by Mobile gaming has seen tremendous growth over the past few years owing to advancements in smartphones and mobile internet connectivity. Mobile games offer casual, easy-to-learn gameplay that can be enjoyed on-the-go. They range from puzzle, arcade, strategy and role-playing games that provide an engaging experience to players. Additionally, mobile games are designed keeping in mind short play sessions and require little or no time commitment from users. The rising popularity of freemium business models have enabled game developers to monetize their titles and experiences through in-app purchases and subscriptions. Games today leverage innovative monetization strategies like loot boxes and in-game rewards to boost player engagement and spending.
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 key trends:
One of the major trends witnessed in the mobile gaming space has been the transition towards mobile-first approach adopted by established game studios. Developers are focusing on mobile platforms for new game development instead of designing for PC and consoles first. This is due to the exponentially rising mobile gamer base and opportunities for higher monetization. Industry leaders like Activision Blizzard, Electronic Arts and Tencent have launched popular PC/console franchises as mobile games to capitalize on this trend. Additionally, the advent of 5G and cloud gaming technologies will further fuel the mobile-first approach, allowing for console-like experiences on smartphones. Live operations through regular updates and events have also become crucial for player retention in mobile games. Developers are leveraging ongoing live services to enhance the gameplay and encourage ongoing player engagement with their titles.
Porter’s Analysis
Threat of new entrants: The mobile gaming market has moderate threat of new entrants due to high capital requirements and brand loyalty of customers towards established games.
Bargaining power of buyers: Buyers have high bargaining power in the market due to presence of ample options and games available on both paid and free-to-play models.
Bargaining power of suppliers: Game developers and publishers have moderate bargaining power due to dependence of platform providers on them for quality game offerings.
Threat of new substitutes: Threat of substitutes is high with introduction of newer gaming platforms and technologies that attract gamers away from mobile platforms.
Competitive rivalry: The market has high competitive rivalry due to presence of few major players and availability of similar game genres leading to intense competition.
Key Takeaways
The Global Mobile Gaming Market Size is expected to witness high growth over the forecast period.
The Asia Pacific region is expected to dominate the global mobile gaming market during the forecast period owing to high adoption of gaming among population in countries like China, India, and Japan.
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.
