Pune, India, May 23, 2022 (GLOBE NEWSWIRE) -- The global cloud gaming market size was USD 1.72 billion in 2021. The market size is expected to rise from USD 3.24 billion in 2022 to USD 40.81 billion by 2029 at a CAGR of 43.6% during the forecast period. The market is expected to grow during the forecast period due to the rising adoption of mobile cloud gaming and online gaming solutions. Fortune Business Insights™ publishes this information in a report titled, "Cloud Gaming Market, 2022-2029".
Key Industry Development:
February 2021: Microsoft Corporation announced that it has begun testing Xbox Cloud gaming over the web in response to Apple Inc.'s limitations.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 43.6% |
| 2029 Value Projection | USD 40.81 billion |
| Base Year | 2021 |
| Cloud Gaming Market Size in 2021 | USD 1.72 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 140 |
| Segments covered | By Device; By Streaming Type; By End-User; |
| Cloud Gaming Market Growth Drivers | 5G Technology’s Low-latency Capability to Drive the Cloud Gaming Market Growth |
| Latency and Responsiveness Issues to Hinder Market Potential |
Drivers & Restraints:
Rising Adoption of Recent Technologies to Augment Growth
The market is anticipated to grow significantly due to increasing investment by leading companies and the rising adoption of advanced technologies. The key market players focus on reinventing online gaming solutions to improve the gaming experience. Also, the low-latency capability of 5G technology provides better assistance to the gaming platforms.
However, responsiveness and latency issues may hamper the market growth in the coming years.
COVID-19 Impact:
Stay at Home Restrictions Amid Pandemic to Bolster Market Growth
The COVID-19 pandemic restricted people to stay at home due to lockdown and restrictions imposed by governments. However, a negative impact on hardware supplies was witnessed during the initial phase of the lockdown due to a disrupted supply chain and revised import/export policies. The young generation and gamers adopted cloud gaming systems to pass the time and entertain themselves. Key market players adopted various gaming platforms that bolstered the cloud gaming market growth during the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Regional Insights:
North America Dominates Global Market Due to Rising Online Gaming Demand
North America holds the highest global cloud gaming market share during the forecast period due to increasing demand for online gaming solutions. Also, adequate availability of internet infrastructure is expected to bolster the regional market growth. North America stood at USD 0.54 billion in 2021.
Europe is the second leading region for cloud gaming solutions. The regional growth is attributable to rising investment and collaborations among the leading market players.
Segments:
Rising Consumer Demand to Bolster Smartphone Segmental Growth
By device, the market is classified into smartphone, consoles, laptop/tablets, smart TV, and personal computer. The smartphone segment is expected to lead the market due to consumers' increasing demand. Gaming laptops and PCs are expected to witness a higher growth rate in the coming years.
Video Streaming Segment to Lead the Market Due to Minimum Hardware Requirement Based on streaming type, the market is bifurcated into video streaming and file streaming. The video streaming segment is projected to propel growth due to minimum hardware requirements. Also, downloading small file portions is expected to drive the segment growth.
Hardcore Gamers to Dominate Market Due to High-Quality Streaming Games
On the basis of end-user, the market is trifurcated into casual gamers, avid gamers, and hardcore gamers. The hardcore gamers segment is anticipated to grow significantly during the projected period due to increasing investment in creative and advanced gaming solutions.
Regionally, the market share is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Report Coverage:
The report sheds light on recent developments and current market conditions. Also, the impact of COVID-19 pandemic on the market growth is given further along with the post-pandemic market conditions. Furthermore, drivers and restraints affecting market expansion during the projected period are mentioned along with the regional insights. Leading market players and recent developments introduced by these companies are mentioned further in this report.
Competitive Landscape:
Key Market Players to Adopt Latest Technologies to Maintain their Market Position
The key market players implement several techniques to develop new services equipped with recent technologies. It includes adopting new advancements in the industry and launching new services with adequate compatibility and feasibility. Also, the leading companies focus on testing their services to avoid bugs and errors while actual utilization.
Companies Profiled in the Cloud Gaming Market Share Report:
- Google Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Amazon Inc. (U.S.)
- Tencent (China)
- Sony Corporation (Japan)
- Electronic Arts, Inc. (U.S.)
- NVIDIA Corporation (U.S.)
- Broadmedia Corporation (Japan)
- Intel Corporation (U.S.)
- Blacknut (France)
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Major Points of Table:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Cloud Gaming Key Players Market Share Insights and Analysis, 2021
- Global Cloud Gaming Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Device (USD)
- Smartphone
- Laptop/Tablets
- PC
- Smart TV
- Consoles
- By Streaming Type (USD)
- Video Streaming
- File streaming
- By End-User (USD)
- Casual Gamers
- Avid Gamers
- Hardcore Gamers
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Cloud Gaming Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Device (USD)
- Smartphone
- Laptop/Tablets
- PC
- Smart TV
- Consoles
- By Streaming Type (USD)
- Video Streaming
- File streaming
- By End-User (USD)
- Casual Gamers
- Avid Gamers
- Hardcore Gamers
- By Country (USD)
- United States
- By End-User
- Canada
- By End-User
- United States
- Latin America Cloud Gaming Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Device (USD)
- Smartphone
- Laptop/Tablets
- PC
- Smart TV
- Consoles
- By Streaming Type (USD)
- Video Streaming
- File streaming
- By End-User (USD)
- Casual Gamers
- Avid Gamers
- Hardcore Gamers
- By Country (USD)
- Brazil
- By End-User
- Mexico
- By End-User
- Rest of Latin America
- Brazil
- Europe Cloud Gaming Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Device (USD)
- Smartphone
- Laptop/Tablets
- PC
- Smart TV
- Consoles
- By Streaming Type (USD)
- Video Streaming
- File streaming
- By End-User (USD)
- Casual Gamers
- Avid Gamers
- Hardcore Gamers
- By Country (USD)
- United Kingdom
- By End-User
- Germany
- By End-User
- France
- By End-User
- Rest of Europe
- United Kingdom
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