Mobile and Handheld Gaming Market Projected to Surge to $35.19 Billion by 2034 with a 13.8% CAGR

The popularity of free-to-play games, supported by in-app purchases and advertisements, has significantly boosted the mobile and handheld gaming market.

The global mobile and handheld gaming market size is on track to reach US$ 9,660.1 million in 2024. The market is poised for rapid growth, with an extraordinary compound annual growth rate (CAGR) of 13.8% projected through 2034. This expansion is anticipated to elevate the market to a substantial valuation of US$ 35,189.6 million by 2034.

The use of current technology for game production, technical innovation, and the growing smartphone penetration are the main factors contributing to the growth of the mobile and handheld gaming industry. Close to 7 billion people used smartphones worldwide in 2023.

The mobile gaming sector is seeing a rise in cloud gaming, which allows consumers to stream top-tier games on portable devices with fast network access and avoid having to constantly upgrade the technology on gaming consoles, PCs, or laptops. These elements are anticipated to propel mobile and handheld gaming market growth. In order to remotely control game apps and convert game pictures into a video stream for wireless transmission to Android or iOS client devices, cloud mobile gaming makes use of cloud servers.

The emerging 5G networks assure users a dependable and low-latency experience, particularly in AAA-quality gaming for smartphones. Additionally, the introduction of 5G presents immediate revenue-generating possibilities for service providers, such as the implementation of new pricing plans. These novel pricing structures can be combined with cloud gaming services to enrich subscriptions and income. The recent offerings also hold the potential to attract new target audiences, contributing to the overall expansion of market growth.

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Regional Outlook:

Between 2024 and 2034, North America is expected to enjoy a prosperous share of revenue. The region's share is significantly influenced by the United States. The smartphone gaming industry is expanding quickly in the United States, where one of the leading game firms has its headquarters. Almost 20% of game developers on Google Play are from the United States. The mobile and handheld gaming market has grown from its previous modest subsector.

The East Asia mobile and handheld gaming market is expected to expand at a promising CAGR of 14.9% through 2034. Mobile games have completely changed the gaming business in this region since they provide continual fun through cloud-based and offline applications. Millions of people are anticipated to continue to be drawn to entertainment that can be enjoyed while on the go, particularly in emerging economies like China.

Key Takeaways from the Market Study:

• The global mobile and handheld gaming market is projected to expand at a CAGR of 13.8% through 2034.
• The North America mobile and handheld gaming market is expected to develop at a promising CAGR of 14.0% through 2034.
• The United States dominates the global mobile and handheld gaming market, valued at US$ 1,949.0 million in 2024. The market is likely to surge at a CAGR of 13.6% through 2034.
• The mobile and handheld gaming industry in China is expected to rise at a CAGR of 14.5%, reaching a valuation of US$ 5,763.4 million by 2034.
• Based on the platform, handheld game consoles are likely to hold a 63.1% market share in 2024.
• The deployment segment is set to dominate the operating system with a 55.8% share in 2024.

“In 2023, mobile gaming reached new heights with stellar options like the Asus ROG Ally, PlayStation Portal, and the ever-popular iPhone gaming. The introduction of handhelds last year opened up new possibilities, and this year saw a diverse array of options hitting the market. Looking ahead to the next year, one can expect the introduction of additional handheld gaming devices, further expanding choices for consumers. This ongoing evolution promises an engaging and dynamic future for the mobile and handheld gaming industry.” says a Fact.MR analyst.

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Top Contenders Diversify Mobile and Handheld Gaming Platforms for Competitive Edge

In the vibrant mobile and handheld gaming market, established leaders focus on innovation, leveraging cutting-edge technology and strategic partnerships to maintain dominance. Start-ups carve their niche by prioritizing agility and user-centric designs. Industry giants often pursue mergers and acquisitions, while emerging players strategically target untapped demographics. The competitive landscape showcases a blend of innovation, market adaptation, and strategic alliances, creating a vibrant ecosystem for both established companies and ambitious newcomers.

Industry News:

In November 2023, Sony introduced the "PlayStation Portal," their breakthrough innovation in gaming technology. The purpose of this inventive handheld device is to revolutionize how gamers interact with their preferred PlayStation 5 titles. Sony's state-of-the-art Remote Play technology allows the PlayStation Portal, which has an 8-inch display, to stream PS5 games wirelessly.

In August 2023, Qualcomm Technologies unveiled the latest Snapdragon G Series for handheld gaming. There are currently three tiers in the Snapdragon G Series for portable gaming: G1, G2, and G3, which includes the new Snapdragon G3x Gen 2 Platform. Smooth game streaming over the cloud and local storage is made possible by the Snapdragon G1 in portable gaming devices without fans. However, with its powerful processor and cutting-edge 5G and Wi-Fi 6/6E connection, the Snapdragon G2 is designed for full-featured mobile and cloud gaming.

In June 2023, The ROG Ally handheld game console was introduced by Asus in India. It is equipped with Corning's Gorilla Glass Victus protection and features a 7.0-inch full HD (1080x1920p) LCD IPS screen with 500 units of brightness. It has a built-in panel microphone, a two-speaker setup with Smart Amplifier Technology, a refresh rate of 120 Hz, a 7ms reaction time, Dolby Vision, AI noise-canceling technology, Hi-Res certification, and Dolby Atmos.

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