by Mobile gaming has steadily gained popularity as more users gain access to smartphones and connectivity. Mobile games offer casual entertainment on the go and continue to diversify in genres from strategy and role-playing to puzzles and casual experiences. Key advantages of the app-based format include seamless accessibility, social connectivity features, and consistent updates bringing new content and challenges.
The global Mobile Gaming Market is estimated to be valued at US$ 91.08 Billion 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 key trends:
Growing smartphone penetration has been a key driver of the mobile gaming market. According to recent estimates, over 6 billion people globally now own smartphones. As connectivity and device affordability have improved globally, more consumers are embracing mobile games as an engaging way to pass time and remain connected with friends. Leading titles have skillfully implemented social features that keep users playing through competitive gameplay and cooperative challenges with others online. The mobile format also allows developers to continuously update titles and introduce new seasonal content at no additional cost to players. This sustains long-term interest and engagement in top-grossing franchises.
SWOT Analysis
Strength: Mobile gaming provides an enjoyable experience to users on the go. It allows gamers to play their favorite games anytime, anywhere which has increased its popularity.
Weakness: Mobile games usually have shorter gameplay and simpler graphics as compared to console/PC games due to limited processing power of mobile devices. They also pose a risk of in-app purchases and gaming addiction.
Opportunity: 5G rollout and widespread availability of affordable smartphones in developing markets provide an opportunity to reach untapped global audience. Partnerships between game developers and mobile operators can further boost market growth.
Threats: Stringent regulations around in-app purchases and gaming addictions can negatively impact monetization models of game developers. Changing consumer preference towards new gaming platforms like Augmented Reality/Virtual Reality also poses a threat.
Key Takeaways
The Global Mobile Gaming Market Size is expected to witness high growth over the forecast period benefiting from increasing smartphone penetration and high-speed mobile internet connectivity. The global Mobile Gaming Market is estimated to be valued at US$ 91.08 Billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
Regional analysis comprises Asia Pacific dominates the market currently due to widespread availability of affordable smartphones and high internet usage in countries like China, India.
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 players are focusing on developing engaging game content and leveraging emerging technologies like augmented reality to expand user base. Partnerships with mobile operators will also help game publishers in new user acquisition and monetization.
*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.
