The global mobile entertainment market is currently valued at $58.44 billion. (Photo : Getty Images)
Zion Market Research has released a forecast that the global mobile entertainment market, currently valued at $58.44 billion, can reach as high as $128.12 billion in 2022, news portal RapidTVNews.com reported.
The rapid growth of the said market can be attributed to aggressive technological advancements.
"On account of the consequent rise in mobile applications due to the technological advancement, the market for mobile entertainment is growing continuously," the report said.
The research firm also noted that the sales of different apps present in the mobile entertainment market can be further enhanced by the "increasing population and easy availability of network accessibility."
The report added that as "the user does not need to pay for every mobile application every time, therefore, the demand for mobile entertainment applications such as 'Spotify,' 'Temple Run 2,' 'Neko Atsume: Kitty Collection,' 'Amazon Kindle,' etc. is increasing continuously."
Zion also pointed out that new market avenues could open in the near future, thanks to the affordability of smartphones and to the increasing demand from the young population.
The company, moreover, revealed that Asia-Pacific currently reigns over the mobile entertainment market because of the region's technological advancement initiatives. And because of rising disposable income, the region's electronics industry is also rapidly expanding.
China and India serve as the market's lead contributors. By 2018, analysts predict that China could already account for 28.34 percent of the world's smartphone market.
Meanwhile, Zion remarked that in the case of North America and Europe, the main drivers of regional mobile entertainment market growth would be higher purchasing power and increasing technological awareness.
In Latin America, the expansion of the said market can be attributed to its increasing adoption of smartphones. Various mobile applications are also being developed in the region.
As for the Middle East and Africa, Zion estimates that the market for this area will experience moderate growth in the next five years.
"Shifting technological preferences in the young population are expected to fuel the mobile entertainment market within the forecast period," RapidTVNews.com said.
