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Gaming Industry Worth $74 Billion

News; Jul. 7, 2011; Channels: Video Games; By Kyle James Hovanec
Subtypes: News
Industry may be worth up to $115B by 2015

Technology advisory firm Gartner Inc. recently released a report stating the worth of the video game industry as a whole, valuing it at $74 billion dollars, an amount that is only expected to increase as the years progress.

Money!

Gartner expects that number to rise close to $115 billion in the year 2015, mainly due to the rise in popularity of mobile gaming.

"As the popularity of smart phones and tablets continues to expand, gaming will remain a key component in the use of these devices," said Tuong Nguyen, principal analyst with Gartner's Consumer Research group. "Mobile games are the most downloaded application category across most application stores. For this reason, mobile gaming will continue to thrive as more consumers expand their use of new and innovative portable connected devices."

Gartner also predicts that 2011 will see stronger sales in software rather than hardware. Hardware sales will come in second, with online sales coming in third.

While a slew of anticipated titles will be released this year, including mobile titles, this may not bode well for the rest of the industry. Microsoft, Sony and Nintendo touted how much hardware counted this year at E3 with Microsoft's Kinect, Sony's PS Move and Vita and Nintendo's recent 3DS release (and Wii U release next year). With companies investing this much in their new hardware, a second-place prediction for its drive in the market is probably not what they want to see. Then again, with the amount of time it takes to recuperate costs from development, this may all be expected.

Sources:

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