The killer coronavirus disease saw a ban on physical gatherings, which meant that all land-based casinos had to be closed. People were also encouraged to stay at home to help limit the spread of the virus. With people staying at home, they had to satisfy their gaming needs despite the ban on physical gaming. Online gaming became the only solution as people had a lot of time to spare; thus, the gaming industry’s success is greatly attributed to the coronavirus pandemic.
There has been an overall success in the gaming industry thanks to the numerous game downloads and big sales on gaming equipment and accessories. 2020 saw a unique trend never seen before in the global entertainment industry. For the first time in a long time, the gaming industry growth made it the biggest moneymaker in the space, overtaking the popular sports and movie industry.
Back in 2020, statistics had it that the revenue generated by gaming on the global level was an estimated $162.32 billion. It is estimated that come 2025, the gaming industry will generate revenue of close to $300 billion.
Based on our interaction with Martim Nabeiro, here is a breakdown of the global gaming industries:
The United States of America
The USA has continued to experience massive growth in the gaming industry in all its different regions. The growth in the gaming industry in the USA is mainly attributed to technological advancements. North America, for instance, is well known for its many establishments that continue to invest in augmented reality and virtual reality. The rise in AR and VR has led to an increase in new players who enjoy the immersive form of gaming.
The growth of the gaming industry in the USA can also be attributed to the improvement of cloud gaming in the region. Many players can now easily access their favorite online games without necessarily downloading the games on their devices.
It is estimated that three out of every four American citizens is either an active video game player or has an idea of playing video games. Current statistics show that the revenue generated by the gaming industry in the USA in 2020 was an estimated $90 billion. Based on the same numbers, the industry has a projected annual growth rate of 2.29%. It implies that come 2021, the gaming industry in the USA may generate an expected revenue of $93 billion.
Europe has been a significant beneficiary of the gaming industry. Back in 2020, the gaming industry in Europe generated $26.57 billion, which is 3% of the total revenue collected in all European regions with the most significant gaming hubs including, Spain, Portugal, Germany, the UK, and Italy.
The countries continue to support numerous online gaming development companies that continue to develop more fascinating games distributed all over the world. Some of the big names in the global gaming industry, including Tencent, Blizzard, Zynga, Ubisoft, and Activision, have their bases in the region, making it a world gaming hub. It is estimated that an average of 51% of Europeans is currently gamers who spend an estimated 8.6 hours every day on gaming.
Europe is also home to thousands of online casinos that serve gamblers. Portugal, for instance, has hundreds of them. Portuguese players can always check the legitimacy of various platforms through reviews on casino online portugal. The introduction of mobile gaming and cloud gaming are some of the factors contributing to the growth of online casinos in Europe.
Africa and the Middle East
Africa and the Middle East are among the biggest success stories of the growth of gaming. Tech advancements in the regions are playing a significant role in improving the global gaming industry. The Middle East, for instance, is estimated to generate gaming revenue of approximately $6 billion.
Esports has been among the most successful and popular forms of gaming in the region, thanks to cheap internet and massive smartphone infiltration. With most game developers working on translating games into native languages, the gaming industry in Africa and the Middle East is projected to experience massive growth by the end of 2021.
Thanks to its massive population, the Asia Pacific region is the most significant contributor to the global gaming industry revenue. Mobile gaming, for instance, has been very successful in the region thanks to the free-to-play incentives that lure players into online gaming. It is estimated that by the end of 2021, there will be 250 million gamers in South Asia alone.
Is the gaming industry growing? From the projections, it is expected that the global gaming industry will continue to improve in 2021 and beyond.