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Mobile Gaming Market Size, Share, Outlook, Opportunities And Strategies
Mobile Gaming Market Size
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According to The Business Research Company's, The mobile gaming market size has grown rapidly in recent years. It will grow from $129.96 billion in 2023 to $149.53 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to proliferation of smartphones and mobile devices, advancements in mobile graphics and processing power, ubiquitous connectivity with mobile networks, rise of casual and hyper-casual games.
The mobile gaming market size is expected to see rapid growth in the next few years. It will grow to $278.71 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to e-sports and competitive mobile gaming, cross-platform gaming, sustainability and environmental initiatives. Major trends in the forecast period include integration of artificial intelligence (AI), introduction of app stores and digital distribution, in-app purchases and monetization models, e-sports and competitive mobile gaming, integration of social features.
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Market Drivers and Trends:
The growing smartphone penetration is expected to drive the growth of the mobile gaming market. Smartphone usage is growing due to various reasons such as growing internet penetration, increasing use of social media, the convenience of communication, affordability of phones with improved features, social status, rising income, dependency on phones, and others. The increasing penetration of smartphones will create a significant demand for mobile gaming as it is extensively used for playing games and spending leisure time. For instance, according to the survey of smartphone ownership commissioned by a nonpartisan American think tank, the Pew Research Center, the share of Americans that own a smartphone increased from 81% in February 2019 to 85% in February 2021, which was just 35% a decade ago (in 2011). This indicates that the smartphone penetration is growing, thus, will drive the mobile gaming market growth.
Technology advancement is a key trend gaining popularity in the mobile gaming market. The market is witnessing the integration of virtual reality (VR) and augmented reality (AR) technologies in mobile gaming for really immersive gaming experiences. VR is a computer-generated environment with scenes and objects that appear to be real, whereas, AR combines virtual information with the real world. VR allows gamers to escape reality by immersing themselves in a different gaming environment or reality through VR eyewear. AR does not transport from a current location to a different one, instead, amplifies or modifies some aspects of current surroundings in a game. Key players are focusing on offering technologically advanced mobile gaming to strengthen their position in the market. For instance, in April 2022, Meta (formerly Facebook), the American technology company conducted the Meta Quest Gaming presentation for 2022 and unveiled a virtual reality (VR) version of Ghostbusters. Ghostbusters VR will let gamers hunt, blast, and capture ghosts in the Ghostbusters universe, with single and multiplayer game modes available.
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Major Key Players of the Market:
Apple Inc., Google LLC, Microsoft Corporation, Tencent Holdings Limited, Sony Interactive Entertainment LLC, NetEase Inc., Nintendo Co Ltd., Bandai Namco Entertainment Inc., Activision Blizzard Inc, Electronic Arts Inc, CyberAgent Inc, Take-Two Interactive Software Inc., Square Enix Holdings Co Ltd., Zynga Inc., King Digital Entertainment Limited, Roblox Corporation, Ubisoft Entertainment SA, Supercell Oy, Playrix Holding Ltd, Niantic Inc., GungHo Online Entertainment Inc, GLU Mobile Inc., Bungie Inc., Voodoo SAS, Gameloft SE, Jam City Inc., Rovio Entertainment Corporation, Machine Zone Inc., Miniclip SA, Juego Studios LLP
Mobile Gaming Market 2024 Key Insights:
• The mobile gaming market size is expected to see rapid growth in the next few years. It will grow to $278.71 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.
• Smartphone Surge Catalyst For Growth In The Mobile Gaming Market
• Integration Of VR And AR Technologies Sparks Innovation In The Mobile Gaming Market
• Asia-Pacific was the largest region in the mobile gaming market in 2023
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