The global cloud gaming market was valued at US$ 178.2 Million in 2020 and is expected to surpass US$ 2,996.0 Million by 2028, registering a CAGR of 42.3% during the forecast period (2021-2028), according to the Global Cloud Gaming Market Report, By Type (File Streaming and Video Streaming), By Device (smartphones, gaming consoles, PC, Tablets, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The rapid adoption of smartphones is expected to drive the demand of global cloud gaming market during the forecast period. Smartphone market witnessed a strong growth in the recent past owing to the increasing sale of high performance oriented smartphones that are available at affordable price. For instance, in May 2021, iQOO, a Chinese brand and subsidiary of Vivo Communication Technology Co. Ltd., launched iQOO Z3 5G smartphone for US$ 282.71 with Qualcomm’s Snapdragon 768G processor and 5G connectivity. Due to the ease of availability and connectivity, smartphone gaming market also witnessed strong growth in the recent past. For instance, according to SensorTower, Inc., a U.S. based Technology Company, PUBG Mobile, which is a game developed by PUBG Corporation and KRAFTON earned at least US$ 1.3 billion in revenue in 2019. Thus, growing smartphone industry is expected to positively impact the global cloud gaming market.
Cloud Gaming Market - Impact of Coronavirus (Covid-19) Pandemic
Due to COVID-19 pandemic, the cloud gaming industry witnessed a sharp growth. The primary contributing factor is the delay in the shipment of gaming console, which forced consumers to use the online gaming platform. Furthermore, many key players in the market launched new cloud games. For instance, in April 2020, Google, Inc., a U.S. based technology company, launched a series of cloud-based doodles of its popular past games. Furthermore, Google also made Google Stadia free for the consumers (however, Stadia Pro costs monthly subscription) to promote use of Stadia.
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https://www.coherentmarketinsights.com/market-insight/cloud-gaming-market-4600
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Key Trends and Analysis of the Global Cloud Gaming Market:
- Asia Pacific region is expected to show tremendous growth in the global cloud gaming market. As per CMI’s analysis, countries such as India and China exhibit potential in the global cloud gaming market. This is attributed to the relatively high economic growth coupled with rising technological adoption in several countries. The governments of these countries are heavily investing in improving the technological adoption and the countries’ manufacturing capacities for consumer electronics, automotive and others. For instance, in April 2014, the government of India launched “Make in India” initiative in order to increase India’s domestic production of automotive, consumer electronics, and other devices, which is expected to positively impact the global cloud gaming market during the forecast period.
- Cross platform gaming is one of the major trends witnessed in the cloud gaming market where all type of graphics processing and video rendering is cloud-based. Most gaming service companies are offering subscription-based service. The user needs to login using an account, which enables them to play the games over multiple devices such as smartphones, gaming console, PC, etc. using a single account. Most gaming companies such as Google, Microsoft, etc. allow multiple device access to consumers.
- Major players operating in the global cloud gaming market include Amazon Web Services Inc., Apple, Inc., Electronic Arts, Inc., Google Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Sony Interactive Entertainment LLC, Ubitus Inc., and others
