Global Cloud Gaming Market Size to Grow at a CAGR of 39.1% in the Forecast Period of 2023-2028
The ‘Global Cloud Gaming Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global cloud gaming market, assessing the market on the basis of its segments like device type, solution type, gamer type, and major regions.
Cloud Gaming Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 39.1%
The surging demand for immersive and competitive mobile gaming is aiding the growth of the cloud gaming market. The increasing high-speed internet facilities coupled with the digital transformation in the media and entertainment industry are the key factors driving the growth of this market. With the emergence of 5G networks, market players are substantially improving streaming media services and moving towards delivering next-era interactive and immersive cloud gaming experiences, which is likely to enhance the market demand for these services. Smartphone-specific games are likely to create a boom in the market for cloud gaming in the coming years.
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File streaming solutions of cloud gaming are expected to witness a robust market growth owing to their reduced cost of producing media and sending patches to players. Meanwhile, video streaming solutions are likely to grow in the forecast period as they provides users with access to cloud gaming from anywhere, as long as they are connected to the internet. Casual gamers are expected to hold a sizeable share in the cloud gaming market as more consumers experiment with different forms of cloud gaming. The competitive nature of these games is compelling many lifestyle gamers to indulge in cloud gaming, which is further bolstering the market.
Industry Definition and Major Segments
Cloud gaming is a method of online gaming using remote servers, which provides instant access to high-quality video games without the need of downloading and installing them. These services are broadly divided into three main categories- platform as a service (PaaS), infrastructure as a service (IaaS), and software as a service (SaaS).
On the basis of device type, the market is segmented into:
• Smartphones
• Tablets
• Gaming Consoles
• Others
Based on solution type, the market is bifurcated into:
• Video Streaming
• File Streaming
On the basis of gamer type, the market is divided into:
• Casual Gamers
• Avid Gamers
• Lifestyle Gamers
Based on region, the market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Cloud gaming systems offer greater cost effectiveness as compared to traditional gaming consoles, and additional savings on storage and bandwidth cost, which is likely to bolster the cloud gaming market. The increasing penetration of smartphones coupled with various technological advancements like development of AR and VR technologies are key trends observed in this market. The surging demand for low-cost subscriptions of cloud gaming delivering low latency, high resolutions and quick frame-rates, is likely to boost the market for cloud gaming in the projected period. The increased deployment of AI and latest graphics processing units (GPU) into cloud gaming services is rapidly expanding the cloud gaming market.
Furthermore, the increased usage of cloud gaming services in the education sector in order to deliver quality, advanced gaming services for better participation of students in schools is promoting the growth of this market. The adoption of cloud gaming by hoteliers to overcome the need to invest in gaming consoles for every room, saves them a lot of money and also provides a lavish entertainment experience to the guests. Cloud gaming services store all the user data on secure servers, which rules out the risk of hacking and the eliminates the hassle of backing up data, making it a secure space for gamers and fuelling the growth of the cloud gaming market.
Key Market Players
The major players in the global cloud gaming market report are Microsoft Corporation, Google Inc., Amazon.com Inc., IBM Corporation, Intel Corporation, Alibaba Group, NVIDIA Corporation, Sony Interactive Entertainment LLC, Tencent Holdings Ltd., Ubisoft Entertainment SA, Ubitus K.K, and Shadow SAS, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
