The Global Social Gaming Market is estimated to be valued at US$ 31.61 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Social gaming refers to video games where multiple players interact with each other in real-time through online capabilities and includes game types such as casual, serious, and core games. Social games have emerged as most popular form of interactive entertainment in recent times among various age groups. The market has witnessed immense growth over the years led by growing popularity of mobile gaming.
Market Overview:
Social gaming involves playing video games in an interactive online environment with others. It allows players to connect with friends, family, and others from around the world using social platforms such as Facebook or mobile apps. Various genres of social games include casual, serious, and core games. Growing internet and smartphone penetration worldwide has augmented the demand for social gaming applications in recent times.
Market key trends:
One of the key trends fueling the growth of social gaming market is rising popularity of mobile gaming. Smartphone ownership has increased massively globally led by cheaper data plans and advanced handsets. Mobile gaming offers seamless and addictive gameplay anywhere and anytime. It has emerged as preferred gaming mode for casual as well as hardcore gamers. According to sources, mobile gaming revenues grew by about 15% in 2021 to reach over US$ 90 Bn globally. The trend is expected to continue with improved hardware specifications and launch of advanced augmented reality and virtual reality games.
Segment Analysis
The social gaming market is segmented by genre into casual games, social turn-based games, social casino games, and other games. The casual games segment dominated the market in 2022 and is expected to remain the largest segment during the forecast period. This is due to the huge popularity of casual games like Candy Crush Saga, Gardenscapes, and Bubble Witch among social game players looking for quick plays and easy-to-learn gameplay styles.
Key Takeaways
The Global Social Gaming Market Share is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period 2023 to 2030, due to increasing internet penetration and rising disposable income in emerging economies.
Regional analysis
North America dominated the global social gaming market in 2022 and is expected to maintain its dominance during the forecast period. This is attributed to high internet penetration and digital/mobile connectivity facilitating gaming in countries like the US and Canada in the region. Asia Pacific is expected to be the fastest growing region, with countries like India and China emerging as key hubs for social game development and audiences.
Key players
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. is the largest player with its flagship games like FarmVille and Words With Friends enjoying huge popularity among social gamers worldwide.
Social Gaming Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2019-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Social Gaming include Wooga GmbH, Zynga, Inc., Tencent Holdings Ltd., Playtika Ltd., Renren Inc., Electronic Arts, Inc., Booyah Inc., CrowdStar, King, and Social Point..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Social Gaming Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/social-gaming-market/download-sampleMarket SegmentationThe broad Social Gaming has been sub-grouped into the Segment, Gender, Age Group and Region.
The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
