The cloud gaming market is
estimated to be valued at USD 306 million in 2019 and is projected to reach USD
3,107 million by 2024, at a CAGR of 59.0%. The major driving factors considered
are the commercialization of 5G, the rise in a number of gamers, and the
upsurge of immersive and competitive gaming on mobile. An increase in the
number of internet users is also expected to drive cloud gaming growth during
the forecast period.
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Cloud Gaming Market for Game
Platform Services held largest size of market in 2019
Game platform service held the largest share in cloud gaming
market by offering owing to growing demand of both content and PC service.
Cloud gaming allows playing PC games on nearly any device on the go, which
earlier required expensive hardware. Sony’s PlayStation, Blade’s Shadow,
GeForce NOW, Blacknut are some of the major companies providing gaming platform
service. Launch of Google’s Stadia and Microsoft XCloud are expected to further
drive the platform service market.
Cloud Gaming Market for
Smartphones to grow at higher CAGR of market during forecast period
With the rapid rise in mobile gaming in the last five years,
smartphones are going to gain a significant amount of market traction in the
coming years. One of the perks of this technology is its cost-effectiveness. It
is way too expensive to constantly upgrade the consoles and PCs to uphold the
game performance. It requires extra spending for up-gradation of consoles and customization
of PCs, but with cloud gaming, it requires either a laptop, a 5G device, or a
smart TV. This has provided the feasibility to a new class of gamers, as it
opens the possibility for more casual gaming for a fraction of the price.
Video Streaming to hold largest
share of cloud gaming market in 2019
Games being streamed from powerful servers without the need to
download or update any game is a major factor driving the growth of the market.
Moreover, video streaming service further allows playing games anywhere and, on
any platform, as long as it is connected to internet. There has also been an
increase of a wide selection of high-quality games.
Casual gamers segment to have highest growth in cloud gaming
market in coming years
Casual gamers are more likely to make tradeoffs for the
convenience and cost-effectiveness of cloud gaming. Also, continued
enhancements of 5G smartphones lead to the high speed and low latency
properties creating wider adoption of cloud gaming for casual gamers.
APAC held major
share of cloud gaming market in 2019
The cloud gaming market in APAC is foreseen to
augment at a significant rate owing to the increasing number of 5G
infrastructure development initiatives in the region. Additionally, the
cost-effective nature of the cloud gaming platforms is promoting its usage
across various new customer classes that vary in investing in gaming systems
due to its cost.
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Key Market Players
The major players in the cloud gaming market are
NVIDIA (US), Intel (US), Google (US), Microsoft (US), Amazon (US), Advanced
Micro Devices (US), Sony (Japan), IBM (US), Tencent (China), and Alibaba
(China).
