DUBLIN--(BUSINESS WIRE)--The "Mobile Gaming Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The mobile gaming market was valued at US$95.448 billion in 2019 and is expected to grow at a CAGR of 23.59 % over the forecast period to reach a market size of US$420.386 billion by 2026.
Electronic gaming can be performed using a variety of mediums, such as computers, mobile devices, consoles, or anything else that can be accessed electronically. Scalability for the gaming industry has been enabled by the development of mobile games.
Additionally, social platforms such as Facebook and Instagram are developing innovative mobile games in order to differentiate their offerings as well as enhance their promotional strategies by utilizing engaging games. Various governments around the world are also establishing funds to support gaming industries, which are also expected to expand for mobile games. For instance, the German government has committed 50 million euros to the establishment of a games fund in the year 2019. Through the Sweden Game Arena in Sweden, students can develop their own games and use government-funded facilities and equipment.
Drivers
Growing smartphone and internet penetration
Smartphone penetration and technology advancements, as well as the increased use of trending technologies for developing games, have played a major role in an industry that is developing rapidly. There is a growing gaming industry all over the world, and smartphones are playing a critical role in this growth. In recent years, fast internet access has become more accessible to people, particularly in emerging economies, making online gaming more feasible. Indian Media & Entertainment market is $24 billion, and gaming is among the fastest-growing segments. The country has one of the world's top five mobile gaming markets. (Source: investindia.gov).
Additionally, the popular pricing model for mobile games is Free-to-Play, due to its unlimited potential and ability to be downloaded for free. By doing so, players can try a game before making a commitment to time or money, and they tend to grow their revenues as a result. Pokemon GO, for example, can be played for free, and statistics from Bank of America show that 27 million people in the U.S. played the game in 2016 and that number will rise to 67 million by 2020. As technologies like augmented reality and 5G become available, this model could evolve accordingly Furthermore, in April 2019, Hatch and Samsung launched the Hatch for Samsung mobile app together in the United States to launch 5G cloud gaming. The Galaxy S10 5G is Samsung's first 5G flagship phone, allowing customers to stream popular games such as Hitman GO and Monument Valley while playing games such as Arkanoid Rising. Due to 5G's widespread deployment, coupled with faster download speeds, the market for mobile gaming is expected to boost.
Restraints
Psychological effects and paid games
Generally, mobile games are addictive, and studies have shown that they can affect people's psychological behaviour, such as aggression and violence, and make them less aware of their surroundings. In addition, a paid version model is another factor that restrains and inhibits mobile gaming growth. This model involves the user paying either a one-time fee or some periodic fee for the app. Although subscription models help generate recurring revenue for companies, they aren't the model most users prefer.
COVID-19 Impact
Despite the widespread destruction in several industries due to the raging pandemic, that was not the case in the gaming industry. Mobile games became a popular way of entertainment. There are several reasons to choose mobile gaming, including its simple interface, convenience, and the same level of fun as other gaming channels. During the COVID-19 pandemic, the mobile gaming industry surged to a great deal of profitability and popularity due to an increased number of downloads and playtime.
Segmentation:
By Device Type
- Smartphone
- Smartwatch
- PDA
- Tablet
- Others
By Genre
- Action and Adventure
- Arcade
- Roleplaying
- Sports
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- Others
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Japan
- Others
Companies Mentioned
- Tencent Holdings Limited
- Activision Blizzard, Inc
- Electronic Arts Inc.
- Nintendo Co., Ltd.
- GungHo Online Entertainment, Inc (SoftBank Group)
- Gameloft
- The Walt Disney Company
- Glu Mobile Inc.
- Rovio Entertainment Corporation
- Supercell Oy
For more information about this report visit https://www.researchandmarkets.com/r/8zm8b9
