Mobile gaming is the biggest and fastest-growing segment of the gaming market, generating $77.2 billion in 2020 alone and representing 48% of the global gaming market, according to a report by Newzoo. Growth is expected to continue, with the mobile gaming industry projected to reach $116 billion by 2024. Factors contributing to mobile gaming’s dominance include easy accessibility, low barriers to entry, a diverse audience, advancements in technology, and creative monetization strategies. The mobile gaming industry is set to continue to expand with the introduction of new technologies such as 5G, cloud gaming, and augmented reality.
Mobile Gaming Continues to Dominate Market
Introduction
The gaming industry is continuously growing and seems to have no sign of slowing down. With the popularity of mobile devices, mobile gaming has become the biggest and fastest-growing segment of the gaming market. Recent statistics have shown that mobile gaming continues to dominate the market and is expected to increase in the coming years.
Statistics
According to a report by Newzoo, a market intelligence firm, mobile gaming generated $77.2 billion in 2020 alone, representing 48% of the global gaming market. The report also forecasted that the mobile gaming industry will reach $116 billion by 2024.
In addition, mobile gaming has become the preferred platform for gamers, with 63% playing mobile games daily. The report also indicated that the number of mobile gamers is expected to grow to 3 billion by the end of 2021.
Factors Contributing to the Dominance of Mobile Gaming
- Easy accessibility: Mobile gaming is easy to access, and players can play games on their mobile devices on the go.
- Low barrier to entry: Many mobile games are free to download and play, making it easier for players to get started.
- Demographic shift: Mobile gaming attracts a diverse audience because of its accessibility and affordability.
- Advancements in technology: Improvements in technology have made mobile devices capable of running complex games and improving the gaming experience.
- Innovations in monetization strategies: Game developers have been creative in developing different ways to monetize mobile games, such as in-app purchases, subscriptions, and ads.
The Future of Mobile Gaming
The mobile gaming industry is expected to continue its growth in the coming years, with the introduction of new technologies such as 5G, cloud gaming, and augmented reality. These advancements will enhance the gaming experience and provide new opportunities for game developers to create innovative games that were previously not possible on mobile devices.
The popularity of mobile gaming is also expected to continue due to the growing number of smartphone users worldwide. According to Statista, the number of smartphone users is expected to reach 3.8 billion by 2021.