The global gaming industry continues to grow at an unprecedented pace, with projections indicating that the global games market will generate $187.7 billion in 2024.
This figure reflects the increasing popularity of video games, fueled by technological advancements, shifting consumer behaviors, and the expansion of new gaming platforms.
In this article, we’ll explore the factors driving this growth, the impact of emerging trends, and the regions contributing to the gaming industry’s future.
The global games market will generate $187.7 billion in 2024: key factors behind this growth
The rapid expansion of the global games market can be attributed to several key factors, the first being technological advancements and innovations in the field.
The evolution of gaming hardware, such as high-performance consoles and gaming PCs, has made games more accessible and enjoyable. With the release of next-generation consoles like the PlayStation 5 and Xbox Series X, as well as continued advancements in PC gaming, players have access to more immersive and graphically sophisticated experiences.
Cloud gaming and streaming services, such as Xbox Cloud Gaming, NVIDIA GeForce Now, and Amazon Luna, have also opened the door for gaming without the need for expensive hardware. These services allow users to stream games directly to their devices, expanding access to high-quality gaming experiences.
But another surprising factor to influence this growth is the meteoric rise of mobile gaming that happened in recent years.
Mobile gaming has become one of the largest segments within the gaming industry, with its market share projected to exceed $100 billion by 2024. The widespread availability of smartphones, increased internet penetration, and advancements in mobile technology, such as 5G, have made gaming more accessible than ever before.
Games like “Genshin Impact,” “PUBG Mobile,” and “Honor of Kings” have achieved massive popularity and profitability, proving that mobile gaming is a powerful driver of growth for the industry. The introduction of cloud gaming to mobile devices further enhances the experience, bringing high-quality graphics and gameplay to phones and tablets.
The continued increase in popularity of e-sports and competitive games also has its fair share of contribution to this growth.
The e-sports industry has witnessed tremendous growth over the last decade, with tournaments drawing in millions of viewers and offering multi-million dollar prize pools. Titles like “League of Legends,” “Dota 2,” and “Counter-Strike: Global Offensive” continue to dominate the competitive gaming scene.
As the e-sports ecosystem grows, so do revenue streams from advertising, sponsorships, and media rights, contributing significantly to the overall gaming market. E-sports’ inclusion as a demonstration event at the 2022 Asian Games and its consideration for future Olympics further validate its mainstream appeal.
Emerging trends shaping the future of gaming
As the industry gears up to reach this $187.7 billion figure in 2024, several emerging trends are shaping its trajectory.
The concept of the metaverse is gaining traction in the gaming industry, with companies like Epic Games, Roblox, and Meta investing heavily in creating interconnected virtual worlds.
These platforms allow users to engage in gaming, social interactions, and virtual commerce, blurring the lines between digital and real-life experiences.
The integration of blockchain technology and NFTs (Non-Fungible Tokens) in gaming enables new business models, such as play-to-earn games, where players can earn real-world value through in-game activities. This shift is expected to open new revenue streams and attract more users.
Another big trend is the adoption of subscription-based gaming services, like Xbox Game Pass, PlayStation Plus, and EA Play, which have been on the rise. These services provide access to extensive game libraries for a monthly fee, making gaming more affordable and appealing.
As players continue to opt for subscription models, this trend is expected to drive recurring revenue for game developers and publishers while encouraging experimentation with a diverse range of game genres.
All of this is maximized by the growth in emerging markets, particularly in Asia-Pacific, Latin America, and the Middle East. These regions are experiencing rapid growth in gaming adoption, with improved internet infrastructure, increasing smartphone penetration, and rising disposable incomes contributing to the expansion of gaming audiences in these regions.
Countries such as India, Brazil, and Indonesia have shown significant potential, with local developers creating culturally relevant content that resonates with new audiences. The growth of mobile gaming in these markets is especially promising.
In this other article, we discuss the 6 best countries for game development in 2024.
Regional contributions to the $187.7 billion projection
The projected revenue of $187.7 billion is not evenly distributed across the globe, with different regions contributing to the market’s growth in unique ways.
- Asia-Pacific
As the largest gaming market, the Asia-Pacific region is set to continue leading in revenue generation, driven primarily by China, Japan, and South Korea. Mobile gaming dominates the market here, and the popularity of e-sports adds to the sector’s strength. - North America
The U.S. remains a significant contributor, with a strong console gaming culture and rapid adoption of new technologies like cloud gaming. The region’s e-sports scene and content creator ecosystem also play a major role in driving revenue. - Europe
While not as large as Asia-Pacific or North America, Europe’s gaming market is growing steadily, thanks to the widespread adoption of mobile and PC gaming, and increasing interest in competitive gaming. - Emerging Markets
Regions such as Latin America, Africa, and the Middle East are showing the fastest growth rates, as gaming becomes more accessible and culturally embedded. This expansion is expected to add substantially to the industry’s bottom line by 2024.
Challenges and opportunities ahead
While the future looks promising, the gaming industry will face some challenges.
Regulatory hurdles remain a concern, as governments worldwide impose stricter regulations on gaming content, microtransactions, and data privacy. Companies may need to adapt quickly to comply and stay ahead.
Game development costs are another significant factor. The increasing complexity of games raises development costs, putting pressure on smaller studios. However, new tools like artificial intelligence and procedural generation could help reduce expenses and maintain quality.
And finally, cybersecurity concerns are growing among players. With more gaming platforms going online, data breaches, hacking, and other cybersecurity threats pose risks to both companies and consumers.
Despite all these challenges, the global games market’s anticipated revenue of $187.7 billion in 2024 reflects not just a growing number of gamers, but also an industry evolving to meet diverse needs and trends.
Technological innovation, the expansion of mobile gaming, and the rise of e-sports are all driving forces behind this growth. As new markets emerge and gaming experiences become more interconnected and immersive, the industry will continue to adapt, presenting opportunities for businesses and players alike.
The future of gaming is bright, and as the market continues to expand, it is poised to redefine entertainment on a global scale.
And we here at Main Leaf are ready for this future. For 12 years we have been a part of the video game industry, and we are happy to witness this incredible projection. If you are considering getting into this market and developing a game, get in contact with us so we can put our expertise at your service.
And, of course, check out our blog for many other articles relating to the world of video games.
