The video gaming world has gone from strength to strength over the past several decades. If you were to transport gamers in the early 1970s to 2024 and show them the numerous possibilities available nowadays, their jaws would drop to the floor. Everything from graphics to game mechanics and plotlines has massively improved, with some of the most pivotal evolution coming in the last few years.
Landmark moments like the release of the PS5 back in 2020 have fueled a whole new frontier for the video gaming industry, with software developers able to leverage cutting-edge technology to create ridiculously high-definition graphics. This is just the tip of the iceberg, with new technology also making super-fast processors possible while shrinking hardware size, allowing for increasingly portable gaming experiences.
Elsewhere, the seismic advances in AI technology have allowed gaming developers to craft increasingly realistic and immersive worlds with sophisticated, non-playable characters and in-game intelligence. Combined with the exciting development of virtual and augmented reality within games, this creates a level of realism never before experienced in the gaming world.
All this exciting evolution has pushed the gaming industry to new levels regarding revenue, with various sectors experiencing remarkable growth. It’s hardly surprising, considering the technology available nowadays, with gamers finding it increasingly easy to access state-of-the-art entertainment options.
Keep reading for a comprehensive breakdown into the gaming world’s evolution. We’ll look at the essential statistics first before examining the main sectors experiencing significant growth, and some of the most exciting games released in 2024.
Essential 2024 gaming industry statistics
The global gaming industry continued showing significant growth during 2024, albeit slightly slower than in other years, notably 2020, when many people were stuck indoors for extended periods of time. Even so, the highly respected Newzoo report shows that the market is projected to generate $187.7 billion in revenue – a 2.1% year-on-year increase.
The same report shows that around 3.4 billion gamers will enjoy everything from console titles to mobile gaming and iGaming, showing the extraordinary breadth the industry has created. Smartphone-related gaming is expected to be one of the most significant forces within the wider market, posting some of the best numbers for several years running.
Main Gaming Industry Sectors Seeing Growth
It’s all very well exploring gaming industry growth statistics, but doing so only gives a surface-level breakdown. Understanding the main industry sectors fueling this progress is key to getting the most well-rounded appreciation of how things are going. Check below for a roundup:
Mobile Gaming
Mobile gaming has dominated the industry for the last few years, taking maximum advantage of the increased accessibility and processing power of modern smartphones. In fact, the mobile gaming sector accounts for nearly half of the overall gaming revenue for 2024, showcasing how important titles like Genshin Impact and Call of Duty: Impact have been. With mobile technology continuing to improve and ultra-fast 5G connectivity becoming more accessible, the rise of the mobile gaming industry is slated to continue far past 2024.
iGaming
The iGaming sector has grown at an unprecedented rate over the past decade, benefiting from better technology, more flexible regulatory frameworks and increased access to powerful smartphones. Global iGaming revenue, including online casinos and sports betting, is projected to exceed $100 billion in total over the next decade, with slots and live dealer games being the most significant drivers. Playing at a casino online is the iGaming sector’s path of evolution.
Console Gaming
Despite there being more mobile gaming players than console gamers nowadays, this sector will always be the one that people pay the most attention to. Heavyweight consoles like the PS5 and Xbox Series X have taken things to dizzying heights, with a level of graphical detail and gameplay immersion never seen before. The increased integration with cloud gaming and subscription services has also been instrumental in helping gamers get pretty much instant access to new titles. 2024 continued experiencing intensive growth within this sector, fueled by games such as EA Sports FC 2024.
Exciting games released in 2024
The best thing about having such a healthy gaming industry is the number of exciting new games coming out each year. Here is a rundown of some of the most impactful examples from 2024:
- Final Fantasy XII Rebirth: This keenly awaited sequel is made all the more exciting by the news that the game is finally coming to Steam.
- EA Sports FC 24: The first EA soccer game since the split with FIFA.
- Prince of Persia: The Lost Crown: The highly anticipated new installment of the iconic gaming series.
