The mobile gaming industry is on track to surpass $100 billion in revenue this year, according to market research data by Newzoo.
The report shows that mobile gaming already accounts for more than half of all spending on gaming worldwide with the segment continuing to account for the largest chunk of the industry. The mobile segment including both smartphone and tablet gaming is on track to grow roughly 5pc this year to $103.5 billion, Newzoo says.
“From the emergence of mobile to the dawn of cloud gaming, pundits and analysts have long been predicting ‘the death of console.’ As things stand, the console is still very much alive and kicking — as we have always said,” Newzoo states. The console segment is expected to grow 8.4pc in 2022 to $58.6 billion while PC gaming will grow a more modest 1.9pc to $41 billion.
According to Newzoo, there are a number of factors contributing to console’s growth, among them the release of high-profile titles like Elden Ring, Pokémon Legends Arceus, and the upcoming God of War Ragnarok and the ever-growing relevance of live service games like Fortnite and Call of Duty: Warzone.
The shift to next-gen install bases and subscription platforms like Xbox Gamepass also drives the growth.
In Africa, revenue generated by the video game industry in Africa rose to $590 million as the number of gamers in the continent doubled over the last five years. Sub-Saharan Africa is the fastest-growing region globally for mobile gamers and people who pay for games.
Insight from Mordor Intelligence, a market research company, is that the industry gaming industry in Africa is projected to register a compound annual growth rate of 12pc in the period 2021 to 2026.