The gaming industry has undergoing a tremendous boom with regards to future growth and overall market potential. It is one of the most important, original, and inventive businesses in the contemporary electronic world we live in.
The term “Entertainment Business” is no longer only used to refer to the film industry or any of its other sectors with the emergence of the online gaming industry as a significant rival in providing entertainment to the general public.
The years 2020 and 2021 saw a rapid acceleration in growth for the video gaming industry. It was one of the few sectors that prospered during the pandemic.
it is one of the largest sector and most severely affected by the global chip shortage, and the restocking of consoles is expected to endure until 2023.
Recent data on the latest console generation supports this, with the PS5 having sold more than 13 million units globally and an estimated 8 billion Xbox systems having been purchased by October of this year.
Dominating players in Gaming industry
Sony has been dominating the gaming landscape for the past two and a half decades, with three of its PlayStation consoles now in the top 5. According to official figures from Sony, the company sold more than 155mn PS2 units since its launch, making it the most successful video game console for the living room by a wide margin.
So far 2022, has still been the hottest year in gaming with staggering levels of deal making compared to past years. In the first half of the year, this sector saw 651 deals announced or closed with a disclosed value of $107bn, compared to 635 deals in the first half of 2021 with a total value of $60bn, whereas, the whole year 2021 only saw $85bn in deals.
The gaming sector has expanded dramatically in recent years. Due to investments from major tech-based and tech-backed Organisations like Alibaba, Nazara, Tencent, and Azure, among others, it has experienced tremendous growth. It was estimated to be worth $189bn in 2022, and by 2025, it is expected to be worth $300bn.
–By Shreya Shetty and Rashmitha Selvaraj
For details on overview of the Industry and Regional landscape feel free to refer to the following Gaming Industry report from CrispIdea.