The social gaming market is estimated to be valued at US$ 31.61 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The social gaming market involves video and casual games designed for extended multiplayer interactions and participation. These games allow players to connect with friends and other users to play cooperative or competitive games via social networks, messaging platforms, and standalone applications. Popular social games genres include action, puzzles, RPGs, word games, card games and simulations. Key game publishers in this space focus on free-to-play business models supplemented with in-game purchases.

Market Dynamics:
The social gaming market is primarily driven by rising penetration of high-speed 5G networks globally and increasing adoption of smartphones. 5G networks enable richer gaming experiences through ultra-low latency and large bandwidth for multiplayer interactions. According to GSMA, 5G networks are expected to cover over 40% of the global population by 2025. Further, rapid urbanization and growing disposable incomes in developing nations is expanding the customer base for online and mobile gaming. However, increasing threat of hacking and data theft associated with social gaming platforms remains a key challenge for market growth. Stringent regulations around in-app purchases and microtransactions in some countries also act as a restraint.

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