Mobile Gaming Market, 54% of Growth to Originate from APAC, Technavio
NEW YORK, April 18, 2024 /PRNewswire/ -- The global mobile gaming market size is estimated to grow by USD 76.42 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 11.44% during the forecast period. APAC held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of 54%.
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APAC is expected to play a pivotal role in propelling the global mobile gaming market
Geographic Landscape:
The mobile gaming industry in APAC is experiencing robust growth, driven by high demand from countries like China and Japan. The region's gaming industry is marked by significant investments in advertising for the hyper-casual game sector. Smartphones, with their advanced hardware capabilities provided by OEMs like Huawei, enable product differentiation and innovative advertisement strategies. Unity Technologies and other tech companies play a crucial role in mobile gaming, addressing challenges such as battery drain and screen resolutions. Geopolitical tensions and smartphone penetration influence market dynamics. In-game purchases and cloud gaming services leverage hyper-scale cloud capabilities and streaming media services. Economic conditions, gaming culture, and data speeds shape the mobile gaming landscape. Stakeholders, including game developers, publishers, and tech companies, adapt to 5G connectivity and ultra-low latency, enhancing multiplayer gaming experiences on smart devices. Companies like Electronic Arts and indie developers capitalize on smartphone technology's processing power and graphics capabilities to create engaging games for mobile subscribers. Cellular services and app stores, such as Google Play Store and Apple App Store, facilitate in-app purchases and advertisements, fostering social connectivity.
Research Analysis
The Mobile Gaming Market has experienced significant growth in recent years, driven by the widespread adoption of smartphones and tablets. The Hyper-casual game sector, in particular, has seen immense success due to its accessibility and product differentiation. Advertising investment in mobile gaming has surged, with Unity Technologies leading the way in providing advertisement strategies that leverage smartphone hardware capabilities. Higher smartphone adoption and income levels, coupled with the growth of 5G technology, are key market drivers. Mobile gaming has become a global pastime, with players engaging in various forms of entertainment on their devices. Projections indicate continued growth in the mobile gaming sector, making it an attractive investment opportunity in the evolving global gaming landscape.
Market Drivers
The mobile gaming market is experiencing a significant surge, driven by the popularity of Massively Multiplayer Online (MMO) games. Entertaining millions worldwide, mobile games have evolved from the first mobile game into a pastime for players of all ages and backgrounds. With projections indicating continued growth, mobile adoption and smartphone usage have peaked, making digital frontrunners of gaming industry giants like Activision Blizzard. Traditional gaming formats on consoles and mongers face competition as mobile revolutionizes the landscape. The mobile gaming industry's potential reaches billions, with smartphone and tablet users downloading gaming apps in record numbers. The highest-grossing mobile games attract advertising investment, particularly in the hyper-casual game sector. Product differentiation and advertisement strategies capitalize on smartphone hardware capabilities, such as Unity Technologies' advanced graphics and battery drain management. As 5G and 5G-enabled devices roll out, latency issues are addressed, enhancing the mobile gaming experience. Geopolitical tensions may impact market penetration, but the mobile gaming industry's future remains bright, with Ericsson predicting a mobile gaming revolution.
Market Overview
The Mobile Gaming Market is a significant segment of the global gaming industry, with numerous players contributing to its growth. The industry consists of various elements, including apps, technologies, and services. The market is driven by factors such as increasing smartphone usage, advancements in technology, and the availability of affordable games. Gamers enjoy a wide range of genres, from action and adventure to strategy and simulation games. Companies like Google Play Store and Apple App Store serve as major distribution platforms. Advertising and in-app purchases are primary revenue streams. The market is competitive, with players constantly innovating to capture a larger share. The future of mobile gaming looks promising, with advancements in augmented reality and virtual reality technologies set to revolutionize the industry.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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