July 12, 2024
Mobile Gaming Market

Mobile Gaming Market Propelled by Emergence of Augmented Reality and Virtual Reality Gaming Technologies

Mobile gaming refers to playing video games on smartphones and tablets. Mobile games are available through various app stores and allow users to enjoy a wide range of games on-the-go. Mobile gaming industry has revolutionized the way we play and experience games. The emergence of advanced technologies such as augmented reality and virtual reality is propelling the mobile gaming market growth.

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 key trends:
The emergence of augmented reality and virtual reality technologies has tremendously driven the mobile gaming industry growth over last few years. New AR and VR enabled games make users feel they are part of the gaming environment which enhances the overall gaming experience. Many leading game developers are focusing on leveraging augmented reality and virtual reality capabilities of new age smartphones to develop innovative games. This has attracted many mobile gamers and is the major factor catalysing the mobile gaming market growth over the coming years.

SWOT Analysis
Strength: The mobile gaming market has huge growth opportunities due to increasing smartphone penetration globally and easy access to high-speed internet.
Weakness: Piracy and limitation of hardware of mobile devices can hamper the growth of the market.
Opportunity: Emerging technologies like augmented reality, virtual reality can offer new opportunities for game developers in the mobile gaming market.
Threats: Switching preferences of gamers from mobile platforms to other platforms like PCs, gaming consoles can be a challenge for the mobile gaming market.

Key Takeaways
The Global Mobile Gaming Market Size is expected to witness high growth. The market is projected to grow expanding at a CAGR of 7.9% during the forecast period.

Regional analysis: Asia Pacific region currently dominates the global mobile gaming market owing to the fast adoption of smartphones and availability of low-cost internet in countries like China and India. The region is expected to continue its dominance and expand at a CAGR of over 9% during the forecast period.

Key players related content: 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. These players are focusing on strategies like mergers & acquisitions and new game launches to strengthen their market position and expand global footprints.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it