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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Key Trends and Analysis of the Global Cloud Gaming Market:
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