Xsolla predicted that mobile gaming will generate $98.7 billion in total revenue in 2024, with China predicted to lead the market, generating $34.6 billion.
That's according to its Fall 2024 Status Report, which also estimates a compound annual growth rate of 6.4% from 2024 to 2027, with the market expected to reach $118.9 billion by 2027.
Asia is the largest market for mobile games globally, with revenue expected to grow from $65 billion in 2024 to $77 billion in 2027. Revenue growth is also forecast to increase in North America from $21 billion to $25 billion.
In terms of in-app purchases, global consumer spending will reach $171 billion in 2023. China dominated the individual markets with $52.1 billion, followed by the US with $44 billion.
Of those who spend on in-app purchases, 64% are women and 87% play mobile games at least once a week.
Meanwhile, Google Play was the most popular app store, with users downloading around 25.6 billion apps in the first quarter of 2024.
In comparison, the Apple App Store recorded 8.4 million downloads. However, Xsolla noted that the App Store “remains stronger in terms of revenue generation.”
Looking at investments, the first half of 2024 saw increased activity, with both quarters reaching more than $2 billion. Xsolla pointed out that this is almost double the $4.5 billion investment reported for all of 2023.
“The release of Xsolla's Fall 2024 report offers a clear look at mobile trends, emerging payment solutions, the influence of women in gaming and the ongoing regulatory changes shaping the future,” said Xsolla Chief Marketing Officer Berkerly Egenes.
“With this report, we aim to equip our partners with the insights and strategies they need to seize new opportunities and succeed in an ever-changing environment.”