CLOUD GAMING MARKET: OVERVIEW
The Cloud Gaming Market was valued at USD 1.25 Billion in 2021, the market is projected to grow USD 39.10 Billion in 2030, at a CAGR of 41.11%. The use of cloud technology in the gaming sector will increase player demand and interest in a wide range of games, driving the market's growth over the course of the anticipated year. Players no longer need to frequently update the hardware in their gaming console, PC, or laptop to play top-tier games on portable devices like laptops, tablets, and smartphones with fast network access due to the introduction of cloud gaming. The market's expansion is anticipated to be facilitated by these reasons.
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The popularity of improved cross-platform gameplay and the rising uptake of cloud gaming, both of which enhance the gaming experience, are predicted to increase cloud gaming market during the forecast period. The availability of cloud-based games and expanding internet usage are driving up demand for cloud gaming. Better bandwidth and lower latency are made feasible by network infrastructure advancements like 5G, enabling uninterrupted XR (augmented reality and virtual reality) game transmission.
The COVID-19 epidemic has significantly impacted the manufacturing and supply chain sectors. Manufacturing plants encountered temporary shutdowns or 50% operational capacity as a result of the pandemic, as well as supply chain disruptions, material shortages, and the closing of international borders, among other things. This has a detrimental effect on the supply of hardware products such as smartphones, smart TVs, laptops, personal computers, and gaming consoles. However, during the pandemic, the demand for cloud-based gaming hardware, services, and solutions rose due to lockdown laws in several locations. Demand for cloud-based games increased during the shutdown since they can be played on any device and don't require additional hardware. People all throughout the world employed cloud-based games and online entertainment platforms to kill time during the shutdown.
CLOUD GAMING MARKET: TREND
Increasing Demand for Mobile Games Propel Market Growth
The demand for mobile games has substantially expanded as a result of the numerous technical advancements in cloud gaming, including VR, AR, and 5G. This tendency is not surprising given that the mobile gaming industry primarily relies on cutting-edge technology. Mobile operators predict that by 2022, cloud gaming would make up 25–50% of 5G data traffic, according to a study by the Mobile Video Industry Council. Game makers are working to provide gamers with mobile gaming experiences as smartphones gain in popularity. In order to improve the gaming experience through high-performance connectivity, network providers are investing in mobile gaming. Additionally, gamers will have a better gaming experience by leveraging cloud computing, cutting-edge smartphones, and 5G infrastructures across all locations and platforms.
Global Cloud Gaming Market Report Coverage
|Market Size in 2021:||USD 1.25 Billion|
|Forecast Period 2021-2030 CAGR:||41.11%.|
|2030 Value Projection:||USD 39.10 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||230|
|Tables, Charts & Figures:||123|
|Segments covered:||COVID-19 Impact Analysis Report, By Streaming Type, By Device, By Gamer Type, By Region|
|Companies Covered:||Utomik BV, NVIDIA Corporation, Numecent Holdings Ltd, RemoteMyApp SP ZOO, Parsec Cloud Inc., Google Inc., Microsoft Corporation, Amazon Inc., Tencent, Sony Corporation, Electronic Arts, Inc., Broadmedia Corporation, Intel Corporation, BLACKNUT, Nelito Systems Ltd.|
|Growth Drivers:||1)The Global Cloud Gaming Market is segmented by Streaming Type, Device, Gamer Type, and Region. 2)Based on the Region, the Global Cloud Gaming Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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CLOUD GAMING MARKET: DRIVERS
Low-latency capabilities Drive Market Growth
To accommodate the many various sorts of gamers that are accessible globally, market participants are seeking to lower technological obstacles and associated high costs. To create a genuine and distinctive gaming experience, low latency must be obtained in gaming services. Low latency characteristics of 5G technology help providers even more. With the introduction of 5G, cloud-based gaming is being updated to offer a better gaming experience. For instance, a Wipro whitepaper asserts that many gamers intend to switch to 5G technology and spend more money in October 2020 in order to have a better gaming experience. Because of its low latency features, it is predicted that 5G technology would encourage even greater industrial development.
CLOUD GAMING MARKET: RESTRAIN
Responsiveness And Latency Problem Restrict Market Expansion
On a cloud computing platform, game streaming requires a low latency network with sufficient bandwidth and high bitrates. However, in certain nations, setting up an internet connection with the necessary performance may be unaffordable expensive. Insufficient network and bandwidth needs might lead to responsiveness and latency problems.
CLOUD GAMING MARKET: SEGMENTATION
The Global Cloud Gaming Market is segmented by Streaming Type, Device, Gamer Type, and Region. Based on the Streaming Type, the market is categorized into Video Streaming and File Streaming. Based on Device, the market is categorized into Smartphones, Laptop/Tablets, PC’s, Smart TV, and Consoles. Based on Gamer Type, the market is categorized into Casual Gamers, Lifestyle Games, Avid Gamers, and Hardcore Gamers. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
SEGMENTATION: BY REGION
Based on the Region, the Global Cloud Gaming Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
The North America region is expected to dominate the market share owing to the early adoption of cloud technologies, increased demand for online gaming, and extensive accessibility to effective internet infrastructure. Similar to this, it is anticipated that the growing gaming industry in Europe will boost cloud gaming activity there. Massive cooperation, investment, and acquisition are fueled by this rising potential in the European gaming industry. For instance, the ZeniMax Media acquisition by Microsoft Corporation, a game developer and publisher, was approved by the European Commission in March 2021.
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However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period of the cloud gaming market due to the rising demand for gaming content from countries like China, India, South Korea, and Japan. Additionally, the global gaming sector is projected to be driven by the rising smartphone usage in these countries. China is anticipated to dominate the market throughout the projection period, due to the rising investments in 5G infrastructures and the telecommunications sector. Japan will experience rapid growth over the course of the anticipated term as a result of the presence of key cloud gaming market players.
CLOUD GAMING MARKET: KEY PLAYERS
- Utomik BV
- NVIDIA Corporation
- Numecent Holdings Ltd
- RemoteMyApp SP ZOO
- Parsec Cloud Inc.
- Google Inc.
- Microsoft Corporation
- Amazon Inc.
- Sony Corporation
- Electronic Arts, Inc.
- Broadmedia Corporation
- Intel Corporation
CLOUD GAMING MARKET: RECENT DEVELOPMENT
- October 2021- NVIDIA Corporation released the GeForce RTX 3080, an enhanced gaming platform for GeForce NOW. Gamers may enjoy the highest resolutions, lowest latency, and quickest frame rates with the GeForce RTX 3080 subscription.
- September 2021- Amazon Web Services, Inc. launched a subscription plan geared toward families, expanding its service offerings. With these new additions, customers can upgrade their Luna+ subscription for USD 2.99 per month and receive 36 kid-friendly games, including Wandersong, Overcooked, Adventure Pals, and Spongebob Squarepants.
CLOUD GAMING MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Cloud Gaming Market. The Global Cloud Gaming Market is segmented by Streaming Type, Device, Gamer Type, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Cloud Gaming Market.
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