The global gaming market was valued at $152 billion by the end of 2019, with 45% ($68.5 billion) of that revenue coming from mobile gaming. This tremendous growth has attracted a flurry of investments globally, with everyone looking to get a cut of the pie.
For the last 18 months, the gaming and gambling industry has recorded investments worth over $9.6 billion. The investment growth is influenced by several underlying factors, with mobile gaming receiving a significant portion of these finances. Market experts also believe that the numbers will keep soaring, with the global gaming market expected to hit $76.7 billion by the end of this year.
But what has influenced this growth? Let’s take an in-depth look at the industry.
Why Are More People Interested In Mobile Gaming?
Besides entertainment, mobile devices are convenient for a range of activities in your daily life. If you need to shop online, send emails, or make banking transactions, you don’t need to worry about having access to your laptop or PC. And though you need internet connections for online transactions, that’s hardly an issue as you can find reliable networks worldwide.
The convenience of mobile devices also applies to games. Gamers can take their devices everywhere and enjoy playing games on the Betway app and others while traveling or having drinks at the bar. They are not confined to a specific place where they can enjoy their favorite games.
A Growing Industry
Industry experts predict that gamers will collectively spend 670+ billion hours playing mobile games, a significant improvement compared to the 558 billion hours in 2019. Part of this growth comes from the improved user experience of mobile games, reaching a higher level than several years ago.
The use of mobile devices for online gaming in sites like Betway has also influenced substantial growth over the last decade. Even better, video game publishers are continuing to release mobile-compatible versions of popular PC and console titles.
Mobile Devices Are More Powerful Than Ever Before
Over a decade ago, mobile devices could only dream of coming close to laptops and PCs in terms of software and hardware. The memory capabilities, graphics quality, and processor speed were desktop’s most significant advantages. However, smartphones have significantly cut the processing time, and their graphics quality can rival many old consoles.
Smartphone technology has significantly evolved over the last ten years. Today, you can’t imagine any reputable website, program, or software without being mobile compatible. As a result, lots of companies are taking mobile platforms very seriously, putting as much effort as possible to make their software compatible with smartphones as well as PCs.
Support from All Levels
The rise in investments in the mobile gaming industry indicates the market’s stratospheric growth, strong user engagement, massive revenue, and extensive geographic and demographic reach. Diverse players worldwide are realizing the true potential of mobile gaming, and they’ve embraced the whole ecosystem. For this reason, the global mobile gaming industry is expected to register a 14% CAGR by 2025 fueled by trends like blockchain-based gaming, cloud gaming, and AR/VR mobile gaming.