Market Analysis

The online gaming market is expected to continue its growth in the coming years, driven by increasing popularity and accessibility of mobile gaming. According to a report by Newzoo, the global gaming market generated $175 billion in revenue in 2020, and this figure is expected to reach $218 billion by 2023. The majority of the market revenue comes from mobile gaming, which is projected to grow at a CAGR of 10.2% during the forecast period.

Based on the given information, the global gaming market generated $175 billion in revenue in 2020, and it is expected to reach $218 billion by 2023, which represents a CAGR of:

CAGR = (Final Value / Initial Value)^(1/Number of Years) – 1
CAGR = ($218 billion / $175 billion)^(1/3) – 1
CAGR = 0.0805 or 8.05%

We are asked to calculate the expected market revenue in 2024, which is one year after the forecast period. To do this, we can use the CAGR formula:

Final Value = Initial Value x (1 + CAGR)^Number of Years

where the Initial Value is the market revenue in 2023, which is $218 billion, the CAGR is 10.2%, and the Number of Years is 1. Plugging these values into the formula, we get:

Final Value = $218 billion x (1 + 0.102)^1
Final Value = $240.76 billion

Therefore, the expected market revenue in 2024 is $240.76 billion, assuming the projected growth rate continues.

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