Social Gaming Market Is Estimated To Witness High Growth Owing To Trends Increasing Penetration Of Smartphones And Devices

The 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.

Market Overview:
Social gaming refers to games played on social networking platforms such as Facebook, Twitter, WhatsApp and others. The market comprises of games played on personal computers and mobile devices. These games can also be played by more than one player at a time fostering a social experience. They range from casual to complex games and support a variety of genres including puzzles, card games, strategy games and role-playing games. Social gaming provides an engaging and interactive platform for entertainment through competition and collaboration.

Market key trends:
The Global Social Gaming Market is witnessing high growth owing to the increasing penetration of smartphones and smart devices. As per statistics, over 4 billion people worldwide owned a smartphone as of 2019. Rising internet penetration along with affordable data plans is facilitating the growth of social media platforms. Social gaming provides entertainment and engagement to users through multiplayer functionalities. Furthermore, easing of lockdowns and social distancing norms post Covid-19 pandemic has boosted the demand for social gaming as users look for virtual interaction and leisure activities online.

Porter’s Analysis

Threat of new entrants: New companies can enter the social gaming market easily as the entry barriers are low. However, entering a market dominated by established players is challenging due to factors like brand recognition, access to resources and established customer base.

Bargaining power of buyers: Individual buyers have high bargaining power in the social gaming market due to availability of a large number of companies providing similar games. However, companies with large user base have relatively more bargaining power.

Bargaining power of suppliers:
The social gaming market has a complex value chain comprising game developers, publishers and distribution platforms. Game developers and publishers have moderate bargaining power due to their specialized skills and resources required.

Threat of new substitutes: Products such as web-based and mobile-based casual games pose a threat of substitution to social gaming. However, the social element of gaming with friends provides some advantage over substitutes.

Competitive rivalry: The social gaming market is highly competitive due to presence of numerous regional and global players. Intense competition exists in terms of new game launches, in-app purchases and partnerships with social media platforms.

SWOT Analysis

Strengths: Established brands and platforms with large engaged user base. Monetization through in-app purchases, advertising and partnerships.

Weaknesses: Dependence on third party platforms like app stores and social networks. Vulnerable to disruptions in technology and consumer preferences.

Opportunities: Emerging markets with increasing internet and smartphone penetration. Integration of augmented reality, virtual reality and artificial intelligence in games.

Threats: Stringent regulations around in-app purchases, data privacy and loot boxes. Competition from web-based and hyper-casual games.

Key Takeaways

The Global Social Gaming Market Share is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing penetration of internet and smartphones. The market size is projected to reach US$ 91.4 Bn by 2030 from US$ 31.61 Bn in 2023.

On a regional level, Asia Pacific dominates the global social gaming market and is expected to maintain its leading position throughout the forecast period. This can be attributed to factors such as high population density, improving digital infrastructure and rising disposable incomes in the region, especially in emerging countries like China, India and Indonesia.

North America is also estimated to account for a significant market share, supported by developed internet infrastructure and tech-savvy population with higher spending on in-game purchases.

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. These players are focusing on strategies like acquisitions, partnerships

Read More –  https://www.dailyprbulletin.com/mobile-gaming-incorporate-the-actual-segment-name-contributing-the-largest-market-share-for-given-market-is-the-largest-segment-driving-the-growth-of-social-gaming-market-trend

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