According to a report from Newzoo, the worldwide gaming market is anticipated to reach $187 billion by 2024

According to Newzoo's latest analysis, the worldwide gaming sector is projected to be valued at $187.7 billion in 2024, reflecting a 2.1% rise from the previous year.

Earlier in the year, the market research company had anticipated the global gaming industry's value to hit $189.3 billion. Click here for more details.

Moreover, between 2022 and 2027, a 3.1% compound annual growth rate (CAGR) is expected, with the market set to reach $213.3 billion by 2027.

The PC gaming sector is poised to be the primary growth catalyst in 2024, generating $43.2 billion, which is a 4% rise from 2023. This growth is attributed to multi-platform releases and fewer major console game launches.

Nevertheless, PC gaming remains the smallest revenue generator, constituting 23% of total consumer spending.

The mobile gaming segment is expected to produce $92.6 billion, marking a 3% year-over-year growth and nearly accounting for half of the global gaming market.

Newzoo noted that the mobile segment still faces adjustments needed to tackle privacy-related monetization and user acquisition challenges.

In contrast, the console segment is projected to see a 1% decline from the previous year, reaching $51.9 billion and comprising 28% of overall market revenue.

Newzoo estimates the global gaming audience will rise to 3.42 billion players in 2024, a 4.5% increase from the previous year. The number of PC gamers is expected to escalate by 3.9%, surpassing 900 million.

Console gamer growth is forecasted to decelerate to 2.9%, while mobile gamers are expected to grow by 3.5%, totaling 2.85 billion.

The Asia-Pacific region is projected to increase its player base by 4% to 1.8 billion, accounting for 53% of the global gaming audience.