Once upon a time, in our galaxy, the first commercial arcade game, Computer Space, was produced.
It was a stepping stone that needed to prepare the world for what was to come – the video game craze.
Only a year later, in 1972, the world was introduced to the craze with the release of Pong, which was – you guessed it – an arcade version of ping pong. Since then, the video game industry has taken over the world, and its revenue is only increasing.
This prompted us to wonder how much the gaming industry is worth.
You've must have asked yourself the same question. We've got your back.
What is the UK gaming industry worth in 2021?
1. By 2025, the global gaming market is expected to be worth $256.97 billion.
2. Globally, more than 2.5 billion people play video games.
3. The console gaming market grew at its slowest rate since 2015 in 2020.
4. Until 2020, players spent $4.5 billion on immersive games.
5. Sony Interactive Entertainment is worth an estimated $13.4 billion.
6. eSports have a global audience of approximately 456 million people.
7. High-fidelity mobile games are becoming more popular.
The video game market in the United Kingdom was worth £5.3 billion in 2020, up from £4.8 billion the previous year. There were 47,620 full-time jobs available in the UK game video market. In 2021, revenue in the video games segment is expected to reach £4.34 million. By 2025, revenue will have risen to £6.11 million.
How popular is gaming in the UK?
Video games are a business that generates billions of dollars, not millions. The digital transformation of gaming has played a significant role in this. New technologies and digital innovation, as well as much-anticipated online and mobile releases, increased digital games revenue in the UK to $3.5 billion US dollars in 2020.
The popularity of online gaming has skyrocketed. The global market generated approximately 21.1 billion US dollars in revenue in 2020. This represents a record 21.9 per cent increase over the previous year. There are an estimated 1 billion online users today. Today, there are an estimated 1 billion online gamers worldwide, with that number expected to exceed 1.3 billion by 2025. In 2025, the global revenue from online gaming is expected to be around 19 billion US dollars.
The number of people who gamble has steadily increased over the years, paralleling the popularity of gaming. The growing popularity of gaming raises the stakes, increasing the risk for businesses and putting pressure on them to innovate to stay ahead of the competition. They also face higher labour costs in the industry and anticipate a talent shortage.
The solution was felt to be increased marketing investment. The study also suggested that employees receive additional training to keep them. These measures, on the other hand, will exacerbate the already-existing pressure on companies' margins. According to the analysis, the gaming industry has become the most profitable entertainment sector in the UK. The UK has 44.32 million video game users, which is only a fraction of the world's 3.24 billion gamers.
How much does gaming contribute to the UK economy?
Gaming, particularly cloud gaming, has grown much more common, and it's not only youngsters who are playing on their consoles, PCs, or tablets. Adults are also picking up controllers in order to spend quality time with their children and to pursue gaming as a pastime. What about in the future, though? While we will continue to download games for the foreseeable future, some experts anticipate that customers will someday buy a game and watch it instantly.
Others believe that virtual reality (VR) and augmented reality (AR) will play a larger role in gaming. They believe that headsets will become lighter and more comfortable to use and that more people will be willing to wear technology that blends gaming and reality.
Then some believe that artificial intelligence (AI) will transform the gaming industry. Narrative games that use conversational AI may become more common. Gaming has always been popular, but it has recently exploded in popularity, and it is expected to continue to do so as technology improves. Whether it's video games or bingo, the United Kingdom likes gaming just like any other country and will almost surely continue to do so in the future.
I hope you liked reading it as much as I loved writing it, and that I was able to address all of your concerns about the size of the UK gaming market.
Nov 29, 2021