The cloud gaming market is estimated to be valued at USD 306 million in 2019 and is projected to reach USD 3,107 million by 2024, at a CAGR of 59.0%
NEW YORK, Jan. 21, 2020 /PRNewswire/ --
Cloud gaming market projected to grow at 59.0% CAGR during 2019–2024
The cloud gaming market is estimated to be valued at USD 306 million in 2019 and is projected to reach USD 3,107 million by 2024, at a CAGR of 59.0%. Commercialization of 5G, rise in a number of gamers, and upsurge of immersive and competitive gaming on mobile are among the major driving factors for the growth of the cloud gaming market. An increase in the number of internet users is also expected to fuel the growth of the cloud gaming market.
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Gaming platform service to account for largest share in cloud gaming market during forecast period
Conventional consoles and PCs require regular up-gradation to play games, which leads to additional expenses.Gaming platform service is gaining more traction as it provides direct streaming of games to the user's personal computer (PC), smartphones, tablets, or consoles with the help of remote servers.
This approach bypasses the requirement to purchase additional gaming hardware devices and allows users to play various resource-intensive games irrespective of the specifications of their devices.
Smartphones to witness highest growth for cloud gaming in coming years
Smartphones have been a significant contributor to the accelerated growth of the games market.In the current scenario, cloud gaming is facing issues such as bandwidth, video compression, and latency.
Bandwidth is an unavoidable factor when looking at cloud gaming on a large scale as it requires a huge amount of data transmitted in a short span of time.The advent of 5G promises to change the game by increasing speeds and reliability, making room for cloud gaming.
With 4G, the latency is around 50 milliseconds, which makes smooth gameplay extremely challenging due to lags, whereas, 5G has a latency of 1-4 milliseconds.
Video streaming to account for largest share of cloud gaming market during forecast period
Video streaming renders all graphics, compresses resulting in videos and streams to the clients in the cloud on remote CPUs/GPUs. It does not require high computing power on the device to play a game that acts as a major driver video streaming in the cloud gaming market.
Casual gamer segment is expected to grow at highest CAGR in cloud gaming market from 2019 to 2024
Commercialization of 5G and introduction of AAA games at a lower cost is expected to be a major driver for the growth of the cloud gaming market for casual gamers. The introduction of 5G-based smartphones will lead to high speed and low latency properties, creating a wider adoption of cloud gaming for casual gamers.
APAC to hold largest share of cloud gaming market during the forecast period
Japan is expected to be a major contributor to the cloud gaming market in APAC.The rising adoption of smartphones & gaming consoles and constantly surging online population have created a plethora of opportunities to spur the size of the market.
In addition, the cost-effective nature of the cloud gaming platforms is promoting its usage across various new customer classes that vary in investing in gaming systems due to their expensive nature.
The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 = 25%, Tier 2 = 45%, and Tier 3 = 30%
• By Designation: C-level Executives = 50%, Manager Level = 30%, and Others = 20%
• By Region: North America = 20%, Europe = 40%, APAC = 30%, and RoW = 10%
The major players in cloud gaming market are NVIDIA (US), Intel (US), Google (US), Microsoft (US), Amazon (US), Advanced Micro Devices (US), Sony (Japan), IBM (US), Tencent (China), Alibaba (China), Jump Gaming (US), Blade (US), Paperspace (US), Vortex (Poland), PlayGiga (Spain), Activision (US), Ubitus (Taiwan), Playkey (US), Loudplay (Russia), Electronic Arts (US), Hatch (Finland), and Blacknut (France).
Research Coverage:
This research report categorizes the cloud gaming based on offering, device type, solution type, gamer type, end-user industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the cloud gaming market and forecasts the same till 2024.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the cloud gaming market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. The report helps stakeholders to understand the value-chain of the cloud gaming market along with recent case studies.
4. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launch, acquisition, collaboration, expansion, and partnership.
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