The Mobile Gaming Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mobile Gaming Global Market Report 2024, 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.
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.
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The mobile gaming market covered in this report is segmented –
1) By Device Type: Smartphone, Smartwatch, PDA, Tablet, Other Devices Types
2) By Operating System: Android, iOS, Windows, Other Operating Systems
3) By Genre: Action And Adventure, Arcade, Roleplaying, Sports, Other Genres
4) By Subscription: Free, Premium
Major companies operating in the mobile gaming market are adopting a strategic partnership approach for the development of the mobile games. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in May 2022, Electronic Arts Inc., a US-based video game company, announced a partnership with Middle-earth Enterprise, a US-based company that develops mobile games. The Lord of the Rings: Heroes of Middle-earth is a collectible role-playing game (RPG) that offers the enchanting world and adventure of The Lord of the Rings to existing and new fans in a strategic, social-competitive experience. The Lord of the Rings: Heroes of Middle-earth is the most recent addition to EA’s growing mobile portfolio, as the firm continues to provide amazing experiences and top live services to more players on more platforms across the world.
The mobile gaming market report table of contents includes:
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