Market Overview:
Mobile gaming refers to playing various gaming apps on mobile devices such as smartphones and tablets. The increasing penetration of affordable smartphones and availability of high-speed internet connectivity have boosted the mobile gaming market. Mobile games are available through various app stores and allow casual as well as hardcore gaming experiences on-the-go. Popular genres include action, adventure, arcade, strategy and casual games.
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 Dynamics:
The mobile gaming market is driven by increasing smartphone penetration globally and declining data costs. As per GSM Association, there were over 5 billion smartphone users worldwide in 2018, driving the demand for mobile games. Additionally, availability of high-speed 4G networks has enhanced the gaming experience for users. Moreover, free-to-play business models with in-app purchases are gaining traction, encouraging gaming app developments. However, strict regulations related to in-app purchases and varying internet connectivity in emerging markets still pose challenges.
SWOT Analysis
Strength: The mobile gaming market has strong growth potential due to increasing smartphone penetration worldwide. The growing number of mobile app download and time spent on gaming apps also strengthens the market. mobile games are highly portable and accessible to play anywhere which boosts their popularity.
Weakness: Most mobile games feature in-app purchases which can become expensive for users in long run. Technical issues like compatibility, glitches and internet connectivity problems can negatively impact gaming experience.
Opportunity: Integration of advanced technologies like augmented reality and virtual reality can enhance gameplay and attract more users. Growing interest of young population in mobile-first approach provides huge growth opportunities.
Threats: Piracy poses significant threat as mobile games are easily duplicated. Entry of new players with innovative business models may disrupt the existing market dynamics.
Key Takeaways
The Global Mobile Gaming Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing number of mobile gamers. Rapid penetration of smartphones around the world and higher internet connectivity have made gaming more accessible which is driving the market growth.
Regional analysis: Asia Pacific dominates the global mobile gaming market and is expected to continue its dominance with more than 40% market share during forecast period. Countries like China, India, and Japan have large gaming audience and high smartphone adoption which makes APAC the fastest growing region. North America is second largest market for mobile games due to high number of game downloads in United States.
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, and Zynga, Inc. These players are adopting strategies like mergers, partnerships, innovation in game development to strengthen their presence and gain higher market share.
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