Why Does 24–44 Age Group Account for Largest Mobile Gaming Market Share? In 2021, the mobile gaming market stood at $93,163.8 million, which is on the path to reaching a size of $261,586.3 million in 2030. The market is predicted to advance at a CAGR of 12.2% from 2021 to 2030, owing to the growing mobile usage and increasing acceptance of innovative technologies. Furthermore, the rising e-sports popularity will pave the way for a booming market. In addition, the access to higher data speeds would increase with the extensive use of the 5G technology, thus leading to a widening gaming audience. Smartphones are playing a crucial role in the expansion of the global gaming market. This market is attaining scalability owing to the development of mobile games. The count of gamers is increasing tremendously with the rising disposable income of consumers, thus consequently driving their purchasing power, which enables them to buy smartphones. For instance, social media platforms, such as Instagram and Facebook, are deploying mobile games to enhance their advertising and marketing strategies. The increasing adoption of technological advancements is leading to the mobile gaming market expansion. Cloud gaming is changing the gaming industry by providing better opportunities for game developers. A number of technological businesses and cloud gamers have accepted cloud gaming since it minimizes the memory space required to unlock the game on smartphones. Additionally, AR uses audio and video in a more-realistic setting, which captivates users. Furthermore, through a first viewpoint accompanied by a 360-degree vision, VR offers an extraordinary real-world experience to users. For instance, Pokémon Go and Ingress are among the widely searched AR games on app stores. The adoption of a freemium business model is expected to advance at a mobile gaming market CAGR of over 10% from 2021 to 2030. Freemium games offer an additional benefit of making in-game purchases. The basic version of a freemium game is available for free; however, the player must pay for additional features or level upgrades. The payment can be made as per the preferences of gamers, as there are various payment mechanisms. The largest share in the mobile gaming market was held by the 24–44 years age group in 2021. This may be attributed to the rapid adaptation to technical advances by this age bracket. Since this age group has people who are tech-savvy and keen to try new products, a major chunk of smartphone users lie in this category. The release of new smartphones with special features facilitates an enhanced user experience, which drives the mobile game downloads by this age group. APAC will be a significant contributor to the mobile gaming market, owing to the increasing sale of smartphones, coupled with the bettering internet connectivity. The regional middle-class population is not only technologically sophisticated but also richer than before, which makes the region an appropriate investment hotspot. Moreover, India is on the path of promoting its beliefs and values through games. For instance, the Indian government, in collaboration with IIT Bombay, is planning to develop a center of excellence in gaming to boost the nation’s mobile gaming companies. The skyrocketing demand for smartphone games and the popular gaming campaign #PlayApartTogether supported by WHO during COVID-19 have led to aggressive product development in this market. Read More: https://www.psmarketresearch.com/market-analysis/mobile-gaming-market

Cloud Gaming Market To Reach $111,344.1 Million by 2030 In 2021, the cloud gaming market stood at $4,500.7 million, and it is projected to touch $111,344.1 million by 2030. The market will advance at a CAGR of 42.8% from 2021 to 2030 owing to the launch of better cross-platform gameplays and dedicated gaming smartphones. Furthermore, with the convenience and accessibility of cloud-based games and surging internet penetration, there will be a snowballing of the market revenue. Moreover, the reduced latency and higher bandwidths e offered by 5G technology are assisting in streaming XR games smoothly. The deployment of the 5G technology will pave the way for cloud gaming market growth. This can be attributed to swift 5G connections and mobile ubiquity that are leveraged by cloud gaming firms to offer AAA-quality gaming to smartphone users. The increasing number of intricate MNOs will drive global market growth, as will the rising acceptance of social media games. Moreover, a prolific feature of cloud games is that users can access them through a remote server directly, without any storage requirement or purchase of the latest gaming console. Under segment by device, the highest revenue, of around $1,645.6 million, was generated by the smartphones category in 2021. Moreover, this category will advance at a 43% CAGR in the coming years. This can be credited to the consistent growth in smartphone gaming pursuits in the past five years. This has been due to the cost-effectiveness of smartphones in comparison to upgrade computer and laptop hardware and software to maintain game performance. The surging demand for mobile games is an outcome of the various technological advances in this sector. For instance, AR uses audio and videographic information in a more-realistic setting, which captivates users. Furthermore, through a first viewpoint accompanied by a 360-degree vision, VR offers an extraordinary real-world experience. Moreover, the existence of the 5G network, unlimited data plans, and AR and VR innovations are leading to growth in this market. Within the type segment, the video streaming category ruled the cloud gaming market in 2021, accounting for more than 62% of the total market share. This is on account of the removal of the requirement for extra equipment to install and run the game. Video streaming offers greater accessibility as it assists users in playing games from any location and on any platform with lower latency, through internet connectivity. To drive their growth, there is a dire need for market players to focus on enhancing online platforms for a real gaming experience. In 2021, the cloud gaming market was dominated by APAC, which accounted for almost 50% of the total market share. The skyrocketing demand for entertainment, coupled with the surging smartphone penetration, will augment the growth of the market over this decade. This goes hand in hand with the increasing young population, rate of urbanization, and disposable income and, consequently, the escalating purchasing parity of consumers, which enables them to afford the latest gaming genres. As a result, India, China, and Japan are three of the greatest revenue generators in this market. The outbreak of COVID-19 expanded the market size further, by offering a good leisure activity to people. This is quite evident from the rising number of downloads and greater amount of time spent on these activities post the virus outbreak. Read More: https://www.psmarketresearch.com/market-analysis/cloud-gaming-market