A report released on Friday informed that competitive paid games (PCG) are growing six times faster than the overall gaming market. It has an annual growth rate of 31.9 percent while the entire gaming market is growing at an annual rate of 4.9 percent.
The PCG market is expected to reach $16 billion globally by 2024, while the entire mobile gaming market is expected to reach $223 billion, according to the Global Paid Competitive Gaming Report 2023, released by sports data company Newze and gaming company MPL . It said consumer spending on sports has increased by nearly 40 per cent in the last three years. This momentum is expected to continue in 2024 as well.
“Paid competitive gaming currently accounts for 7 per cent of the global mobile gaming market and is expected to double to 14 per cent by 2024,” the report said.
It also highlighted that skill players who have participated in money competitions at least once were more engaged than traditional players.
On average, players played skill-based games for 5.4 hours per week. On the other hand, traditional players who do not play money games play 4.4 hours per week. Furthermore, 40% of traditional players in India expect to play skill-based games in the future.
The mobile sector was the largest and fastest growing among all sectors. The global gaming industry is set to see 2.8 billion mobile gamers in 2021, accounting for more than 50 percent of global gaming revenue. They are expected to reach $113 billion by 2024.
Money games had 1.4 billion players in 2021 and are expected to grow to 1.5 billion by 2024. Console gaming had 871 million players in 2021 and is projected to grow to 943 million in 2024.
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