by The mobile gaming market has witnessed robust growth over the past decade owing to advancements in mobile technology and widespread availability of high-speed internet connectivity. Mobile games range from simple 2D titles to interactive AR/VR experiences. Asynchronous gameplay, in-app purchases, modular levels, and easy onboarding have made mobile gaming accessible to wider audiences across demographics. Advancements in graphics processing, audio, and touchscreen controls have enhanced gameplay.
The global mobile gaming market is estimated to be valued at US$ 91.08 billion 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 Dynamics
The emergence of 5G networks is expected to drive the mobile gaming market over the forecast period. 5G enables high-speed connectivity and low-latency capabilities for seamless gameplay. This will allow for more interactive AR/VR titles with streaming capabilities. 5G technology greatly enhances graphic-intensive multiplayer gaming on-the-go by reducing latency and improving response times. Rollout of nationwide 5G networks is anticipated to boost mobile gaming especially in developing economies.
The expected growth of mobile eSports is another key factor fueling the market. Mobile eSports tournaments offering cash prizes have gained popularity, inviting participation from amateur and professional players alike. Live-streaming platforms showcase talents and promote mobile games. Partnerships between mobile game developers, event organizers, and equipment makers are likely to professionalize mobile eSports and reach wider audiences.
Segment Analysis
The mobile gaming market is segmented into casual games, core games, and MMOs. Among these, the casual games sub-segment dominates the market accounting for over 50% share. Casual games have low entry barriers and can be easily accessed and played on mobile phones during commute or spare time. This has contributed to the widespread popularity and adoption of casual games such as Candy Crush over other complex game genres.
PEST Analysis
Political: There are no significant political risks impacting the mobile gaming market globally. Some countries have imposed regulations around in-game purchases and content to protect minor users. However, the overall political environment remains stable and conducive for market growth.
Economic: Rising per capita incomes and spending capabilities on entertainment and gaming in developing economies will drive market revenues. Lower data costs and affordable smartphones have also expanded the potential player base. However, economic slowdowns can impact consumer spending on in-game purchases.
Social: Higher mobile and internet penetration accompanied by changing entertainment consumption patterns of younger, digital native populations is a key driver for the mobile gaming industry. Social and hyper-casual games involving multiplayer elements and community engagement have found strong popularity.
Technological: Advancements in mobile processors, 5G rollout, and augmented/virtual reality solutions are expected to enhance the gaming experience. Cloud gaming solutions could also boost the reach of graphically intensive games on basic phones. Upcoming technologies around blockchain, IoT, and AI offer new monetization models and gameplay concepts.
Key Takeaways
The Global Mobile Gaming Market Size is expected to witness high growth over the forecast period supported by strong demand across emerging economies and continuous technology upgrades. The global mobile gaming market is estimated to be valued at US$ 91.08 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
Regionally, the Asia Pacific region currently dominates the market accounting for over 40% share led by countries like China and India. The region is expected to retain its leading position driven by expanding middle-class demographics and rising expenditures on entertainment.
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. Among these, Activision Blizzard has established a leading position in PC and console gaming and is increasing focus on mobile with popular franchises like Call of Duty Mobile. Acquisitions have also aided companies like EA and Zynga to bolster their mobile portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
