On July 4th, Global Industry Analysts Inc. released a new report entitled “Mobile Gaming – Global Market Trajectory & Analytics”. This showed that the global mobile gaming market will be worth about $104.3 billion this year. Furthermore, the sector will register a CAGR (compound annual growth rate) of 11.9% between 2022 and 2026 to hit a maximum estimated value of $160.1 billion in four years.
Smartphones will be one of the fastest-growing segments in this industry. In fact, the report estimates the smartphone industry will grow at a CAGR of 12.5% during the aforementioned forecast period.
“The mobile technology boom in past years has revolutionized the industry,” the report says. “The industry has evolved into HD games with premium visuals and solid interaction with catching storylines from pixelated graphics and negligible interactions. With the constant enhancement in mobile technology, the gaming mechanism has become more complex.”
The report also showed that the COVID-19 Pandemic had a major impact on the industry’s growth since 2020. Since the beginning of the pandemic, mobile app downloads have increased by 50% while user engagements are up 20%.
(All information was provided by PR Newswire)