Mobile Gaming Market is Estimated To Witness High Growth Owing To Increasing Popularity of Online Multiplayer Mobile Games
Market Overview:
Mobile gaming allows users to play games on smartphones and tablets. The rise of gaming apps and increasing internet connectivity globally has accelerated the adoption of mobile gaming. Mobile games allow on-the-go entertainment and social connecting through online multiplayer games. Popular genres in mobile gaming include action, adventure, role playing, 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 key trends:
One of the key trends propelling the growth of mobile gaming market is the increasing popularity of online multiplayer mobile games. Younger generations prefer games that allow social interactions and competing against friends in real-time. Popular online multiplayer games franchises like PUBG Mobile and Clash of Clans have gained immense popularity globally. Their engaging gameplay and continuous updates attracts new players and encourages existing ones to spend more time and money on these games. Furthermore, the integration of innovative gaming elements like augmented reality and virtual reality into mobile games is expected to drive further growth of the market during the forecast period.
Porter’s Analysis
Threat of new entrants: The mobile gaming market is characterized by high initial capital requirements and the need for substantial resources for content development and marketing, limiting threat of new entrants.
Bargaining power of buyers: Buyers have high bargaining power in the mobile gaming market due to availability of a large number of players and games. Moreover, games can be easily substituted based on platforms.
Bargaining power of suppliers: Resource providers like game developers, artists and designers have moderate bargaining power due to their specialized skills and differentiation in content development.
Threat of new substitutes: Threat of substitutes is high due to availability of alternate entertainment options like music, social media and online streaming on mobile devices.
Competitive rivalry: Intense competition exists among existing players to gain market share through innovative games and collaborations.
SWOT Analysis
Strengths: Large player base, continuous new game releases, strong brand recognition for major players.
Weaknesses: Rising content development costs, high customer acquisition costs, over-reliance on few game franchises.
Opportunities: Emergence of augmented reality and virtual reality games, increasing investments in esports, growing mobile e-commerce.
Threats: Stringent regulations, decreasing user engagement, platform changes by tech giants.
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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