Video Games May Top $62 Billion Worldwide by 2012

More data futurism for you this morning by way of Global Industry Analysts, who predict the world video games market will exceed $61-point-9 billion by 2012. For the record, it's thought that 2007 worldwide sales from video games and related hardware were around $40 billion, of which around $15.8 billion came from the U.S. alone. Growth is expected to cool somewhat in 2008, with groups like the Consumer Electronics Association suggesting U.S. sales will only rise around 13 percent to $17.9 billion -- down from 22 percent between 2006 and 2007.

In September 2006, analysts predicted the worldwide video games market would grow from $29 billion in 2005 to $44 billion in 2011. Assuming the guys behind that report (DFC Intelligence) wouldn't disagree with updated trending, GIA's adjustment represents a notable one-and-a-half year upswing. Let that be a lesson to anyone who takes long range forecasting too seriously.

Of course what analysts giveth, market forces can taketh away -- no one's really proven they have a handle on the inconstant rhythms of the world games market, especially given anomalies absolutely no one predicted like Nintendo's Wii. Which means we're as likely to be below as above GIA's figure come 2012. With the PlayStation 4 and Xbox Whatever hitting the market by 2010 or 2011, $62 billion may in fact be too conservative.

In any event, I'm assuming the number is finally going to leave projected box office and video rental revenue in the dust, with gaming becoming the number one source of digital entertainment revenue in the world.

Take that, Hollywood fashionistas!

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