Mobile Gaming Will Be $158 Billion Industry By 2024
The growth of the global mobile gaming market shows no signs of slowing, with new research predicting it will surpass $AUD158 billion a year by 2024.
Market intelligence firm Newzoo’s 2021 Global Mobile Market Report shows a forecast 11.2 per cent compound annual growth rate from 2019 through 2024.
Under this model, the market is expected to total $124 billion by the end of this year.
Newzoo credits the rise of 5G in propelling the spend on mobile games, forecasting that the current 15 per cent of 5G-ready phones in the world will rise to 45 per cent by 2024.
Newzoo also feels the Apple’s lawsuit against Epic Games, as well as its decision to disallow apps from tracking customer data will impact the future of mobile gaming.
“We believe that Apple will be forced to open its mobile payment ecosystem across the globe, rather than juggling various policies across different markets,” the company said.
“Mobile game developers were already adopting hybrid monetisation and IP-based-game strategies, and mobile privacy changes are only accelerating these shifts.”