Video games market to exceed $200 billion in value by 2023

The report sheds light on what will drive the rise

video games

Video games market to exceed $200 billion in value by 2023. Source: unsplash.com

According to Juniper Research, the video games industry will exceed $200 billion in value by 2023, growing from an expected $155 billion this year.

The data highlights that mobile and cloud gaming will drive the rise, as the market shifts towards recurring revenue, and purchase revenue declines by 5% over that period.

Along with that, the popularity of F2P (free-to-play) games like Fortnite and Call of Duty Mobile is intensifying the move to in-game monetization.

The report shows that cloud gaming and other video game subscriptions will increase at an average rate of 9% per year. That would bring in over $8 billion of revenue in 2023. Nevertheless, this won’t immediately compensate for declining purchase revenue.

Juniper Research states that PC games will be the most lucrative segment for in-game purchases approaching $32 billion in 2023.

While mobile games will have more purchases, higher-value game expansion purchases will keep PC in-game revenue growth strong.

A to the smartphone in-app revenue, it will grow at an average of 8% over the forecast period.

We’ve reported that revenues in the eSports industry are likely to reach $4 billion by 2022 amid $1 billion investments a year ago.

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