Mobile Gaming Market is Estimated to Witness High Growth Owing to Opportunity for Increased Engagement

 

Mobile Gaming Market

Mobile gaming refers to playing video games on mobile devices such as smartphones and tablets. Popular genres of mobile games include action, adventure, role-playing, simulation and strategy games. Mobile games can be downloaded from app stores such as Google Play Store, Apple App Store and others. The increasing internet penetration and affordable internet packages have boosted the growth of mobile gaming. According to estimates, around 3.5 billion people had access to the internet globally as of 2023. The global mobile gaming market is estimated to be valued at US$ 91.08 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

Growing internet penetration globally has been a major driver for the mobile gaming market. Affordable internet packages and low-cost smartphones have made mobile gaming accessible to a large audience. According to reports, mobile internet users are expected to reach 6.3 billion globally by 2023, growing at a CAGR of 4.4% from 2022-2025. The Covid-19 pandemic further boosted the demand for mobile gaming as people stayed indoors. Mobile gaming allows entertainment on-the-go and kills time for commuters as well as professionals with busy schedules. Moreover, advanced graphics capabilities of new generation smartphones have enabled console-like gaming experiences on mobile. Advancements in areas such as augmented reality (AR) and virtual reality (VR) are likely to bring more immersive gaming experiences in the future and further fuel market growth.

 

SWOT Analysis

Strength: The mobile gaming market provides a convenient platform for gamers to enjoy games on mobile devices like smartphones and tablets. Mobile gaming offers portability and accessibility as gamers are not restricted to gaming consoles or PCs. Many popular classic games from different genres like puzzle, strategy and action have been adapted on mobile platforms.

 

Weakness: Mobile games often have in-app purchases or require an internet connection which can negatively impact the gaming experience at times. Technical issues and compatibility with different mobile devices also pose challenges for developers. Games on mobile devices usually have simplified gameplay mechanics compared to PC or console versions due to limitations of mobile screens and control schemes.

 

Opportunity: Emerging technologies like 5G, augmented reality and virtual reality provide new opportunities to enhance the mobile gaming experience. Subscription based game streaming services are gaining popularity and allow players to access a library of games through the cloud. The growing popularity of esports can motivate developers to introduce competitive mobile games with tournament features.

 

Threats: As mobile gaming becomes more mainstream, large competitors from the PC and console domains may try to replicate their franchises on smartphones threatening existing mobile developers and publishers. Strict regulations regarding in-app purchases and loot boxes in some regions pose business model roadblocks. New forms of entertainment on mobile like short videos could emerge as alternatives drawing user attention away from games.

 

Key Takeaways

The Global Mobile Gaming Market Size is expected to witness high growth over the forecast period supported by the increasing popularity of smartphone and tablet devices. Mobile gamers spent an estimated 91.08 billion dollars on games in 2024 with projections for the market to reach 115.5 billion by 2030 at a CAGR of 4.6%.

 

Regional analysis: Asia Pacific dominates the global mobile gaming market presently accounting for over 45% of revenues led by countries like China, Japan and India. The region is expected to retain its leading position through 2030 with highest mobile internet and smartphone penetration driving gaming adoption. Western Europe and North America are other major regional markets though the Asia Pacific region is growing at a faster pace.

 

Key players: Key players operating in the Mobile Gaming market are Activision Blizzard, Inc., Electronic Arts, Inc., Gameloft SE, Niantic Inc., Glu Mobile, Inc., GungHo Online Entertainment, Inc., Kabam, Rovio Entertainment Corporation, Supercell Oy, The Walt Disney Company, and Zynga, Inc. These companies invest heavily in developing popular mobile franchises across different genres and expanding to new platforms like AR/VR to engage existing player bases and attract new gamers globally. Strategic partnerships and collaborations with mobile device makers have also helped established players gain user reach.


Get More Insights Here

https://www.newsstatix.com/mobile-gaming-market-size-share-growth-outlook-2023/

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