Consumers around the globe are expected to spend $74 billion on gaming, both hardware and software, in 2011.
According to a report released by market research firm Gartner, consumers had spent $67 billion on gaming in 2010. That figure is set to increase by 10 per cent by the end of 2011.
The report said that mobile and social gaming will be driving the growth in the gaming market in the next few years. Mobile games like Angry Birds will see a rise in popularity while social games like FarmVille and CityVille will also see similar growth in popularity.
Gartner says that by 2015, the global gaming market will be worth $112 billion with social games like the ones made by Zynga registering the maximum growth in the next five years or so. The online gaming market, which is currently worth $11.8 billion, will grow to $28 billion by 2015.
“As the popularity of smartphones and tablets continues to expand, gaming will remain a key component in the use of these devices. Although they are never used primarily for gaming, mobile games are the most downloaded application category across most application stores,” said Tuong Nguyen, principal research analyst at Gartner.
You can find the report here; sign-up required for full access.