Mobile Gaming Market set for massive growth from 2018 to 2024
Mobile Gaming Market size is estimated to grow at a double digit CAGR from 2017 to 2024. Increasing adoption of smartphones has drastically changed the gaming industry landscape. Advanced pocket computers have enhanced the customer experience in the last few years thereby supporting the industry growth.
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Real-time multiplayers have transformed smart pocket games and satisfied the customers’ e-sport needs. For instance, ESL’s partnership with Twitch and in April 2016, the success of Clash Royale tournament held in Helsinki indicated that these pocket computers can be used for e-sports as well.
Customers enjoy the benefits of smarter games that are on the cloud, wherein one can play, pause, change device, find a friend to play, and speak the local language being safe. These factors may support the mobile gaming industry development during 2017 - 2024.
One of the major driving factors for the industry is the low barrier for new entrants over PCs and consoles. Pocket computer games can be developed in lesser time and cost, whereas it takes years to develop games for PCs and consoles and it involves a huge investment of millions of dollars. In 2016, app stores offered 800,000 games and 500 games are added every day on this platform. The game launchers cannot afford marketing tools, such as TV campaigns, so they use an outcome-based advertising, which includes app-install ads. This will minimize the expenditure for small-scale companies and will enable the players to spend hours without payments. This reason will support the mobile gaming industry growth rate.
Certain defined rules, heterogeneity, and fragmentation of the industry are the ecosystem challenges faced by the industry participants. The absence of standards avoids giant participants and innovators profit from economies of scale and this causes a surge in the transaction expenditure. These challenges may impact the industry growth over the forecast period.
Low entry barriers for game development have caused proliferation of small-scale software developers, who lack distribution and marketing tools. Lack of investment in advertising may hamper the mobile gaming market over the forecast timeline.
Social engagement in new generation apps has witnessed a rise in gaming over the last few years. In addition, there may be opportunities for vendors with new game streaming and broadcasting options by generating their own content thereby acting as a free marketing tool. Rising popularity in social networks may boost the mobile gaming market over the forecast timeline.
Technological advancements in software, electronic devices, and internet connectivity, such as light fidelity, wireless fidelity, and 5G networks, may provide a growth opportunity for the industry participants. These innovations may spur the demand for mobile gaming market over the projected timeline.
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China outpaced the U.S. industry and held the largest share in 2016 owing to the rising smartphone revenues in the country due to the availability of various local vendors. Asia Pacific is estimated to be the fastest-growing region over the forecast period followed by North America. MEA and Latin America are expected to have a stable growth rate during 2016 - 2024.
Major companies of the mobile gaming industry are EA, Gameloft, and Glu Mobile. Other prominent vendors serving this industry include Tencent, NetEase, GAMEVIL, I-play, MocoSpace, DeNA Co., Ltd., Microsoft, Sony Computer Entertainment, GREE International, EA, Ubisoft, and Nexon.
Strategies adopted in the mobile gaming industry are healthy mergers and acquisitions between the existing and new entrants to bolster their product pipelines. For instance, in 2014 Glu Mobile took over Cie Games and PlayFirst. New entrants are launching their products with innovative technologies that may drive the industry share in the coming years. Business opportunities for the vendors lie in advertising, sponsorships, and partnerships.
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