Global Social Gaming Market to Witness an Exemplary Growth Amid the Pandemic: Projected to Reach USD 36.1 Billion By 2027
Published | June 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global social gaming market was worth USD 16.7 billion in the year 2020. The data yielded by the study reveals that the market is estimated to grow at a CAGR of 11.4%, earning revenue of around USD 36.1 billion by the end of 2027. Because of the growing adoption of cutting-edge gaming innovations, rising disposable income, the ease of gaming activities, the increase in online content, and computerized conveyance, which allows clients to download the content on their frameworks, the global social gaming market is growing at a rapid pace. Because of the growing popularity of social gaming, such as PUBG, Counter-Strike, and Minecraft, the market is expected to grow rapidly throughout the forecast period. Furthermore, the introduction of cloud-based applications and the availability of devices that provide augmented reality gaming experiences bring up new avenues for the market.
High Penetration of Smartphone Will Boost the Global Social Gaming Market during The Forecast Period
The number of smartphone users has increased significantly over the past few years and is still expanding at a rapid rate. This factor is having a major influence on the growth of the global social gaming market. The availability of high processing smartphones at lower costs, especially in the emerging economies and various operating systems like Android, iOS, windows, etc. has propelled the demand for mobile games. Furthermore, high-capacity smartphones with memory ranging from 16GB to 64GB and the ability to expand further can run multiple games on a single device. These factors have a substantial impact on the growth of the global social gaming market.
High Availability of Free of Cost Games Will Push The Global Social Gaming Market
Players nowadays can play a variety of games of all genres for free. . These games generate revenue through advertisements they play during game time. Furthermore, free games are designed with a smooth and easy-to-use interface as well as simple installation processes so that individuals of all ages, particularly smaller children and the elderly, can play them. As these games just require a simple login, they can be accessed from anywhere through a smartphone and a social media account. That is why such games are gaining huge popularity among the masses and also contributing to the growth of the global social gaming market.
Action games will lead the market during the forecast period
The global social gaming market is segmented into several types based on the genre—i.e., action, shooter, role-playing, sports, adventure, strategy, fighting, and others. The action genre is the most popular one, especially among male players. This is because of the high stimulus it offers to the brain and the sense of victory and achievement it provides. Furthermore, the increasing difficulty also works in its favor. The players get highly competitive while gaining victories over these difficulty levels which enhances their overall gaming experience. The wide range of experience this genre has to offer through various features such as jumping, chasing, combating, solving, interesting trails, etc., along with multiplayer options and audio and video senses are also triggering the growth of the action genre in the global social gaming market.
Global Social Gaming Market - Regional Insights
Geographically, the global social gaming market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America accounted for the largest market share, followed by Europe. The high disposable income of these regions triggers the market as the number of smartphone users escalates. Furthermore, the high concentration of leading game developers in these regions also influences the growth of the social gaming market in these regions. However, the Asia-Pacific region is also coming up as a potential market with several Asian games such as PUBG dominating the gaming world.
Impact of COVID-19 on Global Social Gaming Market
Though the COVID-19 pandemic has struck devastation on various businesses, it has had a positive impact on the global social gaming market. During the lockdown phase, which was imposed by the government of different countries to check the spread of the virus, the dependence of people on their smartphones and various social networking sites increased. To kill time at home, people started searching for various forms of stimulus and entertainment. Due to this, social gaming platforms witnessed a significant demand across the globe. Furthermore, because people were required to work from home, they needed a way to cope with their stress and exhaustion, which sparked an interest in social gaming, which provided both amusement and virtual human interaction.
The leading market players in the global social gaming market are Valve Corporation, Bluestack Systems, Gameloft, Microsoft, Nintendo, Rovio Entertainment, NVIDIA, Sony, Aeria Games GmbH, Miniclip SA, Wooga GmbH, Zynga, Inc., Aeria Games GmbH, King Digital Entertainment PLC, Behaviour Interactive, Inc., DeNA Co., Ltd., GREE, Inc., Social Point, Playtech PLC, and other prominent players.
The key industry participants are focusing on developing interactive social games for all age groups and for all platforms to cover the large share of the market. The adoption of market strategies like mergers and acquisitions, partnerships, joint ventures are also very prominent in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global social gaming market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global social gaming market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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