MOBILE GAMING MARKET TO EXCEED $175 BILLION BY 2027.
October 14. 2022.
China’s strong growth is projected to continue over the period!
A new study by Reportlinker forecasts that the mobile gaming industry will reach $175.3 billion by 2027. This represents a growth of almost a hundred billion dollars from 2020, when the industry was worth an estimated $79.8 billion.
Should this forecast prove to be accurate, the industry would grow at an average compound annual growth rate (aCAGR) of 11.9 percent over the 2020-2027 period.
Smartphones are projected to reach $151.9 billion, recording aCAGR of 12.5 percent. Taking the normalisation of the market into account, other devices are projected to see CAGR of 8.6 percent for the next seven year period.
The mobile gaming industry is projected to continue its strong growth in China, with a forecast market size of $39.2 billion in 2027, with CAGR of 14.8 percent from 2020 to 2027. Japan, Canada, and Germany also identified as countries where the market is projected to see strong growth, with respective CAGR increases of 7.7, 10.1, and 9.5 percent.
This growth is in line with previous projections, with Verified Market Reports forecasting a period of exponential growth between 2020 and 2029 in July. EA predicted in August that the mobile industry will see a 48 percent boom in the next fiscal year, and a data.ai report released in May projected that mobile gaming’s revenue will make up 60 percent of the gaming market in 2022.
The strength of mobile gaming can be attributed to a number of factors, including the accessibility and comparatively low price point of the devices and the numerous monetisation options available.
A GameRefinery report published in July stated that the development of more advanced mobile technology is leading AAA developers to take mobile gaming more seriously, resulting in the development of more midcore games, offering more advanced experiences on mobile devices than ever before.
by Lawis Rees