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Global Console Games Market Set To Grow By 43% In 2020

The global console game market is expected to grow by 43% in 2020, from $40.6 billion in 2019 to $57.9 billion, according to a study by researchandmarkets.com.

COVID-19 lockdowns across the globe have driven this expansion, with more people seeking out entertainment at home. It is widely expected that the gaming market will maintain this momentum moving forward.

In 2017 there were 2.2 billion gamers worldwide – this figure is set to reach 2.7 billion by 2021.

A recent UK poll by internet service provider Hyperoptic revealed that gamers spend the equivalent of three years of their adult life playing online games, and spent an average of £16,000 (A$28,900) on games over their lifetime.

Both Xbox and PlayStation are scheduled to release new console models later this year – the PlayStation 5 (PS5) and the Xbox Series X.

E-sports is expected to be a strong growth area for console games. Researchandmarkets.com estimated that some 557 million people will be watching e-sports by 2021.

Acer’s 2020 Asia Pacific Predator League e-sports event, which has now been postponed to 2021, had sold 20,000 tickets.

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