New York, USA, March 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global cloud gaming market is expected to garner a revenue of $55,805.9 million by 2028, growing expeditiously at a CAGR of 45.0% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Cloud Gaming Market
Drivers: Rising popularity of mobile gaming culture among consumers across the globe is expected to drive the growth of the market during the forecast period. In addition, growing internet penetration coupled with the availability of high-speed internet services around the world is further predicted to bolster the growth of the cloud gaming market during the forecast period.
Restraints: High cost of internet connection for the required bandwidth to play games is expected to impede the growth of the market during the forecast period.
Opportunities: Significant surge in the number of gamers across the globe coupled with the growing prevalence of e-sports is expected to create immense opportunities for the growth of the cloud gaming market during the forecast period.
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COVID-19 Impact on the Cloud Gaming Market
The outbreak of COVID-19 has had an outstanding impact on the growth of the global cloud gaming market, owing to the occurrence of lockdowns in various countries across the globe. Governments of various countries around the world imposed stringent social distancing restrictions on the people in order to curb the spread of the virus during the pandemic. This enabled people around the world to incessantly engage themselves in playing video games to socialize with people and kill boredom. It also provided numerous mental health benefits to people as it reduced anxiety and stress among people. Thus, COVID-19 has had a positive impact on the growth of the market.
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Segments of the Cloud Gaming Market
The report has divided the market into various segments based on gaming type, device type, end-user, and region.
Gaming Type: Video Streaming Sub-segment to be Most Profitable
The video streaming sub-segment is expected to garner a revenue of $33,630.0 million during the forecast period. It corroborates for the use of higher-powered GPUs than local devices. This factor is expected to bolster the growth of the global cloud gaming market sub-segment during the forecast period.
Device Type: Mobile Sub-segment to be Most Beneficial
The mobile sub-segment is expected to generate a revenue of $29,721.1 million during the forecast period. Immense data centers are linked to devices and phones via the internet, and hence a number of smartphones run cloud gaming, supporting users with easy access to games. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
End-user: Hardcore Gamers Sub-segment to be Most Lucrative
The hardcore gamers sub-segment is anticipated to register a revenue of $27,179.0 million during the forecast period. A substantial amount of money and time spent by hardcore gamers coupled with persistent improvements in 5G smartphones are expected to drive the growth of the cloud gaming market sub-segment during the forecast period.
Region: North America Region to Dominate the Global Cloud Gaming Market
The North America region is expected to generate a revenue of $22,891.6 million during the forecast period. Increased standard of living among people living in this region is expected to drive the growth of the market. In addition, the presence of cutting-edge technologies along with a massive number of gamers in this region is expected to stimulate the growth of the regional cloud gaming market during the forecast period.
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Key Players of the Cloud Gaming Market
The major players in the Cloud Gaming Market include
- VORTEX
- AMD Cloud Gaming
- Microsoft Corporation
- Ubitus Inc
- Sony Corporation.
- Nvidia
- Amazon Inc.
- Intel Corporation
- Tencent, and many others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth. - Inquire & Get Access to the Key Businesses Development Strategy Report
For instance, in November 2021, Intel Corporation, an American multinational corporation, and technology company headquartered in Santa Clara, California, acquired RemoteMyApp, a Poland-based start-up providing cloud gaming solutions to businesses, in order to maximize Intel’s market share and presence in the global cloud gaming market.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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