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Games console, wearable market to continue growth in 2022 – Deloitte

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Predictions from Deloitte have revealed that the games console market will generate £60.6 billion globally and the wearable market will ship 320 million devices worldwide.

The predictions from the accountancy firm revealed that there will be 900 million console players in 2022 with an average spend of £69 per gamer in the industry. This is comfortably more than the projected £17 per PC player and £37 per mobile gamer.

Overall, console owners will have more than 200 million multiplayer and game subscriptions in 2022 and by 2025, these subscriptions will generate more than £8.2 billion in revenue globally. This is almost double the £4.9 billion in 2020.

Paul Lee, global head of technology, media and telecommunications research at Deloitte, said: “2022 marks the 50th birthday of the games console with the device now a veteran of the technology industry, outlasting camcorders and CD players, among others.

“We saw usage of consoles spike during lockdown, with many using their devices as a way to socialise when restrictions prevented people from meeting in person. Usage has remained high as, for many gamers, leaving the game may mean disconnecting from friends.”

Wearables

Deloitte also predicted that the wearable market will increase to ship 320 million devices worldwide in 2022.

This number is set to rise to 275 million units in 2021 and 440 million by 2024.

According to Deloitte’s Digital Consumer Trends research published earlier this year, wearables saw the biggest increase in ownership out of any technology in the UK in 2021 with 40% of consumers now having access to a smartwatch or fitness band.

Karen Taylor, research director of the Centre for Health Solutions at Deloitte, said: “As usage of wearable devices and smart patches continues to grow, so will awareness of the benefits the devices bring to consumer health, wellbeing and potentially the care that they receive.

"As a result, we’re likely to see Big Tech companies, as well as healthcare professionals and start-ups, focus fiercely on wearable device innovation and investment in the two years ahead.”