The market is experiencing a boom amid the rise of Metaverse and Blockchain Gaming

by Arthur · May 29, 2023

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Dublin, May 29, 2023 (GLOBE NEWSWIRE) — The “North America Digital Gaming Market 2023” report has been added ResearchAndMarkets.com’s Offering.

The digital gaming market is predicted to rise in the coming years, with North America representing the highest revenue share, followed by Asia Pacific.

The digital gaming industry in North America is experiencing a boom amid the rise of Metaverse and blockchain gaming

Technological advancements and new trends drive the global gaming industry, with trends such as advanced technology in gaming, social gathering, cloud gaming and gaming in the Metaverse.

Gamers and brands are embracing these trends, transforming the gaming market beyond just playing games to include viewing, attending events and creating content. Brands such as Minecraft and Fortnite incorporate Metaverse elements, such as virtual worlds for in-game socialization.

Globally, Metaverse gaming is on the rise, with over half of surveyed Gen Z gamers in the US intending to monetize Metaverse as of February 2022. Consumer expectations are changing, and Gen Z gamers expect virtual stores in Metaverse for browsing and purchase of products. Blockchain gaming is also gaining momentum, allowing NFTs and blockchain technology for selling in-game characters and trading virtual goods.

The United States has witnessed declining consumer spending on video game products, despite an increase in the number of players

The global video game industry is gradually growing on the back of changing consumer expectations, advanced technology and new models of revenue generation, and North America is no exception to this trend. After the pandemic, there was an increase in digital and online gaming, which led to new trends such as games in the Metaverse.

Game companies are introducing new business models, such as subscriptions, in-game purchases, multiplayer games and in-game virtual goods. North America is the leader in gaming revenue, second only to Asia-Pacific, with revenue reaching billions of euros as of 2022, according to the new report.

In addition, total spending on games in the US reached billions of euros, with the highest spending coming from content spending in the same period. Although the gaming market in the United States is expected to see an increase in the number of digital gamers by 2026, consumer spending on video game products decreased as of 2022.

The pandemic-driven growth that led to a peak in consumer spending from 2021 moderated in 2022, resulting in a decline in spending on video game products. Also, the increase in the cost of necessary everyday products worldwide led to a shift away from purchasing video game products.

Gaming companies such as Sony and Microsoft also recorded a decline in game console sales, indicating reduced spending on video game products. Finally, the market saw a limited supply of new technologically advanced console hardware amid the slow release of new game titles, plunging further.

Questions covered in the report:

What was the total spending on gaming in the United States in 2022?
What was the most preferred device used for gaming in the US in February 2022?
What is the projected number of digital gamers in the US using mobile for gaming by 2026?
What is the average number of hours the majority of US gamers spent gaming per week in February 2022?
What was the gaming platform of choice among gamers in Canada as of May 2022?

Key topics covered:

1. Management summary

2. Globally

Overview of Digital Games Market Trends, April 2023 (1 of 2)
Overview of Digital Gaming Market Trends, April 2023 (2 of 2)
Gaming market revenue, in billion USD, 2020-2022 and 2025f
Total video game revenue, by segment, in billion USD, 2022e-2026f
Gaming market revenue, by segment, in billion USD, 2022e
Distribution of gaming revenue, by segment, in %, 2022e
Gaming market revenue, by region, in billion USD, 2022e
Breakdown of gaming revenue, by region, in % of total gaming revenue, 2022e
Share of mobile gaming revenue, by country, in %, 2022
Total number of game players, in billions, 2020-2022e and 2025f
Distribution of total number of players, by region, in % of total number of game players, 2022e
Total number of game players, by segment, in billions, 2022e
Most preferred devices used among gamers to play video games, in % of gamers, 2022
Top preferred gaming platforms, by generation, in % of gamers, 2022
Share of mobile gaming revenue, by channel, in %, 2022
Annual iOS mobile game revenue, in billion USD, 2020-2022
Annual Google Play mobile game revenue, in billion USD, 2020-2022
Total in-app video game advertising revenue, in billion USD, 2022e-2026f
Top 5 most preferred activities in an immersive world compared to traditional alternatives, in % of respondents, April 2022
Top game-related dimensions that players are willing to engage in, by generation, in % of players, 2022
Share of players who prefer to spend money on in-game purchases, by generation, in %, 2022
Top in-game purchases made by players, by generation, in % of players, 2022
Top 3 reasons to make purchases in the metaverse, in % of respondents, April 2022
Top 10 grossing online games, by revenue, in billion USD, 2022
Top 10 grossing online games on the Apple App Store, by revenue, in million USD, 2022
Top 10 grossing online games on Google Play Store, by revenue, in million USD, 2022

3. North America
3.1. Regional

3.2. USA

Total gaming spending, by segment, in billion USD, 2022
Number of digital players, by device, in millions, 2022-2026f
Consumer spending on video game products, in billion USD, and factors driving the decline in consumer spending, 2020-2022e
Distribution of video game players, by age, in %, February 2022
Preferred devices used for gaming, in % of players, February 2022
Share of players who accessed free games in the last year, in %, February 2022
Share of players accessing games via subscriptions, in %, February 2022
Proportion of Gen Z gamers who are able to express more in a game than in real life, in %, February 2022
Average time spent playing games each week, in % of players, February 2022
Top factors influencing game purchase decision, in % of players, February 2022
Overview of players making purchases in a live in-game event, in %, March 2022
Share of players who make in-game purchases at least a few times a year, in %, February 2022
Percentage of players who believe that Metaverse will change the gaming industry, in %, May 2022
Top activities Gen Z gamers plan to do in the metaverse, in % of gamers, February 2022
Top activities Gen Z gamers expect brands to offer in the metaverse, in % of gamers, February 2022
Top companies associated with Metaverse by players, in % of players, May 2022
Share of players whose main concern in video games and the metaverse is data protection, by generation, in %, February 2022

3.3. Canada

A selection of companies mentioned in this report includes

apple
Fortnite
Meta
Microsoft
Netflix
PlayStation
Roblox
TikTok
Xbox
Sony
Nintendo

For more information on this report, visit https://www.researchandmarkets.com/r/fuygqu

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