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Global Social Gaming Market Is Estimated To Value Over USD 57.44 Bn In Terms Of Value By The End Of 2027
The Global Social Gaming Market, was valued at US$ 17.40 billion in 2019, witnessing a CAGR of 16.1% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Rapid growth in the number of internet subscribers is expected to boost the global social gaming market growth over the forecast period
The number of internet subscribers globally has increased massively over the years, in both developed and emerging economies. According to the Internet World Stats, there were over 4 billioninternet users across the globe as of June 2020, with a 62% increase in penetration. Internet is available in schools, offices, colleges, and leisure places such as restaurants and malls. Furthermore, access to social networking sites through the internet has made users cling to games, which have helpedthem engage socially. With the advancement in technology from 2G to 3G and now 4G internet services, the gaming industry is expected to reap the benefits of the growing internet subscribers. The 3G network enables the transfer of information at the rate of at least 200kbit/s, enhancing the gaming experience. Therefore, these factors are expected to propel the global social gaming market growth over the forecast period.
Market Opportunity
Research and development activities amongmarket players can pose significant market opportunities in the global social gaming market
Key companies are focused on research anddevelopment activities, to enhance the market presence. For instance, in May 2013, Zynga Inc. launched Running with Friends, a 3D action, high-speed arcade game, for the global audience on iPad, iPhone, and iPod touch. In July 2013, CrowdStar launched COVET Fashion, a fashion game for iPads and iPhones. Thegame incorporates seasonal designs with real-life clothing items and virtual outfit challenges.
Market Restraint
Ban on social networking sites is expected to hinder the global social gaming market growth over the forecast period
Online games such as FarmVille, Texas Hold’em poker, candy crush, and the criminal case are largely played on social networking sites such as Facebook, MySpace, and Google+. The ban on social networking sites such as Facebook, MySpace, and Twitter has caused huge losses to the market. Many Islamic countries such as Iran, Pakistan, and Indonesiahave forbidden the use of social networking sites. This is considered a taboo in the Middle East countries as well. They have blocked such sites primarily for security reasons. Therefore, these factors are expected to hamper the global social gaming market growth over the forecast period.
Market Trends
Collaboration and partnership activities among market players
Key players in the market are focused on collaboration and partnership activities, to enhance the market presence and gain a competitive edge in the market. For instance, in December 2012, Kingpartnered with Turkish Pepsi. According to the agreement, the Bubble SwitchSaga title will be printed on the cans as part of the marketing strategy along with codes that unlock credits. In November 2012, CrowdStar partnered with Tencent Holdings Ltd. to launch Top Girl, its popular game, in the world’s most populous nation, China.
Mergers and acquisitions among key mattercompanies
Major companies involved are focused on merger and acquisition activities, to expand their market strength. For instance, in December 2011, Electronic Arts Inc. acquired KlickNation, a company that develops role-playing games on Facebook for free. Furthermore, in July 2011, Electronic Arts acquired PopCap Games Inc., a company that developed popular games such as Bejeweled and Plants vs. Zombies. Electronic Arts, Inc. expects to increase its presence in casual and mobile gaming through this deal.
Competitive Section
Major companies operating in the global 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.
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