Segmentation by Device Type (Smartphones, Tablets, Gaming Consoles, and Others); by Solution (Video Streaming, File Streaming, and Others); and by End-User (Lifestyle Gamers, Casual Gamers, Avid Gamers, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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On the basis of geographical analysis, the global cloud gaming services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is anticipated to gain the largest market share throughout the forecast period on the back of growing adoption of online-gaming and digital gaming amongst youngsters, improvement in internet connectivity, and technological advancement, are estimated to boost the market growth. Moreover, the large share of young population, which is the primary consumer target for e-sports, is estimated to further promote the growth of the market in the region. According to the data by the World Bank, 27.582% of the total population of South Asia aged below 15 years of age in 2020.
The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of efficient internet and cloud technology in the developed countries, along with rising adoption of new technology in the region. Additionally, development of new games, and presence of major cloud-based service providers, coupled with rising prevalence of cloud gaming, are estimated to boost the regional market growth.
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The global cloud gaming services market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global cloud gaming services market includes the following segments:
By Device Type
By Solution
By End-User
Growth Drivers
Challenges
August 18, 2021: Ubitus K.K. launched new Metaverse to its already popular cloud gaming platform power monoAI XR CLOUD for cross-platform and cross-device deployment.
April 21, 2021: Vodafone launched its cloud gaming platform, GameNow, for Android phones, iOS phones and PCs with Vodaphone cellular network.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising prominence of online gaming, gaming as a profession, and internet penetration are estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~50% over the forecast period, i.e., 2022 – 2030.
Ans: Requirement of significant amount of investment is estimated to hamper the market growth.
Ans: The market in the Asia Pacific region is estimated to provide most growth opportunities over the forecast period, owing to the large population of youngsters in the region.
Ans: The major players in the market are Tencent Holdings Ltd., Intel Corporation, NVIDIA Corporation, Ubitus K.K., RemoteMyApp Sp. z o.o., LP Technologies LLC, PlayGiga S.L., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by device type, solution, end-user, and by region.
Ans: The avid gamers segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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