The global games market is navigating a period of slow but steady growth, according to Newzoo’s Global Games Market Report 2024. Despite a decline in average playtime since early 2021 and increasing industry consolidation, the market is projected to generate $187.7 billion in revenue in 2024, representing a modest 2.1% year-on-year increase. The number of gamers worldwide is expected to reach 3.42 billion in 2024, a 4.5% increase from the previous year.
Biggest growth
The market dynamics reveal a notable shift among gaming platforms. PC gaming is set to outperform both mobile and console gaming in revenue growth, with a projected increase of 4.0% year-on-year, reaching $43.2 billion. This growth is largely driven by a strong slate of releases in 2023 and the enduring popularity of cross-platform titles and evergreen games. In contrast, mobile gaming, despite its significant market share, is expected to grow at a slower rate of 3.0% year-on-year, bringing in $92.6 billion, which accounts for 48% of the global market’s revenues.
Console gaming, on the other hand, is anticipated to see a slight decline of 1.0% year-on-year in 2024. The console market has experienced two slower years and is awaiting a resurgence anticipated from 2025 onwards, potentially driven by the release of new hardware and high-profile games like the next entry in the Grand Theft Auto series.
Global community
The global gaming community continues to expand, with emerging markets contributing significantly to the rise in player numbers, particularly in the mobile segment, which is projected to reach 2.85 billion players in 2024, a 3.5% increase year-on-year.
Looking ahead, the global games market is forecasted to grow at a compound annual growth rate (CAGR) of 3.1% from 2022 to 2027. As the gaming landscape evolves, industry stakeholders are likely to witness shifting dynamics across different platforms. The PC gaming segment, bolstered by cross-platform releases and enduring titles, will continue to see robust growth, while mobile gaming remains a dominant revenue generator, especially in emerging markets. Console gaming is expected to rebound in the coming years with the anticipated launch of next-generation consoles and blockbuster titles.
Joining the community
The global gaming population is steadily growing, with new players joining a community that already numbers in the billions. Gaming’s rise as a dominant cultural and economic force shows no signs of slowing down, with each generation finding new ways to engage with the medium.
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