Console gaming has been popular for a long period of time, but there has been a decline in its popularity for the last 2-3 years. The gradual shift of developers towards mobile games has been a primary reason for this decline. Mobile games have attracted the developers because of the ease of developing the game and the minimal investment the business requires. Mobile gaming industry has been evolving due to the technological advancements in the gaming industry, which is being driven by the rising demand of portable interactive entertainment in the market. The expanse of the mobile gaming industry has gradually widened, from including developers, publishers and operators in its ecosystem, it now includes a host of players from adjoining verticals such as media firms, investment firms, event organizers and advertising agencies.
The mobile gaming market is attracting a plethora of players from different verticals due to low investment costs. This has resulted in an abundance of mobile games, available across android and iOS platforms. This minimal investment has also attracted independent (indie) developers, which are steadily growing in number. Android and iOS platforms have become a primary source of mobile game distribution to millions of gamers at a minimal cost through their in-built app stores. Mobile gaming market is also tapping the latest development of augmented and virtual reality in the digital world, which gives an opportunity to the developers to incorporate these new technologies into mobile gaming platform.
The global mobile gaming market was estimated to be worth $32.29 billion in FY 2016, and is expected to grow at a CAGR of 9.4% during the time period of 2017 to 2023. High proliferation of smart phones and high speed internet have reached a wider consumer base, especially among growing middle class and large youth population in emerging nations, which are in turn driving the market towards a phenomenal growth. Along with this, availability of a diverse gaming genres and freemium business model being followed by market players are propelling the growth of the market. The competition in the market is intense and will further aggravate, which will create a hindrance for developers in generating brand loyalty and sustaining a revenue generating consumer base.
In the dynamic world of mobile gaming, there is a constant need for innovation to attract the attention of the consumers, however, piracy, fear of fraudulent practices and security have become serious concerns for the mobile gaming industry, which loom large over the growth of the industry. Despite such challenges, the industry is offering various opportunities to the developers with the advancement in technology, so as to tap technologies such as virtual reality (VR) and augmented reality (AR), to develop independent (indie) games, offer subscription based games, advertisement and partnerships to expand the business.
The two primary platforms for distribution of mobile games contribute substantially to the revenue generation. The revenue generation from iOS platform is much greater than android platform, as consumers spend more on iOS platform for mobile games. However, revenues from android segment are expected to witness a faster growth in the coming years. BIS Research has conducted an extensive market research on ‘Global Mobile Gaming Market, Analysis and Forecast, (2017-2023)’. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints, and opportunities prevailing in the industry.
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