2025: More than $300bn the worth of the video games market
Later City News: The video games market will more than double to become a $300bn-plus industry by 2025, according to 'GlobalData''.
According to the company’s latest thematic report, ‘Video Games’, the market will grow from $131bn in 2018 to $305bn in 2025, at a compound annual growth rate (CAGR) of 13%.
Mobile gaming has already outstripped the console games and personal computer (PC) games markets. Over the coming years, with the increased maturity of cloud gaming technology (supported by 5G), more gamers will shift towards mobile gaming platforms, driving the expansion of this market to over $100bn by 2022, up from $55bn in 2018.
Ed Thomas, Principal Analyst for Technology Thematic Research commented: “Today’s video games industry is in the throes of a huge transformation from a product-oriented business to an as-a-service model. At the same time, new technologies like 5G, cloud, and virtual reality will usher in a new phase of innovation, while new business models like support for in-game micropayments are already changing the economics of gaming.”