The mobile gaming market is already bigger than the combined console and PC gaming markets. Consequently, mobile gaming expertise is a must-have for all game companies, says GlobalData, a leading data and analytics company.
GlobalData’s latest thematic report “Mobile Gaming,” reveals that mobile gaming revenue was worth $124 billion in 2023 and will grow to $195 billion by 2030.
Rupantar Guha, Principal Analyst at GlobalData’s Thematic Intelligence, comments: “Mobile gaming revenue grew by 25% in 2020 from the previous year and by a further 10% in 2021. However, in 2022, annual growth dropped to just 3% as rising inflation hit consumer spending. The market showed signs of recovery in 2023, with revenue increasing by 6% compared to 2022.”
The growing maturity of streaming (supported by 5G), cloud gaming, and mobile esports, combined with the fact that mobile platforms are close to technological parity with PCs and consoles, means most gamers will embrace mobile gaming in the next few years. The ability to run high-quality, big-budget games (e.g., Resident Evil 4 and Assassin’s Creed Mirage) on mobile platforms will attract more publishers and gamers.
Guha continues: “Due to its lucrative revenue prospects, console and PC game publishers such as Activision Blizzard (owned by Microsoft) and Take-Two Interactive are heavily focused on mobile gaming. In addition, video streaming services (e.g., Netflix) and online advertisers (e.g., AppLovin) are also in the race.”
Mobile gaming is a heavily contested market, with a diverse range of companies jockeying for positions. However, mobile gaming companies are under pressure in several areas, especially regulation.Guha concludes: “Regulation will continue to be a disruptive threat for the foreseeable future. In 2023, China’s draft regulation to curb in-game spending wiped $80 billion in market value from Tencent and NetEase. Regulations around in-app purchases, data privacy, child safety, antitrust, artificial intelligence (AI), and app store commissions will continue to impact all mobile gaming companies.”
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