Newzoo: Global games market expected to grow to $187bn in 2024
Market analysis firm's forecast is for 2.1% year-on-year growth, but slightly down on initial estimation of $189.3 billion
Newzoo has estimated that the global games market will reach $187.7 billion in 2024, a 2.1% increase year-on-year, according to its latest report.
This is slightly lower than the market analysis firm's initial forecast earlier this year, in which it predicted that the global games market would reach $189.3 billion.
Newzoo has also forecast the compound annual growth rate from 2022 to 2027 will grow by 3.1% with the market expected to reach $213.3 billion in three years.
The PC segment is expected to be this year's "main growth driver" at $43.2 billion, a 4% increase compared to 2023. This is a result of cross-platform releases and a lack of major titles on console.
This is despite it being the lowest segment in terms of consumer spending, making up 23% of total revenue.
Mobile is due to generate $92.6 billion, a 3% increase year-on-year and making up nearly half of the global games market.
However, Newzoo said that the segment "still needs time to adapt to changes in the mobile market" such as "continuous adaptation to privacy-related monetisation and user-acquisition challenges."
Console is expected to decline 1% year-on-year and reach $51.9 billion, but will make up 28% of the overall revenue.
As for players, the data firm forecasts that the global gaming audience will increase to 3.42 billion in 2024, representing a 4.5% increase year-on-year. PC players will continue to grow 3.9% and are estimated to reach over 900 million.
Console player growth is estimated to slow to 2.9% compared to last year, while mobile players are forecast to increase by 3.5% to 2.85 billion.
Meanwhile, Newzoo predicted that the Asia-Pacific region will see its player base grow by 4% to 1.8 billion players, making up 53% of the global total.