North America Digital Gaming Market 2023

North America Digital Gaming Market 2023

The digital gaming market is forecast to surge in the coming years, with North America representing the highest revenue share, second to Asia-Pacific: new yStats.com report.

The digital gaming industry in North America is experiencing a boom amidst the emergence of the Metaverse and blockchain gaming

Technological advancements and emerging trends are driving the global gaming industry, with trends like advanced technology in gaming, socializing, cloud gaming, and gaming in the Metaverse gaining traction. Gamers and brands are embracing these trends, transforming the gaming market beyond just playing games to encompass viewing, attending events, and creating content. Brands like Minecraft and Fortnite are incorporating Metaverse elements, such as virtual worlds for in-game socialization. Globally, gaming in the Metaverse is on the rise, with over half of surveyed Gen Z gamers in the U.S. intending to make money in the Metaverse as of February 2022. Consumer expectations are changing, with Gen Z gamers expecting virtual stores in the Metaverse for browsing and purchasing products. Blockchain gaming is also gaining momentum, allowing NFTs and blockchain technology for in-game character sales and virtual goods trading.

The U.S. has witnessed declining consumer spending on video game products, despite a surge in the number of players

The global video gaming industry is growing gradually in the backdrop of changing consumer expectations, advanced technology, and new monetization models, and North America is no exception to this trend. Following the pandemic, there was a surge in digital and online gaming, leading to new trends such as gaming in the Metaverse, among others. Gaming companies are introducing new business models, such as subscriptions, in-game purchases, multiplayer games, and virtual goods within games. North America is a leader in gaming revenue, second only to Asia-Pacific, with revenue reaching billions of euros as of 2022, as per the new yStats.com report. Additionally, the total spending on gaming in the U.S. reached billions of euros, with the highest spending coming from content spending during the same period. Although the gaming market in the U.S. is forecast to see an increase in the number of digital gamers by 2026, consumer spending on video game products reduced as of 2022. The pandemic-fueled growth that led to a peak in consumer spending as of 2021 calmed down in 2022, resulting in a decline in spending on video game products. Moreover, the rise in the cost of necessary everyday products worldwide led to a shift away from purchasing video game products.

Gaming companies such as Sony and Microsoft, among others, also registered a decline in the sale of gaming consoles, indicating reduced expenditure on 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.