India is the second largest paid aggressive gaming market and is projected to develop to $3.5 billion by 2024.
The paid aggressive gaming is rising 6X quicker than the general world cellular video games market with a CAGR of 31.9 per cent from 2021 to 2024.
The paid aggressive gaming or PCG market is anticipated to succeed in $16 billion by 2024, in keeping with a report launched this week on the Game Developer Conference in San Francisco. The business is rising 6X quicker than the general world cellular video games market with a CAGR of 31.9 per cent from 2021 to 2024.
The total world cellular gaming market is anticipated to succeed in $223 billion by 2024 at a compound annual development charge (CAGR) of 4.9 per cent.
India is the second largest paid aggressive gaming (PCG) market and is projected to develop to $3.5 billion by 2024.
The report, a collaborative effort between online game and gamer information agency Newzoo and the Mobile Premier League (MPL), chronicles the rise of the promising gaming phase and traits on this house. It relies on a consulting evaluation by Newzoo and a customized analysis carried out by the corporate in 2022 on 24,562 respondents throughout 12 of the most important gaming markets.
The gaming business has undergone a paradigm shift for the reason that introduction of the pay-to-play mannequin within the Seventies and the following free-to-play mannequin within the 2000s. Today, there are 4 distinct methods to monetize video games: Subscription Services, Rewarded Ads, Play & Earn, and PCG.
Tony Habschmidt, head of consulting at Newzoo, mentioned, “This shift highlights that publishers are embracing new and progressive fashions, whereas gamers predict new and ingenious types of interplay with their favourite video games.”
Habschmidt added that the PCG has become a burgeoning example of this, and focuses on offering players the ability to monetize their experiences with and through other players, opening up the potential to be rewarded for their skills. As new players are drawn to it from traditional forms of gaming and from adjacent entertainment realms like sports and social media, PCG will democratise and redefine the industry.
According to the report, the US, India, Mexico, the UK and Germany are forecast to be the top markets for PCG. The US, which is currently the largest gaming market in the world, is also leading the way in PCG, with an estimated value of $3 billion in 2021. It is projected to grow at a CAGR of 29.4 per cent, reaching $6.6 billion by 2024 (representing 33 per cent of the total mobile gaming market).
India is the second largest PCG market and is projected to grow to $3.5 billion by 2024. India along with Mexico are the fastest growing PCG markets with a CAGR of 33.3 per cent and 32 per cent, respectively. The UK and Germany are growing at a rate of 21.9 per cent and 20.6 per cent, respectively.
It also said mobile is gaming’s biggest and fastest-growing segment, by player numbers and revenues alike. In 2021, the global gaming industry saw 2.8 billion mobile gamers contributing over 50 per cent of the global gaming revenue and is forecasted to grow even further to $113.0 billion by 2024 with 3.1 billion players. PC gaming had 1.4 billion players in 2021, expected to rise to 1.5 billion by 2024, and console gaming had 871 million players in 2021, projected to increase to 943 million in 2024.
Cross-platform play is popular, with significant overlap between the platforms. Newzoo estimates that there will be over 3 billion gamers globally by 2024.
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