Xsolla: Mobile gaming market forecast to reach $98.7bn in 2024
Xsolla has predicted that mobile gaming will produce $98.7 billion in total revenue in 2024, with China forecast to lead the market by generating $34.6 billion.
This is according to its Autumn 2024 State of Play report, which has also estimated that the compound annual growth rate from 2024 to 2027 will grow by 6.4%, with the market expected to reach $118.9 billion by 2027.
Asia is the largest mobile gaming market globally, and revenue is expected to increase from $65 billion in 2024 to $77 billion in 2027. Revenue growth is also forecast to rise in North America from $21 billion to $25 billion.
In terms of in-app purchases, global consumer spending reached $171 billion in 2023. China topped the individual markets at $52.1 billion, followed by the US at $44 billion.
Of those spending on in-app purchases, 64% are women, and 87% play mobile games at least weekly.
Meanwhile, Google Play was the most popular app store, with users downloading approximately 25.6 billion apps in Q1 2024.
In comparison, the Apple App Store saw 8.4 million downloads. However, Xsolla noted that the App Store "remains stronger in terms of revenue generation."
Looking at investments, the first half of 2024 saw increased activity, with both quarters reaching over $2 billion. Xsolla highlighted that this is almost double that of the $4.5 billion of investment reported for the whole of 2023.
"The Autumn 2024 Edition of the Xsolla report offers a clear look at mobile trends, emerging payment solutions, the impact of women in games, and the continuous regulatory shifts shaping the future," said Xsolla chief marketing officer Berkerly Egenes.
"With this report, we aim to equip our partners with the insights and strategies they need to seize new opportunities and succeed in an ever-changing landscape."
Read more on gamesindustry.biz
