February 24, 2024
Mobile Gaming Market

The Global Mobile Gaming Market Is Driven By The Growing Popularity Of Casual Games

The global mobile gaming market involves interactive games that are available and played directly on mobile devices such as smartphones and tablets through downloadable applications or through a mobile browser. Mobile games provide entertainment and leisure to users and are affordable and accessible anywhere, anytime on compatible devices. The market offers a variety of games spanning multiple genres including action, adventure, arcade, puzzle, racing, role playing and strategy across both paid and free-to-play business models. With high-speed internet connectivity, powerful processors and advanced graphics within affordable smartphones, the mobile platform has emerged as the most popular channel for interactive casual gaming worldwide.

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:

Transition towards cloud gaming- One of the key trends in the mobile gaming market is the rising adoption of cloud gaming. Cloud gaming, also known as game streaming, allows users to play graphically intensive games over the internet from any compatible device without needing dedicated gaming hardware. It moves game processing away from mobile devices to remote servers located in data centers, reducing data sizes, download times and bandwidth costs. Major tech giants like Microsoft, Google, Tencent, Nvidia etc. have either launched or are working towards cloud gaming platforms which is expected to drive the next wave of growth in the mobile gaming industry.

Porter’s Analysis

Threat of new entrants: The mobile gaming market has high threat of new entrants due to relatively low entry barriers in terms of technology, brand recognition, and finance. However, established players dominate distribution channels presenting challenge to new entrants.

Bargaining power of buyers: Individual gamers have high bargaining power due to availability of abundant options and games. However, gaming companies have ability to lock-in gamers and build loyalty reducing switching costs.

Bargaining power of suppliers: Gaming app developers and technology providers have moderate bargaining power as a few major players dominate the supply-side.

Threat of new substitutes: Threat from new substitutes from other digital entertainment is moderate. Mobile gaming has benefit of mobility and social networking features.

Competitive rivalry: The rivalry is intense among major gaming companies due to growing competition. Companies focus on content creation, acquisitions, collaborations and diversification to boost market share.

Key Takeaways

The Global Mobile Gaming Market Share is expected to witness high growth driven by rising popularity of mobile e-sports and addiction to gaming content. The global Mobile Gaming Market is estimated to be valued at US$ 91.08 Bn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.

Regional analysis – Asia Pacific dominates the market and is expected to grow at fastest pace due to growing millennial population and increasing adoption of smartphones in countries like India and China.

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. Growing partnerships among these companies and increasing mergers and acquisitions are expected to further consolidate market shares. Companies are focusing on enhancing graphics, diversifying content portfolio and building social communities to engage mobile gamers. Increasing in-app purchases and monetization of free-to-play games is also boosting market revenues.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it