Social Networking driven by Online Gaming connections Outline

 
Social Gaming Market

Market Overview:

The Social Gaming market comprises online games that are played by connecting with other players through social networking sites or multiplayer online gaming portals. Social gaming allows players to invite friends and family to play games together, cooperatively or competitively, thereby generating a sense of community engagement. It enables features such as leaderboards, achievements/badges, social feedback and helps participants stay engaged through constant rewards and updates. The interactive and engaging nature of social games offers entertainment while fostering relationships in the virtual world.

Market key trends:
Real-time multiplayer gaming has emerged as a major growth driver in the social gaming industry. Popular games like Fortnite and PUBG allow groups of friends to team up online and face-off against others in real-time. The immersive multiplayer experiences along with in-game text, audio and video chat features have encouraged social interaction and connections among players. Game developers are increasingly focusing on cross-platform compatibility that enables gamers on different operating devices like desktops, mobiles, and gaming consoles to play together. Advanced cloud computing technologies are also powering seamless cross-device experiences. Such trends are positively impacting engagement levels and the time spent on social gaming networks.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due low capital requirement for online games and mobile apps. However, established brands have strong network effects that new entrants must overcome.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of many substitutes and low switching costs for players to move between games.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are many game developers and distribution channels available.

Threat of new substitutes: The threat of new substitutes is high as new gaming genres, platforms and technologies emerge frequently attracting players.

Competitive rivalry: Fierce competition from major players.


Key Takeaways

The global Social Gaming Market Share is expected to witness high growth, exhibiting CAGR of 16.1% over the forecast period, due to increasing internet and smartphone penetration.

North America dominated the market in 2023 and is expected to maintain its leading position throughout the forecast period owing to high disposable incomes and technologically advanced infrastructure facilitating seamless gameplay. Asia Pacific is expected to witness the fastest growth over 2023 to 2030 driven by increasing popularity of mobile games in countries like China and India.

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 held the largest market share in 2019 on account of its popular gaming franchises including FarmVille and Words With Friends.

Read More:

https://www.dailyprbulletin.com/social-gaming-market-growing-demand/

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