Countries Covered: USA, Canada.
Publication Date: 20/04/2023
Questions Covered in the Report:
- What was the total spending on games in the U.S. in 2022?
- What was the most preferred device used for gaming in the U.S. as of February 2022?
- What is the forecasted number of digital gamers in the U.S. using mobile for gaming by 2026?
- What is the average number of hours that the majority of U.S. gamers spent on gaming per week in February 2022?
- What was the preferred gaming platform among gamers in Canada as of May 2022?
Growth of digital gaming market forecasted to remain positive between 2022 and 2025, despite a decline in 2022: new yStats.com report.
The digital gaming market in North America especially the U.S. witnesses emerging trends such as the use of AR/VR, AI, and gaming in the Metaverse
With the advent of technology, the online gaming market worldwide has undergone a transformation, with new trends such as gaming in the Metaverse, socializing in gaming as well the use of AI, and AR/VR emerging within the market and North America is also witnessing a rise in such trends. With players wanting to go beyond just playing games to engaging in viewing gaming content, content creation, and attending gaming exhibitions/events, new business models such as blockchain gaming, cloud gaming, and play-to-earn are set to change the traditional gaming market. Against the backdrop of these changes, the overall gaming market revenue saw an increasing trend and is forecasted to grow at a single-digit CAGR between 2022 and 2025, reaching a value of more than EUR 200 billion by 2025, as per the new yStats.com report. In terms of overall gaming revenue, North America was at the forefront only second to Asia-Pacific, accounting for more than 25% share of the total gaming revenue as of 2022. The rise of these trends within the online gaming market is also prompting brands and gaming companies to introduce new ways of monetization such as in-game purchases, the ability to trade virtual goods via NFTs, and subscription-based games. Socializing is becoming the central point of digital gaming, with more and more players engaging in the immersive universe, thus giving rise to the concept of gaming in the Metaverse. North America is estimated to be the leader of gaming in the Metaverse due to the presence of tech-savvy gamers and gaming companies already exploring the Metaverse for gaming. Thus, more than half of surveyed gamers in the U.S. believed that Metaverse is likely to change the gaming industry as of May 2022. Furthermore, more than half of surveyed Gen Z gamers in the U.S. intend to make money in the Metaverse as of February 2022, with a certain percentage of Gen Z gamers also expecting brands and gaming companies to offer services such as virtual stores to browse and buy products in the Metaverse during the same time period, according to the new yStats.com report.
The number of digital gamers in the U.S. is forecasted to surge between 2022 and 2026, despite declining consumer spending on video game products.
The outbreak of the pandemic led to the acceleration of the overall entertainment industry and gaming was no exception to this. Furthermore, the gaming industry and the digital gaming industry worldwide as well as in North America is seeing changes in consumer expectation, technologically advanced trends, and new emerging business models. With the total expenditure of gaming in the U.S. reaching a little more than EUR 50 billion, the highest spending came via content spending as of 2022, as stated in the new yStats.com report. Additionally, the online gaming market in the U.S. is forecasted to see a rise in the number of digital gamers reaching a number more than 300 million by 2026, with the highest number of digital gamers preferring mobile phones for gaming. Although more than three-quarters of surveyed gamers in the U.S. spent between 3 to 7 hours per week gaming, the gaming market saw a decline in consumer spending on video game products as of 2022, as revealed by the new yStats.com report. One factor that led to the decline in spending on video game products was the easing down of the pandemic-fueled growth as of 2021. The rise in the cost of necessary everyday products worldwide led to a shift away from purchasing video game products. Lastly, the market saw a limited supply of new technologically advanced console hardware amidst the slow release of new gaming titles, further plummeting consumer spending.