Market Overview:
Virtual reality gaming involves immersive 3D computer-generated environments and situations, where the player can interact in real time with the virtual world. Virtual reality enhances the gaming experience through innovative and detailed graphics and allows multiplayer interactions.
Market key trends:
One of the key trends in the virtual reality gaming market is the growing adoption of VR headsets especially among the young generation. According to a recent survey, over 60% of VR users were between the ages of 21 to 35 years reflecting their increased interest and spending on gaming and VR technology. Additionally, VR headset manufacturers are focusing on reducing the price points to drive the mass adoption of the technology. For instance, Oculus Quest 2 released in late 2023with a starting price of $299.
Segment Analysis
The global Social Gaming Market Share is segmented on the basis of device, platform, and geography. By device, the market is classified into mobile devices and desktop/laptops. The mobile devices segment is expected to dominate the market during the forecast period owing to widespread availability and adoption of smartphones along with high internet penetration. This segment growth can be attributed to the convenience of playing games on mobile devices anytime and anywhere.
Key Takeaways
The global social gaming market size was valued at USD 17.40 Billion in 2023 and is expected to witness high growth, exhibiting a CAGR of 16.1% over the forecast period from 2023 to 2030. The growth can be attributed to increasing internet and smartphone penetration globally as social gaming relies heavily on these platforms to connect friends and engage in interactive gameplay.
Regional analysis
North America captured the largest share of the social gaming market in 2019 and is expected to maintain its dominance over the forecast period. High smartphone and internet penetration coupled with widespread adoption of social networking platforms have contributed to the growth of social gaming in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising internet and smartphone users along with increasing popularity of social networking in countries like India and China.
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. captured the largest market share in 2019 attributed to its blockbuster games like FarmVille and Words With Friends on Facebook. Tencent Holdings Ltd. is expected to witness significant growth over the forecast period driven by its popular games in China like Honor of Kings.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it