USD 696.6 million
Report ID:
SQMIG45A2059 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
90 |
Figures:
76
Cloud Gaming Market size was valued at USD 696.6 million in 2019 and is poised to grow from USD 1020 million in 2023 to USD 20940 million by 2031, growing at a CAGR of 45.8% in the forecast period (2024-2031).
Cloud gaming refers to an online game world that does not require any specific hardware. This is a very popular concept that has been adopted by gamers worldwide as it eliminates the need for frequent hardware updates to keep games compatible. Along with an enhanced gaming experience, it also offers a seamless mobile gaming experience. The benefit of file streaming helps companies provide their players with a fluid gaming experience with lower internet rates. In addition, it gives players the option to personalize their gaming library, remember their progress and get instant access to their accounts. It has a wide range of applications in gaming consoles, smartphones, tablets, pcs & laptops, among others.
The growing popularity of cloud gaming, as well as the proliferation of improved cross-platform gameplay, which improves the gaming experience, is expected to drive market growth. Increasing usage of internet services and secure access to online games is increasing the demand for the product. Also, network infrastructure upgrades like 5G provide more bandwidth and lower latency, enabling players to stream XR (augmented reality and virtual reality) gameplay without interruption. The global spread of smartphones is predicted to fuel market expansion. Also, the growing popularity of social media games is expected to fuel market growth. The majority of people on the planet play games on social networking sites like Facebook, Instagram, and Reddit. Also, social networking companies are focusing on hiring cloud game developers to offer a variety of cloud games on social media platforms and increase user engagement. These factors are expected to favorably drive the growth of the global Cloud Gaming Market.
US Cloud Gaming Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 696.6 million
Largest Segment
gaming consoles
Fastest Growth
gaming consoles
Growth Rate
45.8% CAGR
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Global cloud gaming market is segmented on the basis of device, streaming type, gamer type and region. By device, the market is segmented into smartphones, tablets, gaming consoles, pcs, and laptops. By streaming type, the market is segmented into video streaming and file streaming. By gamer type, market is segmented into casual gamers, avid gamers, and lifestyle gamers. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Cloud Gaming Market Analysis by Device
In 2021, the gaming console sub-segment of the device segment accounted for the highest revenue share, accounting for nearly 50% of the total market. The popularity of consoles is due to the fact that only a small percentage of people can afford or play computer games, and controllers are more convenient than the time and effort required to build or purchase a computer.
The smartphone segment accounts for more than 10% of the market revenue and is expected to grow at the second-fastest CAGR over the next few years. Most people own smartphones, which are widely available and affordable. Many consumers also own multiple smart devices. In the coming years, it is expected that this aspect will support the growth of the market.
Cloud Gaming Market Analysis by Gamer Type
In 2021, casual gamers hold the majority of the market share and are expected to increase the segment's CAGR to over 40.0%. Hyper-casual gaming is one of the most popular game genres right now; It has the most viewers and can be monetized to earn money. For example, over 2 billion people have downloaded games from Voodoo that are truly casual.
The avid gamer segment is the second largest segment of the market, followed by the lifestyle gamer segment. Avid gamers are influencers who help their friends discover games they like. A lifestyle gamer is passionate about playing video games and engages in learning the game's capabilities and strategies. Both segments are expected to witness steady growth between 2022 and 2028 due to their increasing popularity.
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Asia-Pacific held the largest market share in the global cloud gaming market in 2021. With the rise in popularity of cloud infrastructure, it is now easier to access a wide range of computing, storage, and communication resources in a reliable, cost-effective, and low-maintenance manner. Gaming services have been classified as one of the fastest growing cloud computing industries in China, and many applications can benefit from these cloud computing capabilities. More cloud-based game operations and development are planned in the future, especially for mobile games. The potential market for on-demand games in homes in China with very high-speed connections is limited by the better compatibility of cloud gaming with IPTV and current technological limitations on streaming.
North America is expected to grow at a CAGR of 43.5% during the forecast period. According to the Entertainment Software Association, 65% of American adults enjoy playing video games. Esports viewership in the US is projected to surpass all other major sports leagues in 2021 with the exception of the NFL. The high penetration of desktops, laptops, and even smartphones in the country allows for rapid growth in cloud gaming. Cloud gaming services combine hyperscale cloud capabilities, global content delivery networks, and streaming media services to create a next-generation platform for interactive, immersive, and social entertainment. The rapid demand for the product in the US is facilitated by the deployment of edge data centers throughout the country and the general accessibility of cloud gaming.
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Cloud Gaming Market Drivers
The Low-latency Capability of 5G Technology
Cloud Gaming Market Restraints
Latency and response issues
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Global cloud gaming market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.
For example, In January 2022, Utomik announced a partnership with Samsung to deliver Utomik's game subscription service to Samsung Smart TV customers worldwide through its unique hybrid gaming platform. It will employ a hybrid gaming platform, allowing players to play on any device and switch to other devices using both device and context-based smart download technology and cloud gaming technology.
Cloud Gaming Market Top Player’s Company Profiles
Cloud Gaming Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global cloud gaming market analysis, by device, in 2021, the gaming console segment belongs to the device segment accounting for the highest proportion of revenue, accounting for nearly 50% of the total market. In the coming years, it is expected that this aspect will support the growth of the market. By gamer type, in 2021, casual gamers hold the majority of the market share and are expected to grow the segment CAGR to over 40.0%. Asia-Pacific holds the largest market share in the global market and is expected to grow at a CAGR of 44.50% during the forecast period. Gaming services have been ranked as one of the fastest growing cloud computing industries in China, and many applications can benefit from these cloud computing capabilities. If the proper network and bandwidth requirements are not met, latency and response issues can occur, which will hamper the market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 696.6 million |
Market size value in 2031 | USD 20940 million |
Growth Rate | 45.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cloud Gaming Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cloud Gaming Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cloud Gaming Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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REQUEST FREE CUSTOMIZATIONCloud Gaming Market size was valued at USD 696.6 million in 2019 and is poised to grow from USD 1020 million in 2023 to USD 20940 million by 2031, growing at a CAGR of 45.8% in the forecast period (2024-2031).
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