The Global Mobile Gaming Market Growth Accelerated By Increasing User Engagement

 

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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