According to the report, the global Mobile Entertainment Market was valued at approximately USD 58.44 billion in 2016 and is expected to reach approximately USD 128.12 billion by 2022, growing at a CAGR of around 17.06% between 2017 and 2022.
Technological evolutions such as faster processors, more input points, larger screens, and better overall graphics capabilities along with dropping prices have brought the ability for gaming via smartphone to users larger than ever before. Starts from SMS service to video chatting mobile entertainment include many applications which can entertain the user. It also includes a wide range of entertainment activities like music, games, and TV, which can be accessed on mobile devices. Different mobile applications are compatible with smartphones and increasing popularity of electronic gadgets in young generation is propelling the growth of mobile entertainment market since past few years.
The mobile entertainment market is primarily driven by increasing adoption of smartphones and high demand of internet accessibility. Changing technological preferences in young population is expected to spur market growth during the year to come. However, some restraints like availability of TV video gaming may hinder the growth of this market. Moreover, affordable prices of mobile applications and internet may help to open up new opportunities in evolving consumer preference.
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In terms of service type, global mobile entertainment market is segmented into mobile music, mobile games, mobile TV, and others. Mobile gaming dominated the mobile entertainment market owing to the high demand from young population. Mobile music is expected to have faster growth in the future due to the introduction of new applications. The global gaming market is expected to reach around 162.49 billion in 2022. Asia Pacific was the largest region for gaming market in 2016 and expected to retain its dominance in near future due to high adoption of electronic gadgets.
Asia Pacific exhibited the largest share for mobile entertainment market in 2016. It accounted for significant share of the market and this trend is expected to mirror in the world marketplace during the forecast period due to growing electronic market in the region. Asia Pacific was followed by Europe and North America region due to the high disposable income and high adoption of smartphones and smart technology.
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Some of the key participants involved in mobile entertainment market include Activision Blizzard, Apple, Electronic Arts, Google, QuickPlay Media, Rovio International and Spotify.
CJ E&M Netmarble, Clear Channel Radio, Colopl, CyberAgent, DeNa, Disney Interactive, Facebook, Gaana.com, Gamevil, GREE, Guvera, Hungama MyPlay, IGG, JB Hi-Fi Pty, Kiloo, Konami Digital, Line, Locojoy, Machine Zone, MindJolt, Mixcloud, OnMobile, RadioTime, Rara, Rhapsody and Samsung Music Hub are some other industry participants of this market.
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