New York, USA, April 04, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global cloud gaming market is anticipated to garner a revenue of $55,805.9 million and rise at a CAGR of 45.0% during the estimated timeframe from 2021 to 2028.
As per our analysts, with the rising number of internet users due to the changing socialization and communication patterns of the crowd all around the world, the global cloud gaming market is predicted to experience progressive growth throughout the analysis period. Besides, the increasing availability of high-speed internet and the rising popularity of mobile gaming is further expected to foster the growth of the market during the estimated period. Moreover, the growing demand for reducing the need for consoles and the increasing number of gamers all across the globe is expected to create huge growth opportunities for the market throughout the forecast timeframe. However, the issues with latency and responsiveness may impede the growth of the market during the analysis timeframe.
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Segments of the Cloud Gaming Market
The report has divided the market into segments based on game type, product type, end-use, and region.
Game Type: Video Streaming Sub-Segment to be Most Productive
The video streaming sub-segment is predicted to of $33,630.0 million throughout the forecast period. Video streaming uses high-powered GPUs than local devices and enables users to access the subset of the most recent video frames which is expected to bolster the growth of the market sub-segment over the analysis timeframe.
Product Type: Mobile Sub-Segment to be Most Lucrative
The mobile sub-segment is projected to generate a revenue of $29,721.1 million over the estimated timeframe. This is mainly because most next-generation smartphones can run cloud gaming, allowing users to access games easily. Moreover, the growing popularity of cloud gaming as users seek instant and on-demand gameplay is expected to propel the growth of the cloud gaming market sub-segment during the forecast period.
End-Use: Hardcore Gamers Sub-Segment to be Most Profitable
The hardcore gamers sub-segment is expected to garner a revenue of $27,179.0 million throughout the analysis period. This is mainly because hardcore gamers play games as a hobby and spend money and time on them. In addition, the growing adoption of cloud gaming for hardcore games with the continuous improvements of 5G smartphones is predicted to augment the growth of the market sub-segment over the estimated timeframe.
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North America Region to Hold the Maximum Share of the Market
The North America region of the cloud gaming market is expected to garner $22,891.6 million in revenue throughout the forecast timeframe. This is mainly due to the increasing cutting-edge technologies, strong economic backbone, and affordability of people in this region. In addition, the increasing popularity of free-to-play and mobile games in this region is predicted to drive the regional growth of the market over the analysis period.
Covid-19 Impact on the Cloud Gaming Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries it has had a positive impact on the cloud gaming market. The pandemic has affected every aspect of individual’s life, such as their work life, social world, study environment, and many more. These broad changes make people switch to spending time on their smartphones, such as watching movies, playing video games, and many more to cope with uncertain circumstances and balance their mental health. The rising interest of people across the globe in cloud gaming as home-based entertainment has inclined the growth of the market throughout the crisis.
Key Players of the Market
The major players of the cloud gaming market include
- Intel Corporation
- Sony Corporation
- Tencent
- Amazon Inc
- VORTEX
- Ubitus Inc
- AMD Cloud Gaming
- Microsoft Corporation
- Nvidia
These players are widely working on the development of new business strategies, such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in January 2023, JioGames, a cloud gaming platform that offers an extensive and ever-evolving games catalog for gamers announced its acquisition of Ubitus, a technology leader in deploying cloud-enabled rich media services. With this partnership, Ubitus aimed to provide high-quality gameplay to gamers by eradicating the capacity and computing power limitations of the end-users with the incorporation of the Jio True 5G network.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Cloud Gaming Market:
- 5 Best Cloud Gaming Service Providers in 2022
- Technology Advancements and Acquisitions Among Market Players to Drive the Global Cloud Gaming Market by 2028
