Market Overview:
The social gaming market comprises games designed to be played online with other people, either collaboratively or competitively. These may involve asynchronous gameplay such as playing asynchronous puzzle games across social networks, or synchronous gameplay such as playing cooperative board games or first-person shooter games. Social gaming allows people separated by geography or resources to play together and provides entertainment value as well as social benefits. The increasing availability of high-speed internet and cheap smartphones coupled with growing urbanization are driving the demand for social gaming.
Market key trends:
One of the major trends in the social gaming market is the increasing integration of augmented reality and virtual reality. AR and VR technologies are enhancing the gaming experience and making it more immersive. Several social gaming companies are investing in developing AR and VR based games. Another key trend is the growing popularity of casual gaming across different age groups and genres. Casual games with easy gameplay mechanisms are gaining substantial traction. Publishers are focusing on delivering casual games adapted to all platforms to increase market share. Emergence of blockchain-based gaming is also a noteworthy trend, providing new avenues of monetization and ownership for players.
Porter's Analysis
Threat of new entrants: The social gaming market requires high initial investments for research and development as well as marketing efforts to establish brand presence. This poses significant barriers for new companies.
Bargaining power of buyers: Buyers have high bargaining power in this market as there are numerous social gaming options available. They can switch between games and developers based on the features and popularity.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as a few tech giants control the platforms for distribution and engagement channels. However, developers can also self publish.
Threat of new substitutes: Alternatives in the form of hyper-casual games on mobile pose a substitution threat. Changing online trends can also impact the demand for social gaming.
Competitive rivalry: The market is highly fragmented with the presence of several global and local players. Intense competition exists based on frequent launch of new games, in-game innovations and pricing strategies.
Key Takeaways
The Global Social Gaming Market Demand is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period 2023 to 2030, due to increasing internet and smartphone penetration. The growing popularity of hyper-casual games and social connections through gaming apps is further propelling the demand.
Regional analysis indicates that Asia Pacific dominated the global market in 2023 with a share of over 35%, led by countries like India and China. Developed markets like North America and Western Europe are also significant regions owing to high disposable incomes and tech-savviness of population. Latin America and Middle East & Africa offer lucrative opportunities for regional social gaming developers.
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. Leading social casino developers like Playtika and Zynga have captured sizable market shares through strategic acquisitions and exclusive licensing deals. Other players are investing heavily in R&D to differentiate their offerings and engage customers through innovative game mechanics.
For more insights, Read- https://www.ukwebwire.com/social-gaming-growth-demand-and-overview/
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.
Video game engagement rapidly increases that could mean big revenue for investors. In worldwide totally 100 million gamers are there in 1995. Now, it reached 2.6 billion. Gaming industry creates a benchmark for a lucrative business. Gamers in the world spend around $151 billion in this year. Whereas the investors used to be a hit-driven business tied with the gaming industry. They realized that this gaming business is more valuable earing stream.
Online gaming includes mobile gaming, social gaming, as well as pay-to-play and free-to-play with multiplayer gaming. In 2020, online gaming expected to grow over 57 million. Social gaming is hardly bound with mobile gaming, social games apps are developed for android devices and iOS.
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