The $173 billion global video game industry is expected to nearly double in value by 2027
According to reports by Mordor Intelligence and GWI, the industry will exceed $200 billion in revenue by 2023, and be worth over $314 billion by 2027.
The report says, “The gaming market is growing with the increasing per capita income, growing interest, and the rising number of dual-income households, augmenting the transformation of the global market. With the increasing usage of smartphones and consoles and cloud penetration, the market shows high potential growth in the future.”
The market, as a whole, is growing very rapidly. As a result, larger companies who already dominate much of the market have begun acquiring smaller players to increase their share.
In the past few months alone, Microsoft acquired Activision for $69 billion, Take-Two acquired Zynga for $12.7 billion, and Sony acquired Bungie for $3.6 billion.
Now, companies are looking to grow income using in-app purchases as a vehicle. While still nascent, in-app purchasing may be taken to the next level once true eCommerce is introduced.
In Q3 of 2020, Activision Blizzard generated $1.95 billion in revenue from in-game purchases. However, none of these purchases to date have been true eCommerce.
True in-game eCommerce is not simply the transaction of digital items, or branding, but the buying and selling of real-world items, like we see now with eCommerce websites like Amazon.com
However, new technology could soon introduce true in-game eCommerce into the equation. Should this happen, the doubling of the value of the video game industry could occur much sooner than 2027.
Read more about the Modor Intelligence report, HERE
Or discover a small game-tech company with patents in real-world “true” in-game ecommerce, HERE
https://capital.com/gaming-industry-to-double-in-value-in-the-next-five-years