Mobile Gaming Market Projected to Hit $98.7 Billion by 2024, Says Xsolla

According to Xsolla's Autumn 2024 State of Play report, the mobile gaming industry is anticipated to generate $98.7 billion in revenue by 2024, with China taking the lead by producing $34.6 billion. The report also predicts a compound annual growth rate of 6.4% from 2024 to 2027, resulting in a market value of $118.9 billion by 2027. Asia is expected to remain the largest mobile gaming market globally, with revenue projected to rise from $65 billion in 2024 to $77 billion in 2027. In North America, revenue growth is forecast to increase from $21 billion to $25 billion. In terms of in-app purchases, global consumer spending reached $171 billion in 2023, with China and the US leading the individual markets at $52.1 billion and $44 billion, respectively. Interestingly, 64% of those spending on in-app purchases are women, and 87% play mobile games at least once a week. Google Play dominated the app store market, with 25.6 billion downloads in Q1 2024, while the Apple App Store saw 8.4 million downloads, despite generating more revenue. The first half of 2024 saw significant investment activity, with over $2 billion invested in each quarter, almost doubling the $4.5 billion invested in the whole of 2023. Xsolla's chief marketing officer, Berkley Egenes, noted that the report provides valuable insights into mobile trends, emerging payment solutions, and regulatory shifts, aiming to equip partners with the necessary strategies to succeed in the ever-changing landscape.