Mobile Gaming Market Set for Strong Growth owing to proliferation of 5G technology
Mobile games have become increasingly popular due to their ease of play and engaging content. Characterized by action-packed games and scenarios that can be enjoyed for short durations, mobile gaming attracts a wide audience ranging from casual to hardcore gamers. The global mobile gaming market offers immersive gaming experience through intuitive controls and graphics optimized for mobile screens. With games across diverse genres like action, adventure, strategy and casual play, the market caters to varied preferences of mobile users.
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 key trends:
One of the key drivers contributing to strong growth of the mobile gaming market is the proliferation of 5G technology. 5G enables faster game downloads and seamless streaming of graphics-intensive AAA games on mobile screens. It significantly enhances the overall mobile gaming experience for users. With 5G networks gaining widespread coverage globally, more smartphone makers are launching 5G-supported devices. This is expected to bring a massive influx of gamers onto 5G networks, spurring greater monetization opportunities for mobile game developers. Game makers are leveraging the capabilities of 5G to bring console-like gaming experiences onto mobile platforms. This trend is set to reshape the mobile segment and fuel substantial revenues in the long run.
Segment Analysis
The mobile gaming market is dominated by the casual gaming sub-segment. Casual mobile games like puzzle, card, and word games constitute a major portion of the revenue in this market. They require very less graphics and system memory. These games appeal to a wide range of audiences including kids as well as casual gamers. The easy availability and accessibility of these games have driven their popularity worldwide.
Key Takeaways
The Global Mobile Gaming Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing number of gamers and rising adoption of smartphones worldwide. 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.
Regional analysis: Asia Pacific led the global mobile gaming market in 2023, accounting for over 40% share of the total market revenue. The high presence of mobile gaming companies along with growing number of gamers have supported market growth in the region. China emerged as a significant contributor to the Asia Pacific mobile gaming revenues due to a large population playing games on mobile devices.
Key players: Key players operating in the mobile gaming market include 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 companies have extensively invested in research and innovation of advanced augmented reality, virtual reality and artificial intelligence technologies to deliver immersive gaming experiences to users. They have also adopted strategies like mergers, partnerships and new game launches to strengthen their market position.
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