It is known that the mobile industry has been booming lately thanks to some exciting new releases and now there’s further confirmation that the mobile market is continuing its stronghold in the gaming sector. According to the latest reports shared by Newzoo, mobile games now hold a share of 49% of the global gaming market as of July 2023, with a global forecast suggesting the overall gaming sector might touch $212.4 billion in 2026.
The mobile games market has had a year-on-year growth of 0.8%
Mobile games are leading the charge in the gaming market by contributing a substantial 49% to the overall revenues, generating $92.6 Billion out of the combined $187.7 Billion. This sector continues to demonstrate steady growth, with a year-on-year increase of +0.8%. This report indicates that mobile still remains the dominant market.
Although console games presently account for 30% of the total revenue for the year with $56.1 Billion, they stand out with the most remarkable growth rate, surpassing other segments by a significant margin of +7.4 year-on-year growth. While PC games are considered, a decline in year-on-year revenue in browser-based PC games is observed whereas downloaded games have a healthy increase.
While considering the markets, Asia-Pacific accounts for 46% but the interesting fact is that two major gaming consumers, US and China, account for 49%, nearly half of all consumer spending on games with spending amounting to $48.3 Billion and $44.3 Billion respectively. All the markets have shown good growth which are healthy signs.
New game releases in the mobile market are generating revenue effectively
In general, the gaming industry has experienced a 2.6% YoY growth in comparison to the previous year as of July 2023. While the growth in the mobile segment may not be exceptionally large, this is positive news for the mobile market as it signifies notable progress. It is anticipated that the worldwide games market will undergo a growth of +2.0%, reaching a total of $212.4 billion by the year 2026.
The recent mobile game releases haven’t disappointed with the results either. While Honkai Star Rail bosses the first half of 2023 with astonishing revenue numbers, recent releases such as Harry Potter: Magic Awakened and Undawn also raked impressive numbers. With new games scheduled to launch in the mobile sector, there are no doubts about the mobile industry continuing to grow further.
What are your thoughts on Newzoo reporting that mobile games account for 49% of the global gaming market as of July 2023? Let us know in the comment section below!
For more Mobile Gaming news and updates, join our WhatsApp group, Telegram Group, or Discord server. Also, follow us on Google News, Instagram, and Twitter for quick updates.
