by The mobile gaming market broadly refers to video games and casual games played on mobile devices like smartphones and tablets. Some of the popular mobile games include fantasy games, first-person shooters, battle royale games, puzzles, strategies and casual games. Mobile gaming has disrupted the traditional gaming sector by allowing users to enjoy titles on the go and connect with other players worldwide through mobile networks.
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 Dynamics:
Growing Fandom for E-Sports: E-Sports have seen tremendous growth in recent years and have gained popularity among the masses. E-Sports are organized tournaments of video games where professional players and teams compete. Mobile games like PubG, Call of Duty, and Clash of Clans have seen burgeoning e-sports leagues across the world with huge prize pools. The growing fandom of e-sports has further boosted the popularity of mobile gaming.
Increasing Adoption of Smartphones: According to a report by GSMA, worldwide smartphone adoption reached an estimated 67% market penetration in 2022. The affordable prices of budget smartphones coupled with advanced mobile networks have boosted access to smartphone devices globally, especially in developing regions. This widespread access to smartphones has directly translated into increased adoption of mobile games among consumers.
Segment Analysis
The mobile gaming market can be segmented into casual games, action/adventure games, strategy games, sports games, and role-playing games. The casual games sub-segment currently dominates the market, accounting for around 45% share. Casual games have simple gameplay mechanisms and rules which make them very accessible for all types of users. Features like easy to learn controls and short gameplay sessions appeal to a wide customer base.
PEST Analysis
Political: There are no significant political risks currently impacting the mobile gaming market. Most countries promote digital technologies and see gaming as an innovative industry.
Economic: The mobile gaming industry benefits from trends like rising disposable incomes in emerging economies, growing smartphone penetration globally, and more affordable data plans. This expands the potential market size.
Social: Mobile games are very popular socially as people can play against friends or interact in multiplayer games. Social features in games enhance the experience. New gaming archetypes also emerge from changing social preferences.
Technological: Advancements in graphics, processing power, and connectivity are enhancing in-game experiences. Emerging technologies like augmented reality, virtual reality and 5G can further boost immersion levels and engagement in the future. Cloud gaming is also opening up new avenues.
Key Takeaways
The Global Mobile Gaming Market Size is expected to witness high growth over the forecast period driven by the expanding smartphone user base and increasing time spent on mobile apps globally. Regionally, Asia Pacific currently dominates due to large markets like China and India with growing internet and smartphone adoption. Mobile gaming enjoys strong popularity in these developing countries.
Key players operating in the mobile gaming market are IKEA, Crate & Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan Allen, Home Depot, Lowe’s, Bob’s Discount Furniture, Pier 1 Imports, Made.com. Among these, Wayfair and Amazon have made significant inroads in the online home furnishings retail space, leveraging their strong e-commerce platforms and logistics networks. However, IKEA continues to lead overall with the widest product range and in-depth furniture category knowledge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
