The universal gaming market has grown immensely due to mobile gaming industry revenue. Its popularity has increased compared to other gaming media. In the previous year, mobile video games contributed to nearly 50% of the industry’s revenue.
Because the usage of smartphones is increasing as a universal measure, it is expected that by the year 2023, the income of mobile games will exceed the $100 billion mark. You can experience mobile gaming through the $5 deposit online casino nz.
How Big is the Mobile Gaming Industry?
The monetization of the smartphone gaming market is skyrocketing as the years proceed. In 2020, the mobile gaming industry revenue was estimated to be worth over $98 billion. By 2025, it is estimated that the revenue will rise to 268.8 billion dollars annually.
Between 2021-2026, the industry is anticipated to register a compound annual growth rate of 12.3%. In addition, there is an estimate of over 2.7 billion gamers, and the number is set to continue rising, thus increasing the mobile gaming wave.
Capitalisation of the Mobile Gaming Market
The growth of the mobile gaming industry has not gone unnoticed by big companies. Therefore, they are investing in the mobile gaming sector since they can see the potential.
Even social platforms like Instagram and Facebook are inventing engaging games set to help them promote more products. Some governments, too, have not been left behind in contributing to the market. They are giving funds to support the mobile gaming sector.
Why Is the Mobile Gaming Industry Growing?
While the console and PC gaming industries are growing, their growth rate cannot be compared to mobile games. Several aspects contribute to the rapid growth. These include:
Free Games & Trials
Many developers opt to make their game applications accessible, and you can download them at no charge. Free pricing causes a rise in downloads from the users. In addition, the free downloads give players a chance to examine the game before committing their money and time to it.
This pricing model is a step towards introducing some in-purchases or ads to make money. Free mobile games are a popular trend and there is a lot of money to be made for the companies that get it right.
Penetration of Smartphones in The Market
Smartphones were not easily accessible, for they were expensive. However, nowadays, there are affordable phones that can support numerous games.
With smartphones being more affordable, it leads to more downloads for existing games. This is a motivating factor for game developers. As smartphones advance, the games become too advanced and make them more thrilling.
Mobile phones are a reduced version of the console, performing more duties. This motivates more gamers to embrace the idea of mobile gaming, which in return contributes to the growth of the mobile gaming industry.
Advancement in Technology
Fast internet access has also contributed to the skyrocketing growth of the mobile game industry. The 5G network enables faster game download and also cloud-based gaming.
A faster internet connection also allows the smooth running of the game while playing with other players online. Those who fancy multiplayer play modes are motivated by the fast internet connection.
Cloud-based gaming is a feature that allows you to keep your game progress even after switching devices. Your gaming data is saved on the cloud, and when you log in to your account, it is restored. As a result, players do not worry about losing their progress anymore.
Competitive Setting
A competitive environment is bound to snowball more than a monopolized industry. For example, the mobile gaming industry is full of competition due to many developers. In addition, the involvement of significant technology advancements companies also opened room for competition.
Competition shows that there is a growth opportunity in the market. Growth opportunity calls for more companies to get involved and launch new products. For instance, Netflix announced it will join the gaming market.
COVID-19 Impact
COVID-19 brought many businesses to a standstill. However, that was not the case with the mobile gaming market. With many people being on lockdown and their daily activities disrupted, they had to find something to keep them busy. Mobile games were one of the ways to distract them from the pandemic.
Wrapping Up!
The Global Mobile Gaming market is growing at a rapid pace, and it’s no longer the domain of just ‘kids’. In today’s world, people want to get things done quickly, and mobile gaming is helping them do just that. With the growing popularity of mobile gaming, there are many different ways you can get involved in this lucrative industry. Whether you’re an avid gamer or someone who wants to build a career in mobile gaming development, there is plenty for everyone.