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Newzoo has released its latest Global Games Market Report, projecting that a total of 2.3B gamers will spend $137.9B on games in 2018, an increase of over 13% year-over-year. Other key findings for this year include:

Digital game revenues account for 91% of the market, or $125.3B.

Mobile game revenues rose 25.5% to $70.3B, just over half of the market.

Console and PC gaming brought in $34.6B and $32.9B, respectively.

The report also includes some projections for 2021, all indicating phenomenal growth in the industry:

10.3% Compound Annual Growth Rate between 2017 and 2021 for the market as a whole, leading to $180.1B total revenues.

Mobile gaming will bring in $106.4B by 2021, representing 59% of the market.

PC gaming will remain stable with 1.8% CAGR with growth in downloaded/box PC games offset by transitions of browser-based games to mobile platforms.

Streaming and esports will push console games to 4.1% CAGR, with a total revenue of $39B.

Newzoo also compiled data on spending by country, noting that China remains the top spending country with more than a quarter of the market—and over 60% of the mobile gaming market, growing to 70% by 2021. North America comes second, with the European market trailing behind.

Most interesting is the Japanese gaming market, which currently sits just behind North America in third place. Japan’s revenues have grown 15.1% year-over-year, largely due to the success of the country’s mobile gaming market.

“[Japan’s] mobile games market is now nearly the same size as North America’s with roughly one-third of the number of gamers. In fact, Japanese gamers spend most of any country, particularly for mobile games. The average spend per payer in Japan is 1.5 times higher than in North America, and more than 2.5 times higher than in Western Europe.”