As the world becomes increasingly mobile-centric, the demand for engaging mobile games continues to soar. In this report, we'll delve into the global mobile game market size, trends, growth opportunities, and industry forecast from 2020 to 2027.
Market Size and Growth Rate
The global mobile game market is expected to grow at a compound annual growth rate (CAGR) of 12% during the forecast period, reaching USD 147,876 million by the end of 2027. In 2019, the market size was estimated to be USD 59,814 million.
Introduction
Mobile games have become an integral part of our daily lives, providing entertainment, education, and social interaction. With remarkable connectivity features like Bluetooth, Wi-Fi, and 3G networks, mobile phones offer a unique gaming experience.
Key Drivers and Emerging Trends
The accelerating number of mobile game launches, growing internet penetration, and increasing investment by leading organizations in the gaming sector are driving the market growth. The adoption of smartphones, the internet, and flexible in-game payment methods has led to the expandability of the gaming sector. For instance, Saudi Arabia had approximately 32.2 million internet users and around 40.2 million mobile connections as of January 2020.
Government Initiatives
Governments are emphasizing on introducing favorable initiatives to support the gaming sector. The UK government launched the UK Games Fund, a Euro 4 million fund for game development companies. Special tax relief permits video game companies to claim back up to 20% of the cost of developing new games.
Leading Players and Technological Advancements
The leading players in the market are focusing on bringing technological advancements in mobile launches and investing heavily in research and development activities. The implementation of cloud computing in mobile games has led to the development of cloud gaming, indirectly driving the growth of the mobile gaming market size.
Restraints
Security concerns and rising cases of data breaches are key restraints that may impact the growth of the mobile gaming market share in terms of revenue. For example, India banned PUBG due to growing security concerns at the national level.
Segment Analysis
Application: The electronic sports segment is projected to grow at the highest CAGR in the market, driven by easy accessibility and growing awareness among players.
Age Group: Teenagers are expected to witness faster growth during the forecast period, driven by their preference for online gaming and desire for digital rewards.
Platform: Android is projected to dominate the global mobile game market during the forecast period, driven by its increasing adoption and low cost for development.
Regional Analysis
The Asia-Pacific region is anticipated to dominate the market during the forecast period, driven by China's popularity in the gaming industry.