Market Overview - Gaming

Online Gaming has been an integral part of the worldwide audience and is a prominent pastime activity for over two billion people. In 2019 alone, the gaming industry brought in over US$120 billion in revenues. Every year, the online gaming industry grows at a rapidly increasing pace that is now estimated to be valued at US$173.70 billion and is predicted to rise to a quarter trillion dollars over the next five years (Winder, 2021). In 2020, video gaming participants spent up to US$4.5 billion on VR gaming or immersive gaming; therefore, a vast potential is arising for the space (Business Wire, 2020).

Global Gaming revenue (Source: Newzoo)

Global revenue from gaming shows no sign of slowing down, with US$159 billion achieved in 2020 and a forecast for US$200 billion in 2023.