by Market Overview:
Social gaming includes playing casual games on social media and multiplayer gaming platforms. Social games allow users to connect with friends, family, and other online communities to play games and compete for high scores and achievements. Some popular social gaming genres include casual games, casual simulations, tower defense, card games, and multiplayer online battle arena (MOBA) games. These games are widely played on platforms such as Facebook, Twitter, smartphone apps, and casual gaming websites.
Market Dynamics:
Increased user engagement: Social gaming provides an interactive and engaging experience for users to play with friends and communities online. Various social elements such as leaderboards, achievements, and multiplayer features encourage repeat usage and promote user loyalty among gamers. According to studies, social gamers spend on average 23 hours per week playing games as compared to 7 hours spent by single-player gamers.
Growing millennial population: Millennials form a major user base for social gaming owing to their affinity towards mobile games and comfort with social media platforms. Increased penetration of smartphones and access to high-speed internet has further facilitated mobile social gaming adoption among millennials worldwide. As millennials continue to impact consumer trends over the coming years, their preferences are estimated to significantly influence the growth of the social gaming market.
The global Social Gaming Market Share is estimated to be valued at US$ 17.40 Bn in 2023 and is expected to exhibit a CAGR of 16.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The social gaming market is dominated by the mobile gaming sub-segment, which holds the largest market share. This can be attributed to the widespread adoption of smartphones and the easy availability of a wide range of social games on various app stores. The convenience of playing games on mobile devices anytime, anywhere has boosted the popularity of mobile gaming over other platforms such as PCs and consoles in the social gaming segment.
The global Social Gaming Market Share is estimated to be valued at US$ 17.40 Bn in 2023 and is expected to exhibit a CAGR of 16.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
PEST Analysis
Political: There are no significant political issues impacting the social gaming market currently.
Economic: The rising youth population with increasing disposable incomes and growing internet penetration in emerging economies is fueling the economic growth of the social gaming market.
Social: Changing social trends toward a mobile-first lifestyle and the popularity of social media platforms have made social interaction through games very common. This drives the social aspects of the gaming market.
Technological: Advancements in mobile and internet technologies have enhanced the gaming experience. Features such as augmented reality and virtual reality could further engage users in social gaming experiences.
Key Takeaways
The global social gaming market is expected to witness high growth, exhibiting CAGR of 16.1% over the forecast period, due to increasing internet and smartphone penetration.
Regional analysis: The Asia Pacific region dominates the global social gaming market currently due to wide availability of affordable smartphones and cheap mobile data plans. China represents the fastest-growing market in the region.
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 is the leading player due to its widely popular games such as FarmVille and Words With Friends
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
