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.
Market Overview:
Social gaming involves playing games on social networks and game apps with other players online or offline. Social games allows multiplayer gameplay and social interactions between players. Players can create player profiles, chat with friends and groups and track game progress.
Market key trends:
One of the key trends driving the growth of the social gaming market is the growing popularity of hyper-casual games. Hyper-casual games are extremely simple yet highly addictive games that require minimal time commitment from players. They are generally developed for mobile platforms and involve easy controls and gameplay mechanics. The ease of access and simplicity make hyper-casual games very appealing to casual gamers and help them gain mass popularity in a short span of time. According to Newzoo, hyper-casual games accounted for over 25% of all mobile game downloads in 2019. Many leading social gaming companies such as Zynga, Playtika etc. have also ventured into developing hyper-casual games.
SWOT Analysis
Strength: Social gaming provides entertainment and engagement to users at a low cost. It allows users to connect and socialize with friends and family via games.
Weakness: User data privacy and heavy reliance on third party platforms are key concerns for social gaming companies. Games become obsolete quickly as user preferences change rapidly.
Opportunity: Emergence of augmented reality and virtual reality provides new opportunities to enrich gaming experience. Growth of esports and competitive gaming is expanding the market.
Threats: Stringent regulations around in-app purchases and loot boxes. Growing security threats like hacking and data breaches. Intense competition from other entertainment options.
Key Takeaways
The Global Social Gaming Market Share is expected to witness high growth, exhibiting a CAGR of 16.% over the forecast period, due to increasing screen time among users and rapid proliferation of smartphones. North America represents the largest regional market for social gaming, favored by technologically advanced infrastructure and high internet penetration. Key players such as Zynga, Inc., Playtika Ltd., and King dominate the market with their extensive gaming portfolios and large user bases on social platforms.
Regional analysis: The Asia Pacific region is expected to be the fastest growing market for social gaming during the forecast period. This can be attributed to the growing young population and rising internet and smartphone adoption in countries like India and China.
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 with popular games like Farmville and Words With Friends on Facebook. Tencent also has a strong presence in Asia with games like Honor of Kings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
