The Current Market Situation

Market Value

The Global Video game industry is worth an astronomical 184 billion dollars (2023), this is projected as a 0.6% rise from the previous year (2022) (Mintel, 2023).

Global Video Game Market Value

Mobile gaming acts as the market leading platform for generating revenue, with $90.4 billion attributing from that platforms contribution alone. This is close to the overall income accumulated from console gaming (Including handheld) and PC gaming combined. Mobile Gaming has however suffered a 1.6% decline in revenue from 2022 - 2023.

Market User Information

Over half of UK consumers have played, or continue to play video games with a reported statistic of 59% (Mintel, 2023). This coincides with similar results projected from the USA at 65% (ESA, 2023) ESA Report 2023.

It was found that 95% of Gen Z (Aged 26 and below) consumers expect to play video games within the next 5 years, A figure which steadily declines throughout generations. Generation X has the steepest decline (23%) from the previous.

Chart of Uk Consumer Age Groups and Activity

Currently 66% of Male respondents are consumers, and actively engage in playing video games, compared with 51% of female respondents.

Mobile gaming was popular amongst both genders (52% vs 46%), while a stark contrast begins to emerge with static video game consoles (37% vs 22%) and desktop gaming (27% vs 13%).

According to a 2023 report by Mintel of 2000 participants, 69% of male respondents felt they would play video games in the next 5 years male, compared to the 61% of of female respondents.

Amongst Gen Z Consumers, this peaked at 92% of females. This is on par with male consumers responses in that age group.

A study conducted in the US found that 42% of female respondents felt that video game developers had a stronger focus on male consumers.

It was also found that female consumers perceive themselves to engage with mobile gaming over the next 5 years, higher percentage than male respondents do.

Popular perceptions of Platform activity in the next 5 years

Augmented Reality

The majority of consumers feel that Augmented reality will have a positive impact on the future of gaming (See table below). However there are some consumers who feel it will either make no difference, or have a negative impact.

Predicted Impact of Augmented Reality in the Next 5 Years

Currently only 7% of households own a VR headset and have access to this technology, however 50% of respondents feel they will engage in this platform within the next 5 years.

Users aged 42 and below feel it will enhance their socialisation, however this suffers a harsh decline in later aged respondents (See graph below)

However consumers also recognise Extended Reality will have a negative impact on some aspects of their lives, this is in relation to the current advancements that are being made. Users feel they consumers will spend less time socialising in real life, and in turn may cause further addiction (See graph below of reasons and responses)