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Smartphone/Tablet Games Market Analysis 2024: Trends, Market Size, and Emerging Opportunities
Smart Phone/Tablet Games Global Market Report 2024
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According to The Business Research Company's, The smart phone/tablet games market size has grown rapidly in recent years. It will grow from $74.53 billion in 2023 to $87.77 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to proliferation of smart devices, app stores, freemium model, casual gaming, social integration.
The smart phone/tablet games market size is expected to see rapid growth in the next few years. It will grow to $173.97 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to advanced hardware, 5g connectivity, augmented reality (ar) and virtual reality (vr), cloud gaming. Major trends in the forecast period include augmented reality (ar) and virtual reality (vr), in-app purchases and microtransactions, blockchain and nfts: sustainability and eco-friendly initiatives.
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Market Drivers and Trends:
Rapid increase in the availability of affordable gaming smartphones/tablets in the market is supporting the smartphones/tablet gaming industry. The new affordable gaming mobile/tablet devices are better than the previous generation devices in terms of cost and performance that makes the games run in better FRP (Frames Per Second) providing an enhanced gaming experience. For example, many Chinese smartphones have entered into the market under $500 range which are offering technologically advanced gaming experience like Xiomi Mi 8 Pro ($469), Xiomi Mi 8 ($389), Xiomi Pocophone F1 ($319), Honor 9 ($320) and others.
Augmented Reality (AG) and Virtual Reality (VR) are the two new technologies that are positively impacting the smartphone/tablet games market. Both the technologies offer exciting gaming experiences to the users. Augmented reality gaming combines visual and audio content with the user's current environment in real time, thereby making them enjoy the unique gaming experience. Whereas the Virtual reality games apply three-dimensional (3-D) artificial environment to the computer games. These two technologies have been appreciated by the gaming community, proven by the rise in AR and VR based games downloads. For example, In November 2021, Niantic announced opening its Lightship AR platform to the developers. It is mainly offering the Lightship Augmented Reality Developer Kit to developers who want to create real-world metaverse concepts.
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Major Key Players of the Market:
Tencent Holdings Ltd., Sony Corporation, Electronic Arts Inc., Nintendo Co Ltd., Netmarble, CyberAgent Inc., Mixi Inc., Zynga Inc., Supercell Oy, Machine Zone Inc., King Digital Entertainment, Com2uS Corporation, Niantic Inc., Bandai Namco Entertainment Inc., NEXON Games Co Ltd., Square Enix Holdings Co Ltd., Warner Bros Entertainment Inc., Pocket Games, Playrix Holding Ltd., IGG Inc., Miniclip SA, NCSoft Corporation, Peak Games, Jam City Inc., NetEase Inc., Glu Mobile LLC, Gameloft SE, Rovia LLC, Ubisoft Entertainment SA, Epic Games Inc.
Smart Phone/Tablet Games Market 2024 Key Insights:
• The smart phone/tablet games market size is expected to see rapid growth in the next few years. It will grow to $173.97 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%.
• Affordable Gaming Smartphones And Tablets Boosting The Smartphone/Tablet Games Market
• Augmented Reality And Virtual Reality In Smartphone/Tablet Gaming
• Asia-Pacific was the largest region in the smartphone/tablet games market in 2023
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