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Mobile Gaming Industry Market is Estimated to Witness High Growth Owing to Opportunity in Emerging Markets

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Gauri Cmi
Mobile Gaming Industry  Market is Estimated to Witness High Growth Owing to Opportunity in Emerging Markets


The mobile gaming industry consists of games played on smartphones and tablets. Mobile games offer an engaging and entertaining experience for users and come in various genres like action, adventure, arcade, puzzle, role-playing and simulation. The growing popularity of smartphones and high-speed internet connectivity has boosted the adoption of mobile gaming. Mobile gaming appeals to a wide demographics as games can be quickly accessed and played on the go.

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 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity in emerging markets presents significant growth prospects for the mobile gaming market. Countries in Asia Pacific, Latin America, Middle East and Africa have a young and growing population with rising internet and smartphone penetration. As incomes levels improve in these regions, more consumers will be able to spend on gaming applications and in-game purchases. Mobile gaming publishers are focusing on customizing their offerings to suit the preferences of users in emerging territories. Localizing content, introducing new genres and providing affordable payment options will help drive adoption of mobile games in developing countries over the coming years. Tapping into the vast untapped customer base in emerging nations will be vital for sustaining the momentum in the mobile gaming industry.

Porter's Analysis

Threat of new entrants: The mobile gaming market has relatively low barriers for new entrants. However, established players have strong brand recognition which makes it difficult for new entrants.

Bargaining power of buyers: Individual buyers have high bargaining power in this market as there are many options available. However, large game studios and mobile device makers have significant control over which games are featured.

Bargaining power of suppliers: Game developers have moderate bargaining power over mobile gaming platforms as a few large platforms dominate the distribution of games.

Threat of new substitutes: Threat from new substitutes is moderate as different types of entertainment constantly emerge. However, switching costs are low for mobile games.

Competitive rivalry: Competition in the market is intense with many gaming studios launching new game titles.

SWOT Analysis

Strengths: Mobile gaming allows gameplay anywhere due to portability of devices. Games are often free or low cost.

Weaknesses: Addictive nature of games can impact productivity and health. Mobile games have shorter life cycles as players lose interest quickly.

Opportunities: Emergence of AR/VR technology allows more immersive gaming experiences. Growth of esports allows monetization of competitive mobile games.

Threats: Over-saturation could reduce attractiveness of mobile gaming category. Stringent regulations may impact monetization models for some game genres.

Key Takeaways

The Global Mobile Gaming Market Size is expected to witness high growth over the forecast period supported by increasing smartphone penetration worldwide. According to estimates, smartphone users spend nearly 90 minutes per day on gaming with titles like Candy Crush, Subway Surfers and Temple Run among the most popular.

The Asia Pacific region currently dominates the global market led by countries like China and India. This is attributable to the rising disposable incomes and growing enthusiasm for gaming on mobile platforms in developing Asian markets.

Key players operating in the mobile gaming market are IKEA, Crate & Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan Allen, Home Depot, Lowe€TMs, Bob€TMs Discount Furniture, Pier 1 Imports, Made.com etc. Top gaming studios focus on live operations and in-game monetization models like releasing expansions, hosting eSports events and selling virtual currency/items to maximize revenue streams over the long term from popular titles.

 

Get More Insights On This Topic: https://www.newsanalyticspro.com/mobile-gaming-market-trends/


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