Westford USA, June 19, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the cloud gaming market will attain a value of USD 20940 million by 2031, with a CAGR of 45.8% during the forecast period (2024-2031). Cloud gaming has redefined the gaming industry with its introduction of online gaming without the need for hardware. This innovation has resonated with gamers across the world and allows them to spend and worry less on hardware as well as about the fact that their hardware can support new games with every new release. It has improved the quality of games in terms of easy access and affordability. Cloud gaming also helps the players to build their personal library of games, offer them the chance to save their progress, and gain instant access to their accounts.
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Browse in-depth TOC on "Cloud Gaming Market"
- Pages - 157
- Tables - 90
- Figures – 76
Cloud Gaming Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 1020 Million |
| Estimated Value by 2031 | $ 20940 Million |
| Growth Rate | Poised to grow at a CAGR of 45.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Device, Gamer Type, Deployment, Offering, Gaming System |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing Popularity of Social Media Games |
| Key Market Drivers | The Low-Latency Capability of 5G Technology |
Console Gaming Leads the Market by Offering Affordability and Convenience
A major market revenue share of nearly 50% in the cloud gaming market is represented by the console gaming segment due to its affordability and convenience compared to gaming on computers. Console gaming provides more accessibility as the controllers are more user-friendly including 4K resolution output. Along with that, the rising disposable income also contributes to the segments' growing popularity. This segment attracts many modern gamers looking for immersive gameplay.
Smartphones To Be the Fastest Growing Segment Due to Their Rapid Adoption Among the Consumers.
Smartphone segment is growing at a rapid pace and contributing more than 10% of the market revenue share and is expected to be the fastest growing segment in the next coming years. The rapid expansion of smartphones due to their easy affordability and portability has been a dominant factor in the growth of the market, since most consumers own more than one smartphone device. Along with that, the addition of in-app purchasing and subscription model in premium gaming applications among other monetization strategies is further keeping up the growth of this market.
Growing Adoption of Cloud Infrastructure makes Asia Pacific Dominate the Cloud gaming Market
The biggest market for cloud gaming in the world is the Asia-Pacific region. The region has been able to dominate the market due to the growing acceptance of cloud infrastructure, which provides easy access to a wide range of computing, storage, and communication resources at a lower cost and much more reliability. The cloud gaming services are one of the quickest-growing branches of this region’s fast-growing cloud computing sector, with many applications ready to harness its capabilities. Cloud-based game operations and development is scheduled for further expansion, specifically targeting mobile games.
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Cloud Gaming Market Insights:
Drivers
- Low-Latency Capability of 5G Technology
- Rise in Availability of Streaming Services
- Increased Internet Penetration and Speed
Restraints
- Latency and Response Issues
- Data Privacy and Security
- High Data Consumption
Prominent Players in Cloud Gaming Market
The following are the Top Cloud Gaming Companies
- Google Inc.
- Microsoft Corporation
- Amazon Inc.
- NVIDIA
- Tencent
- IBM
- Samsung Interactive Entertainment
- Blade
- Shadow
- Parsec
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Key Questions Answered in Cloud Gaming Market Report
- What was the value of global cloud gaming market in 2023?
- What are the drivers of the global cloud gaming market?
- What is the key market trend in global cloud gaming market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of cloud gaming market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the cloud gaming market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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