According to a recent report from Bain & Company, the global video game industry is set to grow and reach $257 billion in revenue by 2028. This means annual growth of 6%, outpacing combined revenues of other major media. The report said such explosive growth has been set in motion by the increasing gaming habit of the young audience, who are spending more time gaming than any other form of media.
The study shows that "79.5 percent of Americans aged 2- to 18-year-olds are gamers, and they spend 30 percent of their entertainment time playing games." At the opposite end of the spectrum, only 31 percent of the 45-plus age bracket constitutes a small gaming market. Bain's report—which polled more than 5,000 consumers in Brazil, Indonesia, Japan, the UAE, the UK, and the US—also points to a trend wherein players seek more immersive experiences and interoperability across devices and platforms. As technology continues to evolve and more players are able to access cloud gaming, players will be playing more on mobile phones, TVs, and personal computers rather than on traditional consoles or dedicated gaming devices.
A market projected to reach $196 billion in 2023 already surpasses the combined revenue of streaming services and box-office sales. Immersive gaming has grown in popularity, as half of teen gamers in the United States said they would rather interact with their friends online in a game than in person. For many young users, games such as Roblox and Fortnite have emerged as social worlds, the equivalent for younger users of messaging and social media apps used by adults.
The report also refers to regional varieties in the growth of the gaming industry. For example, a high level of growth has been noted in the MENA region, while during the last years, the Chinese gaming sector has been confronted with various government restrictions on licenses and limits concerning playing time by minors. On the other hand, recent development has set the gaming industry in China on the path of recovery due to the government's will to revive the economy after the harsh COVID-19 policies.
As new technologies are developed that constantly change the face of gaming, the industry will continue to expand by meeting the growing demand for entertaining and interconnecting games.
