Newzoo recently released a survey called the “2021 Global Games Market Report”. This research showed that the global gaming market will go from $175.8 billion in 2020 to over $200 billion by 2024.
The report revealed that, by 2024, the global gaming market will be worth $218.7 billion. As a result, the sector will register a CAGR (compound annual growth rate) of 8.7% from 2019 to 2024.
“The games market’s long-term trajectory remains undeniably positive, but the market simply cannot sustain 2020’s impressive growth for another year,” writes Dean Takahashi of VentureBeat. “The market’s slight decline this year is temporary, the number of gamers is growing, and how they engage with the pastime is becoming more complex, Newzoo said.”
The report indicated that there are almost 3 billion gamers on the planet. Despite this massive number, the global games sector is expected to decrease in value by 1.1% this year due to the shrinkage of the PC and console gaming markets.
(All information was provided by VentureBeat)