Gaming revenue to grow 19.6 percent this year (but PC gaming only 6.2 percent)

Newzoo analysts predict the gaming market will post growth of 19.6 percent in 2020 to hit revenue of $174.9 billion. The forecast is $15.6 billion higher than Newzoo's previous forecast, which was published early on in the COVID-19 pandemic. The firm expects gaming revenue will grow to $217.9 billion in 2023. Full details over here, here's a short blurb about how COVID-19 affected the game market:

While COVID-19 has impacted some aspects of development, the pandemic has not fundamentally changed the games market—nor has it transformed player behavior. Rather, it has accelerated trends we have previously reported.

This acceleration results from the ongoing measures around the pandemic. With the population being encouraged to stay at home and limit social interaction, people have turned to gaming en masse.

Gaming has been a means for entertainment, escapism, and socializing and interacting with friends/family for many consumers, leading to unprecedented growth for the games market.

Previous Newzoo research shows that socializing was the #2 reason people have spent more time playing games during the pandemic. Therefore, it is unsurprising that games offering a social, fun, and competitive experiences have enjoyed huge engagement this year.

Most gaming revenue is generated on mobile platforms, mobile accounts for $86.3 billion, up 25.6 percent year-over-year. The PC accounts for $37.4 billion, a more modest gain of 6.2 percent year-over-year. Consoles took another $51.2 billion home, up 21.0 percent year-over-year.