Mobile gaming has emerged as the dominant force in the gaming industry, generating a record-breaking $77.2 billion in revenue in 2020, accounting for 42% of the global games market. The accessibility and affordability of smartphones and the variety of games available on mobile platforms are among the primary factors contributing to this growth. Additionally, the emergence of 5G technology is expected to further propel the growth of mobile gaming. The global mobile gaming market is projected to reach $165.9 billion by 2026, indicating immense growth potential for the industry. Mobile gaming is here to stay as the industry continues to evolve and adapt.
Mobile gaming dominates industry with record-breaking revenues
Introduction
Recent reports show that mobile gaming has taken over the gaming industry with record-breaking revenues. This comes as no surprise as the number of smartphone users continues to rise across the world.
The Stats
According to market research firm Newzoo, mobile gaming generated a whopping $77.2 billion in revenue in 2020, accounting for 42% of the global games market. This is up from the previous year’s $68.5 billion, indicating a significant increase of 12.7%. These figures are projected to keep rising in the years to come, reaching $90.7 billion in 2022.
Factors Contributing to the Growth
One of the primary factors contributing to the growth of mobile gaming is the accessibility and affordability of smartphones. With the increase in the global population’s income and the rise of the middle class, more people now have access to smartphones.
Another factor is the variety of games available on mobile platforms. From arcade games to casino games, from puzzle games to sports games, mobile platforms offer a wide range of games catering to all age groups and genres.
The emergence of 5G technology is also expected to propel the growth of mobile gaming further. 5G technology offers faster internet speeds, smoother gameplay, and reduced lag time, leading to a more immersive gaming experience.
The Future of Mobile Gaming
The future of mobile gaming looks promising. With the global population’s increasing reliance on smartphones and the introduction of new technologies such as 5G, mobile gaming is expected to continue dominating the industry.
Fortune Business Insights predicts that the global mobile gaming market will reach $165.9 billion by 2026, at a compound annual growth rate (CAGR) of 14.3%. This indicates immense growth potential for the industry.
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