The global cloud gaming services market is estimated to grow at a CAGR of ~50% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing trend of e-gaming, along with increasing prevalence of gaming as a profession. Increasing use of electronic devices, such as, mobile phones, tablets, laptops and others, along with rising popularity of online and cloud gaming among the youth, are anticipated to primarily drive the market growth.
Moreover, growing global internet accessibility to support online gaming, coupled with constant advancements in the cloud computing technology are estimated to boost the market growth. According to the statistics by the World Bank, in 2019, 56.727% of the total population used internet globally. Escalating use of smartphones, along with technologies, such as, virtual reality (VR), augment reality (AR), and mixed reality, are projected to further strengthen the market growth.
The market is segmented by device type into smartphones, tablets, gaming consoles, and others, out of which, the smartphones segment is anticipated to hold the largest share in the global cloud gaming services market over the forecast period on account of increasing production and sales of smartphones, leading to vast reach and availability of these phones. In 2019, over 1.5 billion smartphones were sold worldwide. Moreover, the increasing popularity for mobile devices has resulted in reduced costs for these phones, which has made cloud gaming available for a larger consumer base. Furthermore, various attractive features of smartphones, including, HD display, sound quality, live chat, and voice recognition, are estimated to boost the segment growth.CLICK TO DOWNLOAD SAMPLE REPORT
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.
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.
The global cloud gaming services market is further classified on the basis of region as follows:
Our in-depth analysis of the global cloud gaming services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prominence of online gaming, gaming as a profession, and internet penetration are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~50% over the forecast period, i.e., 2022 – 2030.
Requirement of significant amount of investment is estimated to hamper the market growth.
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.
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.
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.
The market is segmented by device type, solution, end-user, and by region.
The avid gamers segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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