Newzoo has released a rather shocking forecast for the video game market: according to a survey by market research firm, the number of players could reach 3 billion globally by 2023, mainly due to the rise of smartphone games. Thanks to the unbridled mass of players, the segment will gain $ 200 billion in two years, according to the research firm.
about 2.69 billion are already playing on smartphones – the market is expected to generate $ 159.3 billion in traffic this year.
Growth is driven by a number of factors, including crawl restrictions imposed in recent months due to the global coronavirus epidemic, which has led to a plethora of boredom around video games worldwide. In addition, gamers are proliferating nicely in emerging markets, including Asia Pacific, Latin America, Africa and the Middle East. The momentum is also boosted by the growing availability of stable mobile internet services and the rapid spread of smartphones – not surprisingly, mobile games are the most popular in developing regions, with a significant proportion available for free. Analysts expect that by 2022, the number of players in the Middle East and Africa will also surpass that in Europe. By the way, the company expects a global growth of 5.3 percent in the segment by 2020.
In parallel, an increasing share of market revenue growth will be accounted for by in-game purchases. The institution of the latter is primarily known from the mobile segment, where similar transactions are responsible for the lion’s share of revenue, but researchers say it will also gain increasing popularity on console in the coming years. Meanwhile, subscription models will also gain weight, expected to carve 13 percent of console revenue and 4 percent of the total market this year
Gellert is Technology Editor at Counting News Media and contributor at other major tech publications. Her interests includes testing new gadgets and reading.