Before the pandemic, a vast number of global consumers relied on gaming as a form of entertainment and stress relief. However, Covid-19 led to a surge in gaming as people around the world found themselves stuck in their homes. Many turned to online games as a way to socialize remotely, while others used single-player titles to escape the bleak reality that was 2020. Now, powered by this uptake and according to a report by Fortune Business Insights, the gaming industry is projected to be worth $545.98 billion globally by 2028.
The figure is more than double $229.16 billion, which was the industry’s net worth in 2021. The report predicts a compound annual growth rate of 13.2 percent through 2028.
According to the report, Esports championships are gaining in viewership, inspiring more players to join an Esports league. In turn, this is leading to more game console sales and certain global regions and countries – such as Saudi Arabia – have seen a dramatic uptick in esports popularity.
Additionally, the mobile gaming industry continues to proliferate due to the increasing production of quality games. Mobile gaming is predicted to continue dominating the industry as more individuals centre their lives around the use of smartphones.
“A large number of game developers are shifting their focus to increased production of games, particularly design for mobile phones. The PC/MMO, Tablet, and TV/Console market segments are also witnessing positive traction. Most of these devices are often chosen by serious gamers as they are more capable of handling high-definition games requiring powerful processors, graphic cards, and RAM,” states the report.
The ever evolving world of gaming
Netflix recently acquired its sixth game studio, Spry Fox, as it attempts to become a prominent force in mobile gaming. While mobile gaming continues to surge, some are still focusing more on console titles. Iconic horror game series Silent Hill is getting a new game as well as a movie reboot. And superstar developers such as Hideo Kojima, never stop in their pursuit to revolutionize gaming.
Jack Brassell is a freelance journalist and aspiring novelist. Jack is a self-proclaimed nerd with a lifelong passion for storytelling. As an author, Jack writes mostly horror and young adult fantasy. Also an avid gamer, she works as the lead news editor at Hardcore Droid. When she isn't writing or playing games, she can often be found binge-watching Parks & Rec or The Office, proudly considering herself to be a cross between Leslie Knope and Pam Beasley.
