Newzoo has estimated that the global gaming market will reach $187.7 billion by 2024, a year-over-year increase of 2.1%, according to its latest report.
This figure is slightly lower than the market research firm's initial forecast earlier this year, when it predicted the global gaming market would reach $189.3 billion.
Newzoo has also predicted that the compound annual growth rate from 2022 to 2027 will grow by 3.1% and the market is expected to reach $213.3 billion in three years.
The PC segment is expected to be the “main growth driver” this year at $43.2 billion, up 4% from 2023. This is a result of multi-platform releases and a lack of major console titles.
This is despite being the lowest segment in terms of consumer spending, representing 23% of total revenue.
Mobile devices are expected to generate $92.6 billion, up 3% year-over-year, and account for nearly half of the global gaming market.
However, Newzoo said the segment “still needs time to adapt to changes in the mobile market,” such as “continuing to adapt to monetization challenges related to privacy and user acquisition.”
Consoles are expected to decline 1% year-over-year to $51.9 billion, but will account for 28% of total revenue.
As for gamers, the data firm forecasts that the global gaming audience will grow to 3.42 billion by 2024, representing a year-over-year increase of 4.5%. PC gamers will continue to grow by 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 gamers are projected to increase 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, representing 53% of the global total.