Newzoo: The gaming market will reach $ 200 million in 2024

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The global gaming market will grow from $ 175.8 billion in 2021 to more than $ 200 billion in 2024, according to Newzoo’s 2021 global gaming market report.

From 2019 to 2024, the market will grow at a healthy compound annual growth rate (CAGR) of 8.7% to reach $ 218.7 billion in 2024,
exceeding the $ 200 billion threshold by 2023.

Driven by just under 3 billion players, the global gaming market will generate $ 175.8 billion in 2021, 1.1% less than the previous year. The decline will be due to the contraction of the PC and console market.

The computer market will decline 2.8% from a year ago to $ 35.9 billion in 2021, while the console market will shrink by 8.9% in 2021 to $ 49.2 billion. This is due to the fact that the subsequent effects of COVID-19 will shape the market this year, which will lead to delays in major games and shortage of new consoles.

Newzoo predicts that the mobile gaming market will generate $ 90.7 billion in consumer spending in 2021, up 4.4% from a year ago. This is more than half of the global gaming market, as the segment is less affected by the effects of COVID-19 than PC and console games.

The long-term trajectory of the gaming market remains undeniably positive, but the market simply cannot sustain the impressive growth of 2020 one more year. Newzoo said the slight decline in the market this year is temporary, the number of players is growing and the way they engage with the hobby.

The metaverse trend is also accelerating at an unprecedented pace and virtual reality is flourishing again after a few years of calm. To this end, this year’s report places a special focus on both topics, as well as on estimates, trends, rankings and market data.

Regional growth

Above: The global gaming market continues to grow.

Image credit: Newzoo

The Asia-Pacific region represents, by far, the largest number of actors in the world (55% of the world number), which makes sense as the region is home to approximately the same share (54%) of the world’s population. on line.

The high share of Asia-Pacific actors is due in large part to the massive amount of population in China, but the region also contains growth regions such as India and Southeast Asia.

But in terms of revenue, Europe and North America have an overexpression of player spending, which together account for more than 40% of gaming revenue. But notably, the two markets host less than a quarter of 2021 players worldwide (14% in Europe and 7% in North America).

Many gaming companies based in Europe and North America are increasingly paying attention to the markets of the Middle East and Africa.
and Latin America.

These two regions are the fastest growing in the world in terms of the number of players. As every year, the main drivers of player growth in Latin America, the Middle East and Africa are: the growth of their online population; improve Internet infrastructure; and data plans for smartphones and mobile phones are becoming more affordable.

For similar reasons, Western developers are also looking at some of the most potential markets in Asia-Pacific, including China, India and the Southeast Asian growth markets.

More than 90% of 2021 players play via mobile

Above: The gaming industry will reach $ 204 billion in 2024.

Image credit: Newzoo

Due to the Asia-Pacific appetite for mobile gaming, as well as the segment’s accessibility and ubiquity in all markets, 2.8 billion of the world’s 3 billion players this year will play on a mobile device. This compares to 1.4 billion on PC and 900 million on console.

It’s understandable that there are a lot of crossovers, as there are more consumers who never play in multiple segments. This is due in part to the continuing trend of platform agnosticism (blurring of lines between platforms), which in turn is driven by cross-play, Newzoo said.

More player growth is coming

The growth rates of players from 2020 to 2021 are already impressive (+ 5.4%) and many of the new players entering the market during the pandemic will continue to spend and commit to the hobby. However, even more players will enter the market.

In 2015, the number of players stood at just over 2 billion. In 2024 it will become 3.3 billion. But the way many gamers interact with games has changed, accelerating one of the most talked about and potentially disruptive trends on the market.

On the metaverse

Above: The number of global actors is constantly increasing.

Image credit: Newzoo

Although everyone was locked inside, the role of games quickly evolved into something more meaningful than a means of entertainment.

Games have become an extension of our world: a key destination for social gatherings and a means to celebrate life’s events. Populated by digital avatars as an expression of the self, gaming worlds empower communities to harbor a wealth of human and social experiences unattainable through other means, Newzoo said.

This growth of online virtual worlds — and the activities that take place there — has led to waves of attention and investment around what is commonly known as the metaverse.

The metaverse trend, rapidly accelerated by COVID-19, is powerful enough to persist beyond COVID-19. Newzoo believes that metaverse plays a vital role in the future of gaming.

In 2020, the global virtual reality (VR) gaming market generated total revenue of $ 816 million through consumer spending, which is defined as the revenue from VR games generated through consumer VR headsets with capacity 6DoF positional tracking.

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