The Global Mobile Gaming Market Growth Accelerated By Increasing User Engagement
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Mobile Gaming Market |
Mobile gaming refers to playing
video games or casinos on a mobile device, such as a smartphone or tablet.
Mobile gaming products include action, role-playing, puzzle, and casual games
which can be downloaded from app stores like Google Play Store or Apple App
Store. With the increasing penetration of smartphones, mobile gaming can offer
an immersive gaming experience to users on-the-go.
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:
Increasing smartphone penetration
has been a primary driver of growth for the mobile gaming market. The global
smartphone penetration rate has increased from around 45% in 2015 to over 65%
in 2022. As smartphones have become more affordable and accessible in
developing regions, the mobile gaming customer base has expanded beyond
developed markets. Additionally, the proliferation of high-speed internet and
5G networks has enabled seamless streaming of graphics-heavy games on mobile
devices. However, concerns around cybersecurity, user data privacy, and in-app
purchases remain a challenge for the mobile gaming market. With the increasing
availability of high-speed internet and adoption of 5G technology, mobile
gaming is expected to witness robust growth going forward.
SWOT Analysis
Strength: Mobile games are very
accessible and easy to play as they can be played on smartphones and tablets
anytime, anywhere without requiring any additional hardware. This has led to
their increasing popularity. They also have short gameplay times which makes
them very convenient for playing in small bursts of spare time. Several mobile
games also offer in-game social features allowing multiplayer gaming and
interaction which enhances the gaming experience.
Weakness: Mobile games generally
have relatively simple gameplays compared to console or PC games due to
limitations of mobile hardware and screens. Graphics and processing
capabilities of mobile devices also pale in comparison to dedicated gaming
devices. Mobile games also face risk of sudden change in consumer preferences
and tastes which can make certain games obsolete quickly.
Opportunity: Growing quality and
capabilities of smartphones along with faster internet connectivity provides
opportunity for development of more immersive and engaging mobile games.
Advances in areas such as augmented reality and virtual reality can further
enhance mobile gaming experiences. There also exists opportunity to exploit
emerging markets in developing nations where smartphone ownership is growing
rapidly.
Threats: Changes in consumer
preference trends and tastes towards certain genres poses a threat. Entry of
new and engaging game titles by competitors can affect popularity of existing
games. Growing number of free-to-play games increases competition for players
and their spending. Policy or regulatory changes affecting mobile app stores
and monetization of games also present risks.
Key Takeaways
The Global
Mobile Gaming Market Share is expected to witness high growth over the
forecast period supported by widespread popularity of smartphones and
availability of low-cost high-speed internet connectivity. 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.
The Asia Pacific region currently
dominates the global mobile gaming market owing to large smartphone subscriber
base and growing internet penetration in countries like India and China.
Countries in the region alone account for over half of global mobile gaming revenues.
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. The highly
competitive nature of the market has led to these companies focusing on
expanding their portfolios and exploring new genres through both in-house
development as well as acquisitions to cater to evolving consumer preferences.
Get More Insights Here
https://www.newswirestats.com/mobile-gaming-market-size-share-growth-outlook-2023-2/
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