According to a new report from market analyst Newzoo, China will pass the US to become the world’s largest games market by 2016, with revenues of US$25 billion.
By 2016 the number of gamers globally will also rise to 2 billion from 1.6 billion in 2013, with mobile games and MMOGs the fastest growing market segments.
From 2013 to 2017, the global games market is forecast to grow by an 8.1 per cent annual CAGR to rise to US$102.9 billion. The APAC region will capture 49 per cent of the worldwide market in 2017 with annual earnings of US$50.5 billion, according to Newzoo.
Mobile games will also rise to 35 per cent of the global market by 2017, with an estimated US$35 billion in worldwide revenues. Global MMOG earnings will also match console game sales at US$24 billion.
“Established names in the games industry are in for a surprise, especially by mobile challengers from both East and West,” said Newzoo CEO Peter Warman. “Console manufacturers and developers will be tested, with an entire industry segment set to take a hard look at the future. Everything is fair game for disruption.”
Last year Chinese and mobile segment growth drove global game revenues to US$75.5 billion. APAC will account for 82 per cent of the expected US$6 billion global game market growth this year, with the worldwide game earnings expected to hit US$81.5 billion by the end of 2014, according to Newzoo.
