by Market Overview:
Mobile Gaming involves playing games or downloading games through mobile phones or tablets. It allows gamers to access gaming applications on their mobile devices offering convenience and flexibility. The ever-increasing popularity of mobile gaming platforms, launch of 5G technology and app stores offering free as well as paid games has accelerated the growth of mobile gaming market.
The mobile gaming market is estimated to be valued at US$ 91.08 Bn in 2023 and is expected to exhibit a CAGR of 10.39% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the market is the emergence of augmented reality and virtual reality games. AR and VR technology provides an immersive gaming experience to players. Innovation in smartphone capabilities with high screen resolution, faster processors and graphics cards are enabling manufacturers to develop realistic AR/VR gaming experiences. Another major trend is the growing popularity of esports and live streaming of mobile games. Popular streaming platforms like YouTube and Twitch have built dedicated communities around mobile gaming streams and tournaments which is attracting more players and investors in this space.
SWOT Analysis
Strength: Mobile gaming offers flexibility and convenience as games can be played anytime and anywhere on mobile devices. It allows multiplayer gaming and social connectivity through online features.
Weakness: Mobile games have shorter game cycles as compared to PC/console games. Battery drain and performance issues on lower-end devices act as limitations.
Opportunity: 5G technology rollout will boost the immersive gaming experience on mobile. Emerging genres like AR/VR based games provide new opportunities for growth.
Threats: Strict regulations around loot boxes and microtransactions in some regions. Increased competition from other entertainment options like streaming services.
Key Takeaways
The Global Mobile Gaming Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing penetration of smartphones and high-speed internet connectivity. Advancements in graphics and processing capabilities are also fueling the market growth.
Regional analysis: Asia Pacific dominates the global mobile gaming market, owing to the large population and gaming culture in countries like China and India. Emerging markets in Southeast Asia are also growing rapidly in this space due to rising youth population and internet usage. North America is another major regional market driven by early technology adoption.
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. Strategic collaborations for new game development and live operations model are some key strategies being adopted by major players for market penetration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
