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Mobile Gaming Market is Estimated to Witness High Growth Owing to Opportunity for Increased Engagement

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Sumedha
Mobile Gaming Market is Estimated to Witness High Growth Owing to Opportunity for Increased Engagement

Mobile gaming has emerged as one of the most popular digital entertainment platforms worldwide. Mobile games come in different genres like action, adventure, role-playing, simulation, strategy, and casual games. The advantages of mobile gaming include affordability, portability, easy availability, and ability to play anytime and anywhere without requiring expensive consoles and platforms. Due to their engaging storylines and immersive experiences, mobile games are able to retain users for longer durations and foster a strong sense of community.


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 Opportunity:

The opportunity for increased engagement represents a major market prospect for mobile gaming. Mobile games are designed to be highly engaging by employing techniques like achievable but challenging goals, social interaction features, reward systems and timely notifications. As people spend more time on their phones, mobile games have emerged as a popular means of entertainment. However, the engagement levels can be further increased by introducing innovative gameplay mechanics, intuitive controls, deeper customization options and cross-platform compatibility. With enhanced engagement features, mobile games have the potential to attract a much wider audience on a regular basis and increase monetization opportunities through in-app purchases and subscriptions. This will likely drive higher revenue growth for mobile gaming companies over the coming years.


Porter's Analysis

Threat of new entrants: The mobile gaming market requires substantial capital investment and technology expertise to develop advanced games. Established players enjoy advantages of scale and brand recognition making entry difficult.


Bargaining power of buyers: Individual buyers have low bargaining power due to availability of variety of free and low cost games. However, major platform owners like Apple and Google wield significant power over game developers and publishers.


Bargaining power of suppliers: Game developers face medium bargaining power of technology and platform providers like Apple, Google etc who control distribution channels and capture major share of revenue.


Threat of new substitutes: Traditional games are less threatening substitutes. Streaming of PC/console games on mobile devices poses potential threat in future.


Competitive rivalry: The market is highly competitive due intensive competition among major global players and numerous indie developers. Focus on free-to-play model and frequent updates ensure player retention.


SWOT Analysis

Strength: Large player base and growing app economy. Engaging gameplay mechanics and graphics. Continuous launch of new titles catering varied genres.


Weakness: Disruptions from changes in device/OS ecosystems. Vulnerable to data/privacy issues and platform control over monetization model. Overdependence on few dominant app stores.


Opportunity: Emerging markets growth and increasing internet/smartphone penetration. Scope of AR/VR and cross-platform gaming. Monetization via in-app purchases, ads and play-to-earn models.


Threats: Stringent regulations over microtransactions and loot boxes. Shift to open platforms impacting hardware sales and game install base. Piracy and copyright issues especially in developing economies.


Key Takeaways


The Global Mobile Gaming Market Size is expected to witness high growth led by expanding game genres and player base across emerging economies of Asia Pacific and Latin America.

Regional analysis of APAC market comprises largest market share attributed to widespread adoption of smartphones and high-speed internet in major countries like China and India. The mobile-first approach of game developers is driving revenue growth.

Key players operating in the mobile gaming market are Activision Blizzard, Inc., Electronic Arts, Inc., Gameloft SE, Niantic Inc. Nintendo, Glu Mobile, Inc., GungHo Online Entertainment, Inc., Kabam, Rovio Entertainment Corporation, Supercell Oy, The Walt Disney Company, and Zynga, Inc.


Get More Insights Here

https://www.trendingwebwire.com/mobile-gaming-market-size-share-growth-outlook-2023/


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