Global Mobile Gaming Market: A Growing Industry Amidst Covid-19 Challenges and Evolving Regulations

Mobile gaming is the fastest growing segment in the online gaming market with the lowest barrier in entry and less room for delays in developing and processing due to Covid19, proving to be a more cost-effective opportunity for developers, gamers and publishers alike. It is projected that as more people embrace smartphones, the market for mobile games will grow. There are several reasons why smartphone use is increasing, including a rise in social media use, more internet usage, simpler communication, more affordable phones with better features, a rise in social status and income, dependence on phones, and more. The demand for mobile gaming will significantly expand given how frequently people use their smartphones for leisure activities like playing games.

Get the Free Sample Report in PDF Format:- https://www.makreo.com/report/mobile-gaming-market-report-2023-2028-global-trends-and-forecast-by-source-gamers-population-expenditure-on-gaming-and-regional-break-up

During the COVID-19 pandemic, the gaming industry faced a lot of challenges and saw a remarkable increase in consumer demand. The American telecoms firm Verizon observed a 75% rise in online gaming traffic during peak hours, in contrast to a 12% increase in digital video traffic and a 20% increase in web traffic.

◙ Key Developments in Mobile Gaming Industry
► Ad Spend on Mobile Gaming
While downloads of mobile games increased significantly to about 90 billion in 2022, consumer spending on mobile gaming declined by 5% globally to USD 110 billion. The amount spent on mobile gaming advertising climbed by two times (year over year), and 97% of marketers said they were satisfied with the results, according to InMobi's research, "Mobile Game Advertising 2022."

► Mobile Gaming by Source
Global mobile gaming market revenue by source is divided into Apple app store (IoS), Google play store, Third-party store. Apple app store (IoS) segment accounted for major market share while the Google Play store segment accounted for the biggest share in terms of downloads in 2022

► China Heading the Demand of Mobile Gaming
With more than 670 million gamers, China accounts for the major market share in the global mobile gaming market followed by US, Japan, Korea, Germany and others. The expansion of China's mobile gaming industry is driven by the explosive growth of mini-games which can be played without downloading another app within mobile apps like WeChat.

Moreover, countries like India, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam also have high potential and mobile gaming industry

► Popularity of Sport Batting
In 2022, the number of bets placed on sports increased quickly, reaching new highs of USD 93.2 billion and USD 7.5 billion, respectively. This increase can be attributed to the start of retail and mobile sports betting in Kansas, as well as the launches of mobile sports betting in Louisiana, Maryland, and New York.

Over the years, the eSports industry has seen tremendous growth in terms of spectators and revenue. Even though esports competitions are somewhat more dispersed and the majority of revenue comes from television and advertising, the financial model is relatively similar to that of professional sports. Due to this, venture capitalists and, more lately, private equity firms, have considerably increased their engagement in the company.

◙ Regulations in Gaming
The worldwide gaming sector is a massive one that is spread out, and more and more young people are becoming involved in it. The degree of user susceptibility also develops as gaming becomes more popular. Numerous countries have rules in place to ensure that players partake in this form of entertainment in a responsible manner, and the gaming industry is heavily controlled.

■ China has banned minors from live streaming after 10pm and limited their play time to only three hours per week in 2021.
■ China is taking strict action over new types of prediction, such as online prediction and cross-border prediction. Other games which can develop into prediction have also been restricted.
■ Tencent Holdings Ltd., one of the largest gaming companies in China, announced that there will be a service shutdown in order to restrict Chinese gamers from playing prohibited games on overseas platforms.
■ In 2016, a ban was put on online prediction in Singapore with certain regulations that were monitored strictly.
■ By April 2023, Australian prediction companies will have to include a new warning on all prediction advertisements. According to the new regulations, companies are required to include information on where to seek help along with mandatory pre-written taglines, such as, "Chances are, you're about to lose,"
■ According to the new rules issued in Spain, the prediction advertisement should not claim that status, prestige, mental health, or economic stability can be achieved through prediction, along with other socially responsible restrictions.
■ Countries like Spain and the Netherlands have outlawed loot boxes and made it mandatory for game producers to disclose how they compensate or reward their gamers.

Makreo Research has published a study on the mobile gaming market titled, "Mobile Gaming Market Report 2023-2028: Global Trends and Forecast by Source, Gamers Population, Expenditure on Gaming, and Regional Break-Up.". The report analyzes the online gaming market before analyzing the mobile gaming market in more detail, taking into account user statistics, the state of the world economy at the time, current market trends and changes, as well as other aspects. The report also examines the performance of the online prediction sector and provides an overview of the eSports market by key geographical regions. The future forecast section aids in assessing the industry's anticipated adjustments as well as its main driving forces.

Find out more:- https://www.makreo.com/report/mobile-gaming-market-report-2023-2028-global-trends-and-forecast-by-source-gamers-population-expenditure-on-gaming-and-regional-break-up

Follow us on:- https://www.linkedin.com/company/makreo-research-and-consulting/

Makreo Research and Consulting
Address:- Office No 30, 2nd Floor, Crystal Plaza, Hiranandani Complex,
Sec 7, Kharghar, Navi Mumbai, Maharashtra - 410210, India
Send us a query at info@makreo.com
Phone No: +91-9619699069

Makreo is a market research and consulting firm that works closely with business conglomerates worldwide to help them in many aspects of driving their business growth and assist in making wise decisions with the help of our qualitative and quantitative market insights.

This release was published on openPR.