The booming mobile market and rising internet penetration is anticipated to open up the new avenue for Social Gaming Market

 

Social Gaming Market 

Market Overview:

Social gaming involves playing games online with other players via social networking platforms like Facebook. Some commonly played social games are Farmville, Words With Friends, Solitaire etc. Social gaming allows players to connect with online communities, chat with friends and family and collaborate to progress in the games. With the proliferation of smartphones and Internet connectivity, social gaming has gained huge popularity worldwide.

Market Dynamics:
Increasing Penetration of Smartphones and Internet: Wider availability of affordable smartphones and high-speed internet has been a key growth driver for the social gaming market. As per reports, over 5 billion people worldwide owns smartphones in 2023. Growing internet and smartphone adoption especially in developing economies has made social gaming accessible to masses.

Rising Engagement on Social Media Platforms: Major social media platforms like Facebook, Instagram have integrated social games to engage users for longer duration on their platforms. Platforms often promote popular games to users which has driven the user base and engagement for social games over the years. As people spend more time on social media, social gaming also sees a parallel rise in usage.
Segment Analysis
The global social gaming market is dominated by the casual gaming sub-segment. Casual gaming refers to light entertainment games played on social media platforms and mobile applications. This sub-segment constitutes over 60% of the market share owing to simple gameplay mechanics and easy availability on digital platforms. Casual games have low entry barriers and are preferred by a wide range of audience for short gaming sessions on commute or breaks.

PEST Analysis
Political: The market witnesses favorable regulatory environment with no major trade barriers or political risks affecting the social gaming space globally.
Economic: Growth in disposable incomes, rise of digital economy and increasing internet & smartphone penetration globally aremajor economic growth drivers.
Social: Higher acceptance of online gaming especially among millennials and changing preferences towards social & mobile entertainment contribute to market growth.
Technological: Emergence of augmented reality, virtual reality and cloud gaming are expected to open newer opportunities for market players over the coming years through innovative gaming experiences.

Key Takeaways
The Global Social Gaming Market Demand is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing penetration of cloud gaming and immersive technologies. The market size for social gaming is anticipated to reach US$ 87.63 Bn by 2030.

The Asia Pacific region currently dominates the global social gaming market with more than 40% share owing to high mobile and internet penetration in countries like China, India, and Japan. China represents the fastest growing market in the region led by favorable demographics and increasing popularity of mobile-based casual games.

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 over 25% market share on the back of hugely popular franchises like FarmVille and Words With Friends. Tencent also has a significant presence across Asia and holds over 15% share globally. The market is expected to witness greater consolidation activity among these players through mergers and acquisitions over the coming years.

For more insights, Read- https://www.pressreleasebulletin.com/social-gaming-market-trends-size-and-share-analysis/

Comments

Post a Comment

Popular posts from this blog

The Notchback Market is Estimated To Witness High Growth Owing To Rising Demand From Emerging Economies

Image
  Notchback Market Market Overview: A notchback is a body style of cars characterized by a gently sloped rear window and greenhouse. Notchbacks provide practical interior space with good cargo capacity. They offer balanced interior volume for passengers and cargo along with sleek and stylish exterior design. The body style has advantages like no C-pillar which enhances visibility compared to sedans. Market key trends: The growth of the notchback market is attributed to rising demand from emerging economies like China, India and Brazil. These nations have growing middle-class population and increasing disposable income which is driving vehicle ownership. Moreover, notchback body style is quite popular in these developing markets due to its spacious cabin combined with stylish looks at affordable prices. Leading automakers are launching various notchback models to cater to the surging demand from developing countries, which is fueling the growth of the notchback market size during ...
Read more

The increasing demand for adhesives and sealants is anticipated to open up the new avenue for Petroleum Resins Market

Image
Petroleum Resins Market  Market Overview: Petroleum resins are amorphous thermoplastic polymers made from petroleum-based feedstock materials, through either thermal or catalytic polymerization. They are mainly used for applications such as adhesives, inks, paints, rubber compounding, and others. Different types of petroleum resins include C5 resins, C9 resins, hydrogenated hydrocarbons (HHCs), and modified and specialized petroleum resins. Among applications, adhesives and sealants hold the largest share in the petroleum resins market owing to increasing use of petroleum resins in hot melt and pressure sensitive adhesives. Market Dynamics: The increasing demand for adhesives from packaging and construction industries is a major driver for the petroleum resins market. According to statsista, the global adhesive market was valued at over US$ 53.3 billion in 2020 and is projected to reach around US$ 78 billion by 2027, growing at a CAGR of over 5.7% during the forecast period. Pe...
Read more

Global Synthetic Biology Market Analysis: Size and Share

Image
Synthetic Biology Market  Synthetic biology encompasses the design, construction, and redesigning of biological parts, devices, and systems, either non-existent in nature or reengineered from existing biological systems. The market is experiencing significant growth, driven by the increasing demand for personalized medicine and healthcare. Applications of synthetic biology span pharmaceuticals, chemical production, agriculture, environmental protection, and renewable energy. Advancements in synthetic biology contribute to the rapid manufacturing of biotherapeutics, fostering the development of personalized medicine and more cost-effective healthcare solutions. The Synthetic Biology Market is projected to be valued at US$ 31,693.59 million in 2023, with an expected CAGR of 28% during the forecast period from 2023 to 2030, according to a newly published report by Coherent Market Insights. Key Market Trends: A prominent trend in the Global Synthetic Biology Market is the escalat...
Read more