How Big is the Gaming Market?
The gaming market is estimated to be USD 245.10 billion in 2023 and is expected to reach USD 376.08 billion by 2028, growing at a compound annual growth rate (CAGR) of 8.94% during the forecast period. The market size is projected to continue growing due to the increasing popularity of video games, virtual reality, and game streaming, making it one of the fastest-growing segments in the entertainment business.
Frequently Asked Questions
1. What is the global video game market size?
The global video game market size was estimated at USD 217.06 billion in 2022 and is expected to grow at a CAGR of 13.4% from 2023 to 2030.
2. How big is the US gaming market?
The video game market size in the United States was estimated to be 97.67 billion U.S. dollars in 2022, setting a new all-time industry record.
3. What is the projected market size of the gaming industry in 2023?
In 2023, the Video Games market is projected to reach a revenue of US$334.00bn and is expected to grow at an annual rate of 8.74% between 2023 and 2027.
4. What is the market size of the gaming industry expected to be by 2028?
The Gaming Market size is estimated to reach USD 376.08 billion by 2028, growing at a CAGR of 8.94% during the forecast period.
5. Which is the largest gaming market in the world?
As of 2022, the United States ranks first among the biggest gaming markets worldwide, with a revenue of 54.9 billion U.S. dollars, followed by China with an approximate 44 billion U.S. dollars in annual revenues.
6. Is gaming a profitable industry?
The gaming industry is indeed a profitable one, with the top 10 gaming companies by revenue including Tencent, Sony, Apple, Microsoft, NetEase, Google, Activision Blizzard, Electronic Arts (EA), Nintendo, and Take-Two Interactive.
7. Which gaming company makes the most money?
Tencent generated $7,162 million in revenues in the second quarter of 2023, with Sony snagging the second spot in the ranking with $3,629 million.
8. Is gaming a growing market?
The video gaming industry is among the fastest-growing segments in the entertainment business, with the market expected to reach a whopping $473.7 billion by 2027.
9. What is the most sold video game in 2023?
The best-selling games of 2023 include Zelda: Tears of The Kingdom with 18.5M+ sales, Hogwarts Legacy with 15M+ sales, and Diablo IV with 12M+ sales.
10. What will gaming be like in 2050?
Video games in 2050 will likely be heavily influenced by virtual reality and game streaming, with advancements in technology and accessibility driving the evolution of the gaming industry.
11. What is the largest gaming company in the US?
As of April 2023, Activision Blizzard was the biggest gaming company in the United States with a market cap of 67.06 billion U.S. dollars.
12. Is the gaming industry bigger than the movie industry?
The gaming industry is making more than three times as much money as the music industry and almost four times as much as the movie industry, with the music industry valued at $19.1 billion in 2020 and the movie industry valued at $41.7 billion.
13. What percentage of the US is gamers?
According to a survey conducted in October 2022, 70 percent of adults in the United States played video games on at least one platform.
14. Who is the highest paid gamer per year?
The leading eSports player worldwide ranked by overall earnings was Johan Sundstein, also known as N0tail, with earnings of 7.18 million U.S. dollars throughout his recorded eSports gaming career.
15. Is gaming recession-proof?
The gaming industry has been defined as virtually recession-proof, with gamers eager to purchase new consoles and games during the 2008 financial crisis, but customer interest is likely to plummet if the industry’s public reputation remains mediocre.