Market Trends of Gaming Industry
Mobile Gaming Expected to Witness Growth during the Forecast Period
- The number of mobile players globally reached USD 2.7 billion in 2022, resulting in 90 billion mobile game downloads during the year.
- In terms of the mobile gaming genre worldwide, RPG was the frontrunner, accounting for 31% of in-app purchase spending in 2022, driven by MMORPG. In contrast, Hypercasual was leading in downloads contributing to 29% of all mobile game downloads.
- Furthermore, 21% of Android apps and 25% of iOS apps downloaded are mobile games, with 55% of mobile gamers being female. Puzzle and matching genres seemed to be favorites among female audiences, whereas strategy, sports, and shooting interested male gamers.
- For the past couple of years, Tencent, a Chinese multinational tech conglomerate, has grown its gaming empire. In 2021, it was the most extensive iPhone gaming app publisher globally in terms of revenue and the third biggest in downloads. The company still held the top spot in 2022.
- Free-to-play games have undergone many changes since the early days of Flappy Bird. The most recent is the rise of Play & Own (P&O) in 2023. P&O allows players to play the games they want for free and the assets or in-game rewards they purchase. Developers would get new ways to monetize their games through value, stronger communities, longer players, and more rooms, contributing to the growth of the mobile gaming industry in the forecast period.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region held the highest market share in 2022. China spends the most, but Japan spends more per capita than any other country. Both countries are home to some of the biggest mobile games, such as Honor of Kings and Genshin Impact.
- However, the gamer population has shown a positive trend in the region, accounting for more than 52% of gamers worldwide.
- Crackdowns on limiting playtime by the Chinese government in recent years and regulators issuing almost no gaming licenses until the end of 2022 have further put pressure on the gaming industry in the region. The embargo on imported gaming titles only ended toward the end of the year, inviting developers outside the country but at cost and compliance.
- On a positive note, Q1 2023 alone recorded 288 game approvals by NPPA, and over 1100 games are predicted to be approved by the end of 2023, compared to mere 468 approvals in 2022.
- Factors such as China, Japan, and South Korea being part of the top 10 global game spending, the region being a hotbed for mobile gaming, and the increasing gamer population are poised to drive significant growth in the APAC region during the forecast period.
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