In a new analysis report, market intelligence company BIS Research has predicted global mobile gaming market to breach $58 billion levels by 2023.
According to the market research company, global mobile gaming market is expected to grow at a CAGR of 9.4 per cent from 2017 to 2023. The primary reasons behind this growth are the increasing proliferation of smartphones, improving internet accessibility across the globe along with the availability of a diverse range of gaming genres.
The mobile gaming industry has been undergoing dynamic changes in the recent years due to ongoing technological advancements coupled with the rising demand for interactive entertainment on portable devices. Minimal capital requirements have led to an influx of mobile game developers, causing an abundance of mobile games across iOS and Android platforms. The diverse consumer base of these games has paved way for an array of new revenue streams and integrated payment solutions ranging from subscription fees, pay-per-play, and in-app purchases royalties to a premium account and upgrade remunerations.
The rise of augmented and virtual reality in the gaming industry has given an opportunity to the developers to come up with new mobile gaming content incorporating these new forms of technologies. Moreover, as the competition in the market intensifies, it is becoming increasingly difficult for the developers to generate brand loyalty and sustain a revenue generating consumer base. However, provision of secure payment gateways, improving internet accessibility across the globe and availability of a diverse range of gaming options are expected to continue driving the industry towards growth in the coming future.
In terms of gaming genre, strategy and brain games had the largest share in 2016 and these games are expected to witness a strong growth rate during the forecast period. Their large revenue can be attributed to the widespread success of games such as Clash of Clans, Game of War: Fire Age and Puzzles and Dragons, which are top grossing games in most of the countries, says the research.