The games market is expected to generate $174.9 billion this year, according to revised estimates from Newzoo.

Furthermore, by 2023, the industry will make $217.9 billion, an increased compound annual growth rate (CAGR) 9.4 per cent between 2018 and 2023.

Earlier this year, when the impact from the coronavirus was yet to be fully seen, Newzoo released a financial forecast for the games industry.

In that report, the analytics firm believed revenues would hit $159.3 billion in the games market in 2020. However, it has now raised that estimate by 19.6 per cent to $174.9 billion.

Furthermore, the markets in China and the US are expected to account for 49 per cent of all consumer spending within the industry.

On the rise

Back in May, Newzoo claimed that mobile games would be the least impacted by COVID-19 and that they would generate $77.2 billion in revenue this year. That projection has since changed, as the revised number is now $86.3 billion.

Overall, mobile is both the largest platform for growth and revenue. Moreover, it will account for 49 per cent of the global games market's revenues in 2020.

The primary reason the increased projections is COVID-19. For the majority of this year, the world has been in mandated lockdowns or encouraged to stay home. As a result, more people have turned to games as a means of entertainment.