The global gaming market will receive $187.7 billion in revenue.

According to a new report from Newzoo, the gaming industry continues to grow despite reduced Time spent by players in games. It is forecasted that in 2024 the gaming market revenue will increase by 2.1% compared to 2023 and reach $187.7 billion.

It is predicted that in 2024 approximately 3.4 billion people worldwide will be playing games, and the industry's influence will increase thanks to its presence in media and entertainment.

The largest share of revenue (46%) in the gaming sector will come from the Asia-Pacific region. China alone brings in $45 billion in revenue. North America will be in second place, with the US providing $47 billion from the total revenue in the region ($50.2 billion).

Regarding the gaming market on different devices, PC gaming revenue is forecasted to be the highest (around $43.2 billion) although growth will be only 4%. Console revenue will decrease by 1% and amount to $51.9 billion. However, mobile games will grow by 3% and bring in $92.6 billion in revenue. Overall, console and PC revenue will account for 51% of the entire market, while mobile games will account for 49%.

Throughout 2024, according to Newzoo, Europe will bring in $34.8 billion in revenue and will account for 18% of the total in the gaming industry. Latin America, the Middle East, and Africa together will account for 9% of the $187.7 billion in revenue (or $16.8 billion). Moreover, these regions will have the highest growth compared to the previous year - 6.2% and 8.9% respectively.

The Newzoo report also noted that game developers and publishers will face important questions throughout 2024. Among them are the feasibility of investing in smaller games instead of large projects, the use of artificial intelligence in development, and issues of addressing free-to-play game challenges and balancing between existing franchises and creating new games.

Source: Ekonomichna Pravda