The level of astronomical growth witnessed by the global gaming market in 2019 took its worth to a whopping $68.5 billion. Quite a few factors were responsible for this growth, and a look at those factors made experts believe that the growth will continue for the foreseeable future at least. They are estimating it to get to $76.7 billion, which means an impressive market growth rate of 12%.
According to a report by Sensor Tower, the number of game publishers on Apple’s app store and the Google play store by the end of 2019 was more than a hundred thousand. This number also revealed that up to 15% of the app publishers in those platforms are game app developers.
The prediction for 2020 is that up to 670 billion hours will be spent on games by players – and that’s just on mobile phones! This reveals a very obvious increase when you consider the fact that the amount of time that was spent on mobile games last year was 558 billion hours. The major reason for this growth is the significant increase in the number of people that engage in mobile gaming, as game developers focus on churning out things like casino games for the likes of brand new UK casinos that are mobile compatible.
Currently, 33% of the application downloads consist of mobile games, and that makes up for 74% of the entire money spent by consumers in Apple’s app store and the Google Play store. But, there is nothing surprising about this, especially when you consider the fact that up to 1/3 of the entire people in the world enjoy playing games on their mobile devices.
According to research also, 50% of the users of mobile apps engage in online games. With this, the gaming apps sector has become as popular as the music apps like Spotify and Apple music, with social media and communications app coming behind them.
A Growing Market
The growth of the mobile gaming industry will continue in 2020, and its revenue will once again be greater than what the PC gaming sector will make. It’s predicted that there will continue to be a decline in the PC gaming market at least for the next five years, and this decline will rise to up to 20% in 2022.
Words from experts reveal that 23% of the total revenue from the gaming industry will go to PC gaming, while 31% will be going to console gaming. So, both of them will make a total of 54% of the total market share when it comes to revenue in 2020. But the mobile gaming sector alone will have up to 46% of the revenue. The expansion of this market share will continue for many years to come, and by 2022, the mobile gaming area will account for at least 50% of the entire revenue.
When you consider the geographical spread of the market share, you will see the Asia pacific region accounting for 47% in 2019. The North American region will follow it with 26% of the total revenue, while the third spot would be taken by Africa and the Middle East at 23%. The market share of the revenue that will come from the Latin American market is only 4%. Meanwhile, a separate look at China and the United States reveals that 48% of the total revenues for 2019 came from both countries.
A New Era
With the arrival of advancements in the 5G technology for gaming, there could be a new era for gaming in 2020. The gaming experiences will be enhanced even more by cloud gaming, which will bring in a new lease of life to the gaming market. Though, you won’t see these advancements moving people from casual gaming to hardcore title holders, the rapidly growing market will be further enhanced by these games.
In the coming decade, more money is expected to be spent on gaming by the hardcore gamers, and they will do this through monthly subscriptions. Gaming subscription plans were launched by Google and Apple in 2019, and they are focusing on hardcore and mid-level gamers, and not the casual gamers. So, the entire 2020s is expected to be the era when the hugely growing gaming market breaks new grounds, and achieves more heights.