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Mobile gaming is absolutely dominating the global market, predicted to command a staggering 56% of the global consumer spending in gaming.
This industry is rapidly growing, and technologies such as 5G, augmented reality (AR), virtual reality (VR), and cloud gaming allows for even greater and faster growth. These prospects are exciting for investors, entrepreneurs, and enthusiasts who are in the world of iGaming.
Advancements in Mobile Gaming Technology
Augmented Reality technologies are taking gaming to a whole new level of immersion, allowing players to interact with games in new and exciting ways! Two thirds of gamers say they will increase their AR game usage in the next 5 years, and it will be interesting to see what technological advances will bring in this area. Cross-platform integration, blockchain-based games, cloud gaming and AI-powered gameplay mechanics will also give us a hugely diverse and engaging gaming landscape on our beloved smartphones. When paired with 5G and more powerful and energy-efficient mobile chips, the potential for development of new game genres and user experiences is limitless! And as the mobile gaming industry grows and evolves, so too does the iGaming industry.
The Expansion of the iGaming Market
The global VR gaming market size is predicted to reach a mind-boggling $92.31 billion by 2027! Thanks to a combination of easy access to mobile phones and internet, celebrity endorsements and corporate sponsorships, there has been a significant increase in demand for online gambling. Add to this the convenience of iGaming, which has made it far more popular than in-person wagering at brick-and mortar casinos. Some good places to invest would be live dealer games (expected to reach $3.7 billion by 2025), Esports betting (estimated to reach $14 billion in 2023), and social gaming fuelled by the 3.07 billion social media users worldwide. The rise of social media gaming influencers and streaming platforms has tapped into new audiences, expanding the market significantly.
Monetization Strategies in Mobile iGaming
The evolution of in-game purchasing (especially ‘microtransactions’) has had a huge economic impact and is ever-expanding. This widespread spending on in-gaming items is predicted to reach $74 billion annually by 2025 and seems to generate higher engagement with players. Blockchain technology has become popular due to its security against hacking, interception, or bypassing by malicious actors. Fast deposits and withdrawals and minimal fees are also very appealing for iGaming enthusiasts. Loyalty schemes have also evolved recently on crypto gambling platforms, as well as the concept of staking (where casino users lock a portion of their assets in a website’s vault in exchange for a proportion of the platform’s profits paid out as dividends) – both will be interesting spaces to watch.
User Experience and Retention
UI (User Interface)/UX (User Experience) and GX (Gameplay Experience) have been absolutely pivotal in expanding the mobile gaming industry through creating player-centric experiences. Creating high-quality, user-friendly products and games is essential because well-designed user interfaces and user experiences can significantly boost player engagement, retention, and revenue. To achieve this, a profound understanding of players’ preferences, habits, and expectations is necessary to enable players to navigate the game efficiently and control their actions with ease. Players expect a seamless and intuitive interface and will rapidly go elsewhere to other games if the experience is lacking. Operators are predicted to shift their focus from product-centric to user-centric business models. Launching mobile and smartwatch versions of mobile casinos and sports betting projects is expected to win over new audiences seeking easy and quick access to the online gaming functionality.
The Role of Artificial Intelligence and Data Analytics
A huge game changer in iGaming – AI is not just making games smarter, but also elevating the entire gaming experience. AI algorithms are able to analyse player behaviour, predict preferences and deliver completely unique, personalized experiences. This goes beyond game recommendations into the realm of anticipating player needs, optimizing marketing strategies, and offering real-time assistance. AI also offers new ways to monetize mobile gaming, allowing developers to make data-driven informed decisions about how to monetize their games through targeted advertising, in-game purchases, or subscription models. By analysing vast amounts of data and identifying patterns of suspicious behaviour, AI is also fighting against cheating and fraud in online gaming, allowing for a fair playing field for all players.
As the mobile iGaming industry continues to grow beyond 2023, businesses will need to focus on acquiring new players and retaining existing customers to maximize their lifetime value. The industry’s growth trajectory and innovation potential are huge, and developments in this industry will require innovation in game design, unparalleled user experience, and elegant marketing strategies.