Global Gaming Market Projected to Reach $189 Billion by 2024

According to Newzoo's latest report, the global gaming market is anticipated to generate $189.3 billion in revenue by 2024. The market is expected to experience slow growth, with a compound annual growth rate of 1.3% from 2021 to 2026. In 2023, the market reportedly earned $184 billion, representing a modest 0.6% increase from the previous year. Newzoo remains optimistic about the PC and console segments, while mobile gaming is expected to recover from its recent struggles. The increasing adoption of Xbox Series and PlayStation 5 consoles is likely to drive growth, despite a less impressive release schedule in 2024. However, the market is predicted to face challenges, with live-service games potentially crowding out new projects and companies adopting risk-reduction strategies. The use of generative AI is expected to grow, but its impact on game production will be limited in 2024. Other predictions include the launch of a new Nintendo console, the introduction of an Xbox mobile store on Android, and a slowdown in the adoption of multi-game subscriptions.