Cloud Gaming Market Poised for 22.6% CAGR Surge, Targeting US$ 6.62 Billion by 2034: Fact.MR Report

Rockville, Feb. 13, 2024 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Cloud Gaming Market, estimated at US$ 863.5 million in 2024, is projected to expand at a CAGR of 22.6% from 2024 to 2034.

Some of the key reasons driving market growth include the rising number of startups producing realistic games, increasing popularity of cloud gaming services that use gaming analytics to track player activity, and ever-growing demand for online video games.

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Key Segments of Cloud Gaming Market Research Report        

Cloud gaming is a new technology in the gaming business that enables users to stream top-tier games across portable devices with fast network connectivity, like laptops, tablets, and mobile phones. This eliminates the need for regular hardware upgrades for gaming consoles, PCs, and laptops. These elements are projected to contribute to market expansion. Adoption of cloud computing in the gaming sector is forecasted to enhance player engagement to a great extent.

Key Takeaways from Market Study

• The global cloud gaming market is set to reach US$ 863.5 million in 2024.
• Demand for cloud gaming solutions is forecasted to increase at a CAGR of 22.6% from 2024 to 2034.
• The market is projected to reach US$ 6.62 billion by 2034-end.
• North America is forecasted to hold 38.5% share of the global market by 2034.
• The casual gamers segment is forecasted to expand at a CAGR of 23% from 2024 to 2034.
• The market in East Asia is projected to expand at a CAGR of 22.9% through 2034.

“The market is exhibiting a surge in demand for online video games, accompanied by a rise in both casual and professional gamers. This trend, combined with substantial growth in the gaming industry, is bolstering cloud gaming market expansion. Additionally, the increasing presence of start-ups offering immersive, creative, and culturally rich games is contributing positively to the market dynamics,” says a Fact.MR analyst.

Strategic Investments in Expanding Cloud Infrastructure and Services

Increasing prevalence of digital gaming is projected to lead players to adopt cloud gaming for swift downloads and regular upgrades for new video game titles. The trend of businesses focusing on building out cloud data centers that provide better gaming experiences is projected to propel market expansion. Similarly, industry participants are focusing on creating cutting-edge cloud gaming solutions to draw in a wider clientele.

• For example, between 2011 and 2020, Amazon Web Services, Inc. invested US$ 35 billion in its cloud data centers located in Virginia. Cloud data centers allow businesses to provide their consumers with a smooth, low-latency gaming experience.

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Driving Forces and Expansion Trends in the US Gaming Industry

The thriving eSports scene spanning multiple countries in the region is attributed to fueling the gaming sector in the nation. Cloud gaming has gained significant traction in the United States, eliminating the need for players to download games, thus enhancing accessibility and popularity.

According to a survey by the Entertainment Software Association (ESA), the number of video game enthusiasts in the United States surged from 214.4 million in 2020 to 226.6 million in 2021. Among them, 38% fall within the age bracket of 18 to 34, with 20% of games tailored for younger audiences.

Market projections indicate that the presence of major corporations offering innovative cloud gaming solutions at competitive subscription rates will drive further expansion in the industry.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the cloud gaming market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on device (smartphones, tablets, gaming consoles, PCs & laptops, smart TVs, head-mounted displays), type (video streaming, file streaming), and gamer type (professional gamers, casual gamers), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Checkout More Related Studies Published by Fact.MR Research:

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Mobile and Handheld Gaming Market: The global mobile and handheld gaming market size is on track to reach US$ 9,660.1 million in 2024. The market is poised for rapid growth, with an extraordinary compound annual growth rate (CAGR) of 13.8% projected through 2034.

Cloud Access Security Brokers Market: Application of cloud access security brokers for getting improved visibility and effective control over user activities as well as sensitive data are some of the other factors driving the growth of the cloud access security brokers market.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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