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The video game industry has been on an upward trajectory for several years, and that trend is expected to continue in the coming years. With the increasing popularity of esports and mobile gaming, as well as the continued development of cutting-edge technology, the video game industry is poised for continued growth in 2023. In this blog post, we’ll take a look at the forecast for the video game industry in 2023.
Mobile Gaming Continues to Grow
Mobile gaming has been a major force in the video game industry for several years, and that trend is expected to continue in 2023, according to a report by Newzoo, the mobile gaming market is expected to generate $98 billion in revenue in 2023, up from $77.2 billion in 2020. The report also predicts that the number of mobile gamers will reach 3.1 billion in 2023, up from 2.7 billion in 2020.
Esports Goes Mainstream
Esports has been a rapidly growing industry in recent years, and it’s expected to continue its upward trajectory in 2023, according to a report by Newzoo, the esports market is expected to generate $1.8 billion in revenue in 2023, up from $947.1 million in 2020. The report also predicts that the number of esports enthusiasts will reach 474 million in 2023, up from 223 million in 2018.
Virtual Reality and Augmented Reality Gain Traction
Virtual reality and augmented reality have been slow to take off in the video game industry, but that’s expected to change in 2023. According to a report by Statista, the global AR/VR market is expected to reach $209.2 billion in 2022, up from $27 billion in 2018. As technology improves and becomes more affordable, it’s likely that more consumers will be willing to invest in VR and AR technology.
Cloud Gaming Becomes More Popular
Cloud gaming has been a buzzword in the video game industry for several years, and it’s expected to become more popular in 2023. With cloud gaming, players can stream games over the internet without the need for a powerful gaming PC or console; according to a report by Statista, the cloud gaming market is expected to reach $3 billion in 2023, up from $387 million in 2018.
Conclusion
Overall, the video game industry is expected to continue its growth trajectory in 2023. Mobile gaming, esports, virtual reality, augmented reality, and cloud gaming are all expected to play a major role in the industry’s continued success. As technology continues to improve and become more affordable, it’s likely that the video game industry will continue to evolve and grow in exciting new ways.
