significant gaming deals, with into 2024. Asia remains the largest Microsoft’s acquisition of Activision market (46%), followed by North Blizzard finally completing after a America (27%) and Europe (18%). protracted regulatory battle, and MENA is still the smallest (4%) but is Tencent, Playtika, Sony, Sega and the fastest growing (+6.9% YOY). Savvy also active. The fact that the antitrust scrutiny Growth has returned, albeit at a of the Microsoft-Activision deal more modest, sustainable level, and focused on the impact of that deal investment activity, having dipped, is on cloud gaming illustrates the likely expected to pick up. Global revenues importance of cloud over the coming in the sector have been projected to years, as latency issues continue to exceed USD288 billion by 2028 with be addressed, including through the a CAGR of +8.84%. Player numbers growth of 5G networks. are also expected to keep growing, At around USD3-4bn in 2023 (in reaching 3.8bn in 2026. an industry worth USD188bn), Mobile still dominates, accounting cloud gaming is currently small but for almost half of all global revenues. growing fast, with the most bullish Its growth has slowed considerably estimates anticipating a 47% CAGR though, with console picking up and total revenues of USD85bn by the slack with +7.4% YOY growth 2028. Cloud gaming is expected 4