Worldwide Gaming Industry Flourishes: Robust Growth, Diverse Demographics, and Global Trends in 2024

Experiencing a surge in gaming revenues attributed to its vibrant and youthful population, the gaming industry in the United Arab Emirates (UAE) has undergone a notable transformation into a shared and interactive experience. Despite navigating unprecedented challenges, the global gaming market has thrived in 2023, with projections suggesting a remarkable growth from $281 billion in 2023 to an astounding $665 billion by 2030.

In the UAE, the rise in gaming revenues, driven by its youth-centric demographic, has reshaped the industry into a communal and interactive phenomenon. Evolutions such as the integration of virtual reality, the increasing popularity of mobile gaming, the growth of esports, and more contribute to an optimistic outlook for the gaming landscape in 2024.

Studios are actively engaging with multiple demographics, recognizing that gamers from the 80s and 90s are growing up, resulting in the average age of gamers reaching 35 years old today. Statista’s Global Consumer Survey reveals that the UAE boasts the highest percentage of adult video game players globally, with nine out of ten participating. The industry is innovating with new formats, including hybrid sports-gaming products, catering to both young audiences (Alphas and Gen Zs) and expanding to older ones (Millennials).

Gaming and esports provide an effective platform for brands to connect with hard-to-reach Gen-Zs and millennials. Platforms like GGTech’s Amazon UNIVERSITY Esports, with over 3,500 university student participants in the region, offer a global stage for brands to showcase their messages. This trend highlights the industry's ability to organically convey brand messages to audiences immersed in their passion points.

The gaming market is expanding globally, with Latin America, Africa, and the Middle East playing pivotal roles in industry growth. Governments in the Middle East, particularly in the UAE and Saudi Arabia, are investing in the esports ecosystem, leveraging their young and tech-savvy populations. As of 2023, the MENA region stands out as the fastest-growing domestic market, hosting over 377 million gamers, competing with the figures in Europe and America. Saudi Arabia and the UAE rank among the top 15 nations globally in engagement, with respective rates of 21 percent and 19 percent.

Industry consolidation has been a prominent theme in 2023, with double-digit growth slowing in key gaming territories. However, consolidation is viewed positively as it allows the industry to shed non-sustainable segments and companies. Those that consolidate or gain market share during these times are expected to emerge as leaders in the coming years.

Gaming has solidified its position as the biggest entertainment industry, surpassing the combined revenue of music and film. In 2022, the gaming industry generated an astonishing $185 billion in revenue, fueled by immersive experiences, riveting stories, and characters. Mobile gaming has risen to prominence, appealing to all age groups with the convenience of on-the-go play.

Looking ahead to 2024, expectations include streaming services like Netflix entering the gaming space, along with the continuation of success for hybrid sports-gaming products. The industry anticipates more individuals selecting gaming as their primary entertainment activity, intensifying competition with music, movies, sports, and other entertainment sectors. The vibrant and evolving gaming landscape promises a dynamic year ahead for enthusiasts and industry stakeholders alike.

By fLEXI tEAM