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Video Games Market To Surpass US$200 Billion By 2024

The global games market is growing so fast that the video games industry is expanding at such an incredible rate. According to the 2021 Global Games Market Report from Newzoo (via VentureBeat), it will grow from US$175.8 billion in 2021 to more than a whopping US$200 billion in 2024.

With an army of more than three billion gamers around the world, the global games market is expected to generate US$175.8 billion in 2021. That is actually a 1.1 percent decrease from 2020, but that is probably due to the effects of the ongoing COVID-19 pandemic and the shortage of next-gen consoles like the PS5 and Xbox Series X/S.

However, Newzoo also predicts that the mobile gaming market will generate US$90.7 billion in consumer spending in 2021, which is a growth of 4.4 percent from 2020. Like we previously covered, mobile games now account for more than half of the global games market.

What’s interesting is that the Asia-Pacific region accounts for the most players worldwide (55 percent of all gamers). This is because Asia-Pacific includes China and growing regions like Southeast Asia and India as well.

However, for player spending, Europe and North America account for over 40 percent of games revenues despite accounting for less than a quarter of 2021’s gamers worldwide (14 percent in Europe and 7 percent in North America).

The Middle East and Africa and Latin America are the world’s fastest-growing in terms of the number of players. This is attributed to the growth in their online population; improving internet infrastructure, and smartphone and mobile internet data plans becoming more affordable.

2.8 billion of the world’s three billion gamers this year will play on a mobile device. This is compared to 1.4 billion on PC and 900 million on consoles.

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