Gaming, consumer electronics & computing industries saw massive growth in 2020. Already increasingly popular amongst a diverse range of people, the extended periods of spare time generated by the pandemic exacerbated this. As a result, this contributed to a rise in videogaming, engaging new users and reigniting the flame for lapsed players.
Statista survey conducted in March 2020 revealed that video gamers in the US reported spending 45% more time playing video games during the coronavirus pandemic, suggesting that gaming kept individuals entertained during quarantine.
With an estimated 2.7 billion gamers logging on across the globe, the gaming market was valued at $162.32 billion in 2020 and is expected to reach $295.63 billion by 2026.
Asia-Pacific currently holds the largest market share in the gaming industry, accounting for just over 49% of the market, with approximately 1.5 billion gamers in the region, generating $84.3 billion in 2020. China saw a revenue of $40.85 billion alone in 2020, with the US close behind at $36.92 billion.
At Hatch, we have access to a range of data insights from our global retail clients. With some key releases being digital-only, gaming was very much digitally-focused in 2020. To maintain customer loyalty, brands within the gaming industry will need to provide website visitors with a seamless experience going forward. Below are some of the trends we witnessed in the gaming industry throughout 2020.
While 2020 was a record year for the gaming industry, we don’t expect this growth to slow down any time soon. With a new generation of consoles just released, along with the rise of cloud gaming and more accessories to enhance experiences, we’ve entered a new era of gaming. As gaming technology becomes more sophisticated, we believe the industry will grow to encapsulate an even wider and more diverse audience.
Download the full report from Hatch about Gaming Industry Commerce trends 👇🏻.