Global games market is projected to grow by 2.6% in 2023 -report

The worldwide games market is expected to produce $187.7 billion in revenue this year, according to a new Newzoo analysis. The report also forecasts an increase in the global player count by 6% to 3.38 billion, and the global payer count (those who spend on games) by 7.3% to 1.47 billion.

Notably, 49% of consumer spending is expected to come from the United States and China. According to Newzoo’s insights, the market for video games is expected to grow further in the future. Revenues are anticipated to reach $212.4 billion by 2026, and there will be close to 3.8 billion players.

It is significant that Newzoo has downgraded its initial estimate for 2022 statistics, currently projecting roughly $184 billion rather than more than $200 billion. This lower estimate shows that the market might not rise to the large value that was initially anticipated. It’s noteworthy that the $187.7 billion estimated income for this year is still less than the $192.7 billion earned in 2021.

According to the market report, there’s a surge in console sales on the horizon. This is attributed in part to resolving issues that led to a sales slowdown in 2022. The launch of exclusive console titles like Tears of the Kingdom, Final Fantasy XVI, Super Mario Bros Wonder, and Marvel’s Spider-Man 2 is also expected to contribute to this growth. 

Moreover, Newzoo anticipates that the introduction of a successor to the Nintendo Switch will drive substantial market expansion within the next three years.

According to a recent report, players spent an average of $1.63 billion on mobile games and downloaded 1.2 billion titles weekly during the first quarter of 2023. In the first three months of the year, consumer spending on Google Play games was driven mainly by the United States, South Korea, and Japan. On iOS, the US, China, and Japan had the best results, while Taiwan, South Korea, and Japan had the fastest growth.