The mobile gaming market is estimated to reach US$272 billion by 2030, and is seen to record a compound annual growth rate (CAGR) of 11% over the ten years, according to a report from analyst firm GlobalData.
GlobalData’s report, Thematic Research: Mobile Gaming, reveals that the mobile gaming market will be worth US$272 billion by 2030, up from US$98 billion in 2020.
Rupantar Guha, GlobalData associate project manager for thematic research, says: “Mobile gaming is already bigger than the console and PC gaming markets combined, contributing nearly 57% of global video games revenue in 2020.”
“The growing maturity of streaming (supported by 5G), cloud gaming services, and mobile esports—combined with the fact that mobile platforms are close to technical parity with PCs and consoles—means most gamers will embrace mobile gaming in the next few years. As a result, it will continue to account for the lion’s share of the global video games revenue over the next ten years,” he adds.
Guha continues: “Mobile gaming expertise is a must-have for all games companies. Traditional console and PC game publishers such as Activision Blizzard and EA are increasingly focused on the popular mobile gaming and its lucrative revenue opportunities. They compete with companies such as Tencent, Sea, and Perfect World, which primarily focus on mobile gaming. Social media companes (e.g., ByteDance) and online advertisers (e.g., AppLovin) are also moving into mobile games publishing.
“5G will drive the next wave of innovation in mobile gaming. 5G networks allow games to be downloaded faster than current 4G networks and aid the development of mobile-based cloud gaming services and augmented reality (AR) games. With the ability to support one million devices within a single square kilometre, 5G will drive more users towards mobile gaming, especially multiplayer titles. This, in turn, will boost the growth of mobile esports,” Guha concludes.