s the Biggest Reason People Play Video Games?
According to USA Today, the most cited reason that people play video games is to bring them joy.
The next most popular reasons include enjoying mental stimulation and stress relief.
What’s the Most Popular Video Game Genre?
Straits Research revealed that the most popular gaming genre is Action Games, followed by Sports and Adventure games.
Other popular genres include First Person Shooter (FFP), Simulation, Fighting, Role-Playing, and Racing games.
Conclusion
After reading this article you should see how popular video gaming is as a hobby.
However, for some gamers, it’s not just a hobby. There are gamers out there earning an income from gaming.
Some gamers offer tutorials, walkthroughs, and other game information for new gamers, or for those who have trouble getting to certain levels in games.
Revenues earned by these gamers can come from revenue sharing on YouTube or Twitch, or from tutorials on educational platforms.
You should now know that gaming is a massive industry that generates huge revenues all over the world.
You have an idea of the countries with the most gamers and revenue, what device they use to play, and what games are popular among today’s gamers.
We hope you have learned something new about video gaming and the global industry.
Did you know the enormity of the video gaming industry?
Are you surprised by anything we shared with you?
Now that you know, how do you feel about video gaming in general?
Do you play games to relax and engage your brain?
