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Asia-Pacific has more than half of all gamers worldwide
Driven by the confinement following the coronavirus pandemic, Gaming industry revenues in 2020 and 2021 were much higher than anticipated at the time. NewZoo‘s Global Games Market Report, claims that the global gaming market generated $184 billion in 2023, representing a year-on-year growth of 0.6%.With around 3 billion gamers worldwide, through 2024 the market could grow at a compound annual growth rate of 8.7%, reaching $218.7 billion. Mobile will contribute to most of this growth, in addition to the new generation of consoles such as the Nintendo Switch successor. As gaming becomes more mainstream and young people get older, the number of gamers will increase across the board.
Thanks to the expansion of technology, new tools, the considerable increase in the quality of content, the professionalization of e-sports, streaming services and niche platforms, the number of global players continues to grow worldwide.
NewZoo indicates that this 2023, the number of players grew by 7.3% worldwide, reaching 1470 million in 2023; and going forward, it will continue to grow with a CAGR (2021-2026) of +4.7% to reach 1.66 billion players by the end of 2026. Mordor Intelligence indicates that the gaming market is expected to register a CAGR of 8.94% during 2018-2028; and Satista estimates that by 2027, the global Gaming industry could reach $340 billion.
Next year, the industry is expected to experience further growth as publishers invest in quality that can compete with premium console and PC games. All segments will add new players to the global gaming market as games are developed in the cloud, with multiplayer options and cross-platform compatibility, releases will reach more audiences and increase retention.
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