Global Cloud Gaming Market Anticipated to Generate a Revenue of $55,805.9 Million and Rise at a CAGR of 45.0% during the Analysis Timeframe from 2021-2028 [240-Pages] | Report by Research Dive
The global cloud gaming market is expected to see striking growth by 2028, due to the increasing number of internet users worldwide. The streaming sub-segment is expected to be most lucrative. The North America region is expected to be dominant.
NEW YORK, May 31, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Cloud Gaming Market by Gaming Type (Video Streaming and File Streaming), Device Type (Mobile, PC, and Console) End-user (Casual Gamers, Avid Gamers, and Hardcore Gamers), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028."
According to the report, the global cloud gaming market is predicted to generate a revenue of $55,805.9 million and grow at a CAGR of 45.0% over the forecast period from 2021-2028.
Dynamics of the Cloud Gaming Market
With the increasing number of internet users and the growing popularity of mobile gaming culture all across the globe, the market is predicted to witness significant growth during the analysis period. Besides, the increasing availability of high-speed internet is expected to bolster the growth of the cloud gaming market throughout the forecast period. Moreover, the increasing demand for reducing the need for consoles and the rising number of gamers all across the globe is expected to create wide-ranging growth opportunities during the analysis period. However, the issues with a low latency network and the high cost of obtaining an internet connection may impede the growth of the market over the forecast timeframe.
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Segments of the Cloud Gaming Market
The report has been divided the cloud gaming market into segments based on gaming type, device type, end-user, and region.
- By gaming type, the video streaming sub-segment is expected to be most lucrative and is predicted to generate a revenue of $33,630.0 million throughout the estimated period. The emergence of cloud gaming and live media streaming necessitate incoming video and its distribution to end-users are the factors further expected to bolster the growth of the market sub-segment during the analysis period.
- By device type, the mobile sub-segment is predicted to be most profitable and is expected to garner a revenue of $29,721.1 million during the analysis period. The increasing use of smartphones in running cloud gaming, providing users easy access to the games, and providing telecom companies to increase their revenues are the factors expected to amplify the growth of the cloud gaming market sub-segment over the forecast timeframe.
- By end-user, the hardcore gamers sub-segment is expected to be most productive and is expected to generate a revenue of $27,179.0 million over the estimated timeframe. The increasing development of 5G smartphones in resulting high speed and low latency properties is expected to create wider adoptions of cloud gaming for hardcore gamers, which is further projected to propel the growth of the market sub-segment during the analysis period.
- By region, the North America region is expected to generate a revenue of $22,891.6 million during the analysis period. This is mainly because of the strong economic backbone, increasing affordability among people, and implementation of cutting-edge technologies in this region. Moreover, the free-to-play and emerging mobile games are expected to boost the regional growth of the cloud gaming market during the estimated timeframe.
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Covid-19 Impact on the Cloud Gaming Market
Unlike several other industries, the Covid-19 pandemic have had a positive impact on the cloud gaming market. Due to the spontaneous spread of the virus, governments of many nations have imposed stringent guidelines and lockdowns, to maintain social distancing. This led to the prolonged stay of individuals at their respective homes. Hence, cloud gaming has become a medium of entertainment for individuals. It has not only created opportunities for socialization but also has various mental health benefits to reduce anxiety and stress. All these factors have uplifted the growth of the market during the period of crisis.
Key Players of the Cloud Gaming Market
The major players of the cloud gaming market include
- Tencent
- Amazon Inc.
- VORTEX
- Intel Corporation
- Sony Corporation
- AMD Cloud Gaming
- Ubitus Inc
- Nvidia
- Microsoft Corporation, and many more.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, product development to gain leading positions in the global industry. – Inquire here for key businesses development Strategic Report
For instance, in January 2020, Google LLC, a leading American multinational technology company that specializes in internet-related services and products, has announced its collaboration with Activision Blizzard, a well-established American video game holding company situated in California. With this partnership, the companies are aiming to deliver a new player experience in online gaming by offering a low-latency gaming experience and gaming infrastructure.
Further, the report also summarizes other crucial aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic developments.
More about Cloud Gaming Market:
- Technology Advancements and Acquisitions Among Market Players to Drive the Global Cloud Gaming Market by 2028
- 5 Best Cloud Gaming Service Providers in 2022
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