Get more insights on Social Gaming Market
Social Gaming Market is Driven by Rising Smartphone Penetration
The global social gaming market comprises multiplayer online games that can be played across social media platforms or via apps on smartphones and other connected devices. Popular social gaming genres include casual games, strategy games, card games, and multiplayer online battle arena games that allow players to interact and compete with friends in real-time. The thriving app economy and widespread availability of high-speed internet have enabled game developers to cater immersive gaming experiences to social gamers through their mobile devices. Furthermore, the integration of social networking features in games allows sharing achievements, scores, and challenges among contacts, fueling engagement among players.
The Global Social Gaming Market Size 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 from 2024 to 2031.
Key Takeaways
Key players operating in the social gaming market are Waste Management Inc., Republic Services Inc., Clean Harbors Inc., Covanta Holding Corporation, Stericycle Inc., Advanced Disposal Services, Casella Waste Systems, Recology, Biffa, REMONDIS SE & Co. KG. These players are focusing on expanding their product portfolios and global footprint to leverage opportunities.
The growing demand for social interaction among millennials and generation Z is driving the adoption of social gaming. These generations are the primary user groups engaged in social media platforms on a regular basis.
The social gaming market is also expanding globally due to the rising penetration of smartphones and availability of affordable internet, especially in developing countries. Market players are investing in developing regions to tap the rising gamer bases in these areas.
Market Drivers
Rising smartphone penetration is a key driver of the global social gaming market. According to reports, over 6.5 billion people worldwide now own smartphones. This widespread availability of networked, touchscreen computing devices enables social gamers to play virtually anywhere. Furthermore, improvements in technology have allowed game developers to create graphics-intensive, immersive gaming experiences for smartphones.
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