Game market will hit $200b in 2024

The global game market will grow from $175.8 billion in 2021 to more than $200 billion in 2024, according to the 2021 Global Games Market Report from Newzoo.

From 2019 to 2024, the market should grow with a healthy compound annual growth rate (CAGR) of 8.7 per cent to reach $218.7 billion in 2024, surpassing the $200-billion threshold in 2023.

With just under 3 billion gamers, the global games market should generate $175.8 billion in 2021, down 1.1 per cent from a year earlier. The decline should be due to shrinkage of the PC and console market.

The PC market should decrease 2.8 per cent from a year ago to $35.9 billion in 2021, while the console market should dip 8.9 per cent in 2021 to $49.2 billion. That’s because the after-effects of Covid-19 should shape the market this year, resulting in delays of big games and shortages of new consoles.

Newzoo forecasts the mobile gaming market should generate $90.7 billion in consumer spending in 2021, growing 4.4 per cent from a year ago. This is more than half of the global games market, as the segment is less affected by the effects of Covid-19 than PC and console gaming.

The games market’s long-term trajectory remains undeniably positive, but the market simply cannot sustain 2020’s impressive growth for another year. The market’s slight decline this year is temporary, the number of gamers is growing, and how they engage with the pastime is becoming more complex, Newzoo said.

venturebeat