DUBLIN–(BUSINESS WIRE)–The “Social Casino Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The global social casino market has grown strongly in recent years. It will grow from $7.39 billion in 2023 to $7.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The global social casino market is expected to see strong growth in the next few years. It will grow to $11.20 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
The projected growth in the upcoming period is anticipated due to the integration of health and wellness features, heightened social elements, the implementation of personalized experiences, strategies for retaining players, the rise of skill-based games, and the continued dominance of mobile gaming. Key trends expected during this period encompass in-app purchases and monetization strategies, increased integration of social functionalities, partnerships with entertainment brands, the growth of skill-based gaming, and a focus on social responsibility and responsible gaming practices.
The growth of the social casino market is anticipated, driven by the increasing proliferation of smartphones. Smartphones, portable electronic gadgets with cellular network connections, play a pivotal role in fueling the social casino market’s expansion. They contribute to enhanced gaming performance, better display, and top-end specifications, providing an enriched experience for users. According to The Economic Times in October 2021, India led the world in monthly average mobile data consumption, with users consuming an average of 12 gigabytes (GB) per month. Furthermore, the addition of 25 million new smartphone users in the country each quarter highlights the widespread adoption of smartphones, contributing significantly to the growth of the social casino market.
The rise in internet usage is poised to further propel the growth of the social casino market. Internet usage, indicating the extent to which individuals or organizations access and utilize the Internet, is a crucial factor in the success of social casinos. These platforms leverage the internet extensively, allowing players to access, interact, and enjoy various casino-style games without the constraints of physical presence at a traditional casino. According to ramsac Ltd., a UK-based computer support and services company, 92.1% of people in the UK use the internet regularly, underlining the widespread internet penetration that supports the growth of the social casino market.
Product innovation emerges as a significant trend in the social casino market, with major players focusing on introducing new products to enhance their market share. In August 2022, Wind Creek Hospitality, a US-based gaming and hospitality entity, launched CasinoVerse, a social game that can be played for free without in-app purchases or ‘freemium’ features. CasinoVerse offers an immersive 3D setting modeled after popular role-playing games (RPGs), allowing users to explore virtual versions of Wind Creek locations around North America and the Caribbean. This innovative approach enhances user engagement and represents a key trend driving growth in the social casino market.
Leading companies in the social casino market are strategically launching technological platforms, exemplified by ZulaCasino.com, to enhance their profitability. ZulaCasino.com, introduced by Blazesoft, a Canada-based software company in October 2023, is a rapidly expanding social casino site accessible throughout the United States, with certain exceptions based on jurisdictional constraints.
The platform offers a substantial selection of casino-style games, attractive bonuses, promotions, and the opportunity to win significant amounts of money. Zula Casino collaborates with top gaming companies, providing players with a diverse array of games, including over 150 different slots, tables, and fish games. ZulaCasino.com operates as a free online casino that doesn’t require downloads and features daily promotions and events, enhancing user engagement and contributing to its market success.
North America was the largest region in the social casino market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the social casino market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the social casino market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
A selection of companies mentioned in this report includes
Key Topics Covered:
1. Executive Summary
2. Social Casino Market Characteristics
3. Social Casino Market Trends and Strategies
4. Social Casino Market – Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Social Casino Market Size and Growth
5.1. Global Social Casino Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Social Casino Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Social Casino Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Social Casino Market Segmentation
6.1. Global Social Casino Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.2. Global Social Casino Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.3. Global Social Casino Market, Segmentation by End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7. Social Casino Market Regional and Country Analysis
7.1. Global Social Casino Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Social Casino Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/cbvwm9
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