Newzoo expects the global mobile gaming market to generate over $116 billion in 2024. The firm shared its latest 2021 Global Mobile Market Report which states direct consumer spending on mobile gaming around the world will show an 11.2% compound annual growth rate (CAGR) from 2019 through 2024.
As for 2021, the analysts believe that the mobile games market will reach $90.7 billion. The report also adds that growth of spending on mobile games will be more than the growth of the mobile gaming audience. This year's total number of users is said to reach 3.9 billion smartphone users, and the number will hit 4.5 billion in 2024 according to the report.
The analysts also believe that 5G adoption will increase. Currently, 15% of the 4.6 billion active smartphones in the world are 5G-ready. The number is said to reach 45% on an expected 5.3 billion active smartphones in 2024.
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