Cloud Gaming Market Size to Reach USD 1169.1 Million by 2027 at a CAGR of 35.4%
The Cloud Computing Market is Segmented by Type (Video Streaming, File Streaming), by Application (PC, Connected TV, Tablet, Smartphone). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under the Software Category.
The global Cloud Gaming market size is projected to reach USD 1169.1 Million by 2027, from USD 133.7 Million in 2020, at a CAGR of 35.4% during 2021-2027.
Major factors driving the growth of the cloud gaming market are:
Increasing adoption of mobile gaming culture is expected to further boost the cloud gaming market growth.
The COVID -19 pandemic is likely to boost the cloud gaming sector even more. Cloud gaming has provided an accessible alternative for people to play games as well as a gateway to gaming for new players throughout the world.
Cloud gaming allows users to play multiple games without the added cost of buying costly consoles. Another advantage is that you can play on any computer, laptop, or smartphone. Such features are expected to propel the cloud gaming market forward.
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TRENDS INFLUENCING THE GROWTH OF CLOUD GAMING MARKET
The expansion of the cloud gaming market has been fuelled by the rise of remote work. The gaming industry was already on an upward trend year over year before the coronavirus outbreak. However, as more individuals stayed at home, the market was swamped with new customers and traffic skyrocketed – especially in the cloud gaming and streaming industries.
As cloud technology and internet access become more widely available around the world, gamers will face fewer barriers to joining the cloud gaming community than ever before. Users using an Internet-connected device can play whenever and wherever they want, rather than acquiring an expensive console and physical copies of each game. Gamers will favor cloud gaming because of these benefits. This, in turn, is likely to fuel the Cloud gaming market expansion.
Scalability, greater speed, and better user insights are all advantages of cloud gaming. Cloud gaming also aids in restructuring content on multiple smart devices, which optimizes content distribution across all mediums. These factors are expected to fuel Cloud gaming market expansion.
The increasing popularity of social media games is expected to boost Cloud gaming market growth. A large portion of the world’s population uses social networking sites like Facebook, Instagram, and Reddit to play games. Furthermore, social networking companies are focusing on acquiring cloud game providers in order to offer a variety of cloud games on social media platforms and boost client engagement.
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CLOUD GAMING MARKET SHARE ANALYSIS
Based on application, the Smartphones segment is expected to be the most lucrative. to grow at a higher CAGR of the market during the forecast period. Smartphones will gain substantial market traction in the future, thanks to the tremendous growth of mobile gaming in the last five years. One of the advantages of this technology is its low cost. It is far too expensive to keep upgrading consoles and PCs in order to maintain game performance.
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Based on type, the Video Streaming segment is expected to be the most lucrative. A major aspect driving the market’s growth is the ability to broadcast games from strong servers without having to download or update them. Furthermore, video streaming services enable gamers to play games from anywhere and on any platform as long as they are connected to the internet.
Because of the growing number of 5G infrastructure development activities in the area, APAC is expected to be the most lucrative region. Furthermore, the cost-effectiveness of cloud gaming platforms is boosting their use across a variety of new client segments who are hesitant to invest in gaming systems due to the high cost.
MAJOR PLAYERS IN THE CLOUD GAMING MARKET
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