May 29, 2024

The Social Gaming Market Is Expected To Be Flourished By Higher Adoption Among Youth Population

The social gaming market allows players to play games with other players across the world through online platforms. Popular social games include virtual world games, social network games, multiplayer online battle arena (MOBA) games, and massive multiplayer online (MMO) games. Social gaming platforms provide a fun environment for players to interact and compete while enjoying games with Friends. Games like Clash of Clans, Words with Friends, Candy Crush Saga, and Pokemon Go are widely popular among youth population.

The global Social Gaming Market is estimated to be valued at Us$ 36.42 Mn in 2024 and is expected to exhibit a CAGR Of 6.6% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the major drivers for the growth of the social gaming market is the higher adoption among youth population. The youth today are highly connected through various social media platforms and are majorly influenced by engagement and social interaction options provided via mobile games. According to a survey, more than 40% of social gamers are between 18-35 years old. Social gaming provides means of engagement and connect for youth offering opportunities to challenge other players, team up and compete through multiplayer and collaborative gameplay. The desire for social interaction and high competition among youth is expected to drive the adoption of social games thereby propelling the market growth over the forecast period. Another driver for the market growth is the opportunity for higher engagement through continuous updates and addition of new features in popular games. Companies offer new missions, characters, landscapes, and competitions periodically through updates in games which enhances player retention and spend over time, thereby positively impacting the market revenue.

Segment Analysis

The social gaming market can be segmented by gaming type, platform, revenue model, and end user. Based on gaming type, the casino segment dominates with a market share of over 30%. Casino games like slots and card games are very popular on social media platforms given their easy gameplay and chance of winning rewards.

PEST Analysis

Political: The social gaming market is regulated by gambling laws and regulations which vary across countries. Some nations ban online gambling while others allow it with license requirements. This affects the addressable market size.

Economic: A thriving economy with rising disposable incomes positively impacts the social gaming industry. Young working demographics have greater ability to spend on in-app purchases within social games.

Social: Changing social trends have increased smartphone and internet penetration. More time is spent on social networks which drive the casual/leisure gaming market. Gaming is seen as a social activity among friend circles online.

Technological: Advanced mobile technologies have enabled immersive socially integrated gaming experiences. Features like augmented reality further enhance gameplay. Faster networks allow streaming of interactive game content.

Key Takeaways

 

The Global Social Gaming Market Demand is expected to witness high growth driven by urbanization, rising digital addiction post-pandemic, and easy accessibility of games on social media platforms. The global Social Gaming Market is estimated to be valued at US$ 36.42 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.

The Asia Pacific region currently dominates with over 40% market share led by countries like India and China.

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Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it