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The Global Mobile Gaming Market Growth Accelerated By Increasing User Engagement

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Sumedha
The Global Mobile Gaming Market Growth Accelerated By Increasing User Engagement

Mobile gaming refers to playing games on mobile devices such as smartphones and tablets. Some key benefits of mobile games are affordability, convenience, enhanced user experience and better graphics. Continuous technological advancements have enabled developers to create more immersive gaming experiences for users. The growing popularity of mobile esports is also driving more users towards gaming apps.

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 Opportunity:


The rising number of app downloads across both Android and iOS platforms has opened up new opportunities for mobile game developers and publishers. According to certain estimates, the total number of app downloads worldwide is projected to surpass 350 billion by 2025, thus indicating strong potential for mobile gaming revenues. As internet penetration increases globally and high-speed networks like 5G sees wider adoption, more users will be able to access resource-intensive games. Developers are leveraging new technologies like augmented reality and virtual reality to enrich the mobile gaming experience. Significant investments are being made to expand game portfolios and large user acquisition campaigns are raising awareness. This growing popularity of mobile games is likely to drive the market growth during the forecast period.


Porter's Analysis

Threat of new entrants: The mobile gaming industry has high entry barriers for new companies due to high costs of developing new games and acquiring users. Existing players have significant resources and existing user bases.

Bargaining power of buyers: Individual gamers have high bargaining power as they can switch between games easily if not satisfied. They can also opt for free or low-cost games.

Bargaining power of suppliers: Developers have moderate bargaining power as there are many mobile game development studios and publishers for developers to partner with.

Threat of new substitutes: The threat is high as alternative entertainment options like streaming video and music are increasingly accessible on mobile phones.

Competitive rivalry: The competition is intense among existing players to acquire new users and retain existing ones. Players compete based on new features, in-game events, and collaborations.


SWOT Analysis

Strengths: Large user bases, strong brands, access to sizable budgets allow development and marketing of high-quality games.

Weaknesses: Reliance on third party app stores, in-app payment systems exposes revenue to cut taken by platform owners. Short life cycles of many games requires constant new releases.

Opportunities: Growth in smartphone adoption in developing regions. Emerging genres like AR/VR and hyper-casual games provide new avenues.

Threats: Regulatory risks from loot boxes and gambling-like monetization. Increased private labels and white-label publishing challenges pricing and profitability.


Key Takeaways


The Global Mobile Gaming Market Share is expected to witness high growth over the forecast period supported by increasing smartphone penetration worldwide and growing preferences for mobile platforms over consoles and computers for casual gaming. 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 - The Asia Pacific region holds the major share of the global mobile gaming market currently accounting for over 40% revenue share. This can be attributed to rapidly growing smartphone adoption and preference for mobile gaming over other platforms in countries like China, India, and Japan. China specifically has emerged as the largest market globally aided by strong local gaming giants like Tencent and NetEase. North America and Europe are other dominant regions owing to mature markets and high average spending per user.


Key players - Key players operating in the mobile gaming market are 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. Players compete on expanding their game portfolios, live operations of existing titles, esports integrations, and platform alliances. Mergers and acquisitions are also common in the industry.


Get More Insights Here

https://www.trendingwebwire.com/mobile-gaming-market-size-share-growth-outlook-2023-2/


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