Market Overview:
Mobile gaming refers to playing games on mobile devices such as smartphones and tablets. The evolution of 4G networks and rapid increase in smartphone adoption have paved the way for digital and mobile gaming. Popular genres of mobile games include action, adventure, role playing, sports, and strategy games. Mobile gaming is a highly social activity with games often allowing online multiplayer modes and integration with social media platforms.
Market Dynamics:
Rising smartphone penetration across the globe has been a major driver of growth for the mobile gaming market. Mobile devices are massively adopted communication platforms and with advancement in processing power and graphics, they have become capable of running graphics-intensive games. Additionally, the popularity of e-sports and growing fandom for online multiplayer mobile games is also expected to propel market growth over the forecast period. According to Newzoo, mobile games contributed over 50% of the global games market revenue in 2022.
Another key factor fueling the market is the lucrative business models adopted by gaming companies. Popular games such as Candy Crush Saga by King deeply engage users through freemium models with in-app purchases. Gaming platforms also effectively monetize through advertisements. This has created sustainable revenue streams and enabled gaming companies to continually develop new games, in turn driving market expansion.
Segment Analysis
The global Social Gaming Market Share is segmented into casual games, social games, competitive games, and others. The casual games segment dominated the market in 2019 due to easy accessibility and simple gaming mechanics of casual games. Casual games do not require strong gaming skills or long commitment, making them popular amongst diverse age groups and both experienced as well as casual gamers.
PEST Analysis
Political: The social gaming market is positively impacted by supportive regulations for online gaming in several countries. However, regulations in some nations may restrict the market growth to some extent.
Economic: Growing internet penetration across the globe coupled with rising disposable income are major economic factors driving significant growth in the social gaming market. In emerging nations, the thriving middle-class population fuels market expansion.
Social: Changing social trends towards gaming as an entertainment medium and increasing popularity of social networking platforms promote the market. Socially interactive features of social games attract a huge community of gamers.
Technological: Advancements in internet connectivity, mobile devices, and technologies for integrated social features have boosted social gaming experiences. Infrastructure to support augmented reality and virtual reality-based immersive games will further strengthen the market.
Key Takeaways
The global social gaming market size was valued at USD 17.40 Bn in 2019 and is expected to witness high growth, exhibiting a CAGR of 16.1% over the forecast period. Rising internet penetration and increasing popularity of social networking platforms are supporting the market growth.
Regionally, Asia Pacific dominates the global social gaming market and is expected to maintain its lead over the forecast period. Proliferation of smartphones, heavy social media integration, and growing gaming enthusiast population in emerging nations like India and China are boosting the regional market.
Key players operating in the social gaming market are Zynga, Inc., Wooga GmbH, Playtika Ltd., King, Tencent Holdings Ltd., Electronic Arts, Inc., Renren Inc., CrowdStar, Booyah Inc., and Social Point. Zynga, Inc. holds the leading position, owing to its vast gaming portfolio and worldwide reach. Strategic acquisitions and collaborations will continue to rise amongst key vendors to expand their social game offerings and user base.
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https://www.marketwebjournal.com/social-gaming-market-demand-and-market-share/
