Video Game Market to Surpass $593B by 2031
What happened
A new report from Mordor Intelligence projects the global video game market will exceed $593 billion by 2031. The growth is expected to be driven by a 26% compound annual growth rate in cloud gaming. Other key factors cited include mobile-first adoption and the increasing use of AI in content development.
Why it matters
- For comparison, the global games market is expected to generate $187.7 billion in revenue in 2024, with the number of players worldwide reaching 3.42 billion. - Major tech companies are competing in the cloud gaming space, including Microsoft's Xbox Cloud Gaming, Sony's PlayStation Now, and NVIDIA's GeForce Now. - A recent study found that 90% of game developers already use generative AI in their workflows, with 47% using it to speed up playtesting and 45% for localization and translation. - The "free-to-play" model, which relies on in-app purchases and advertising, has become the dominant monetization strategy in mobile gaming, attracting a wide and diverse player base. - The global esports market, a significant adjacent industry, was valued at approximately $2.13 billion in 2024 and is projected to grow to $7.46 billion by 2030. - The mobile gaming segment is projected to have 2.4 billion players by 2029, with hyper-casual games that feature simple mechanics and ad-based monetization being a major trend. - Merger and acquisition activity in the gaming industry remains robust, with 665 closed deals valued at a total of $23.2 billion in 2024. - The Asia-Pacific region currently holds the largest share of the cloud gaming market, accounting for over 47% in 2024, driven by widespread smartphone use and high-speed internet adoption.
Key numbers
- A new report from Mordor Intelligence projects the global video game market will exceed $593 billion by 2031.
- The growth is expected to be driven by a 26% compound annual growth rate in cloud gaming.
- - For comparison, the global games market is expected to generate $187.7 billion in revenue in 2024, with the number of players worldwide reaching 3.42 billion.
- A recent study found that 90% of game developers already use generative AI in their workflows, with 47% using it to speed up playtesting and 45% for localization and translation.
What happens next
- For comparison, the global games market is expected to generate $187.7 billion in revenue in 2024, with the number of players worldwide reaching 3.42 billion.
- A new report from Mordor Intelligence projects the global video game market will exceed $593 billion by 2031.
- The growth is expected to be driven by a 26% compound annual growth rate in cloud gaming.
Quick answers
What happened in Video Game Market to Surpass $593B by 2031?
A new report from Mordor Intelligence projects the global video game market will exceed $593 billion by 2031. The growth is expected to be driven by a 26% compound annual growth rate in cloud gaming. Other key factors cited include mobile-first adoption and the increasing use of AI in content development.
Why does Video Game Market to Surpass $593B by 2031 matter?
For comparison, the global games market is expected to generate $187.7 billion in revenue in 2024, with the number of players worldwide reaching 3.42 billion. Major tech companies are competing in the cloud gaming space, including Microsoft's Xbox Cloud Gaming, Sony's PlayStation Now, and NVIDIA's GeForce Now. A recent study found that 90% of game developers already use generative AI in their workflows, with 47% using it to speed up playtesting and 45% for localization and translation. The "free-to-play" model, which relies on in-app purchases and advertising, has become the dominant monetization strategy in mobile gaming, attracting a wide and diverse player base. The global esports market, a significant adjacent industry, was valued at approximately $2.13 billion in 2024 and is projected to grow to $7.46 billion by 2030. The mobile gaming segment is projected to have 2.4 billion players by 2029, with hyper-casual games that feature simple mechanics and ad-based monetization being a major trend. Merger and acquisition activity in the gaming industry remains robust, with 665 closed deals valued at a total of $23.2 billion in 2024. The Asia-Pacific region currently holds the largest share of the cloud gaming market, accounting for over 47% in 2024, driven by widespread smartphone use and high-speed internet adoption.
