Global Gaming Market Projected to Reach $187 Billion by 2024

According to Newzoo's latest report, the global gaming market is expected to expand to $187.7 billion in 2024, representing a 2.1% year-over-year increase. This revised forecast is marginally lower than the firm's initial prediction of $189.3 billion. Newzoo also anticipates a compound annual growth rate of 3.1% from 2022 to 2027, with the market projected to reach $213.3 billion within three years. The PC gaming segment is poised to drive growth in 2024, with a projected value of $43.2 billion, up 4% from 2023, driven by cross-platform releases and a lack of major console titles. Despite being the smallest segment in terms of consumer spending, accounting for 23% of total revenue, the PC market is expected to play a significant role. The mobile gaming sector is forecast to generate $92.6 billion, a 3% year-over-year increase, and will comprise nearly half of the global gaming market. However, Newzoo notes that the mobile segment still needs to adapt to changes in the market, including ongoing adjustments to privacy-related monetization and user acquisition challenges. In contrast, the console market is expected to decline by 1% year-over-year, reaching $51.9 billion, but will still account for 28% of overall revenue. In terms of player numbers, Newzoo predicts that the global gaming audience will grow to 3.42 billion in 2024, representing a 4.5% year-over-year increase. PC players will continue to grow, with a projected 3.9% increase, reaching over 900 million. Console player growth is expected to slow to 2.9%, while mobile players are forecast to increase by 3.5% to 2.85 billion. The Asia-Pacific region is anticipated to experience a 4% growth in its player base, reaching 1.8 billion players, which will account for 53% of the global total.