Multiple reports from sources that include Sports Lens are citing a study from IDG Consulting that predicts humble growth for the console gaming market over the next few years.

Sports Lens points out that IDG Consulting estimates the global gaming industry projects to be worth approximately $61 billion by 2026, which represents just a small 1.6% growth of the console gaming market over a three-year period. According to the report and IDG‘s data, 2022 was a down year for the market after a couple of years of solid growth. Sports Lens says that IDG Consulting found that global console gaming revenues fell 14% year-over-year from $64 billion to $55 billion.

The numbers suggest the market is stabilizing after experiencing high levels of COVID-fueled sales, but IDG’s numbers reveal that three of the five gaming market segments will experience declining sales over the next few years.

According to the Sports Lens story, IDG says the console gaming market should reach $60 billion in gross revenues in 2023. This number represents a 9% increase from the previous year based through sales increases of subscription and add-on products.

Breaking these categories down, Sports Lens cites IDG Consulting data that says console subscriptions are expected to produce $10 billion in revenues in 2023, which is a 25% increase from 2022. Digital add-on content sales growth is expected to grow from $12 billion to $15 billion in 2023, and hardware sales are forecast to grow about 11% to reach the $19 billion plateau.

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Pulling the industry down for the next few years however, are software and digital full game sales, which IDG Consulting expects to fall 11% with revenues dipping from $9 billion to $8 billion.

Looking at bigger picture figures, Sports Lens focuses on the IDG numbers to report that over the next few years subscription revenues will grow by more than 20% to hit the estimated figures by 2026. Those gains, IDG and Sports Lens emphasize will be offset by falling console gaming market hardware sales, which are expected to dip by 10% in the next three years, as well as software sales, which could fall as much as 25% over the same period.

Summarizing the data, the story and the research study predict the falling number of hardware sales and the growth of add-on content will change the total revenue share of the console gaming market. Hardware sales could make up as much as 30% of global gaming industry revenues in 2023, while digital add-on content will make up 25% of those revenues, followed by subscriptions that will account for 16% of sales.

In addition, IDG Consulting‘s research indicates add-on content will become the largest revenue producer by 2026, and hardware sales will dip to 28% over the same three-year period.

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