The global cloud gaming market is expected to register a CAGR of 24.6% and account for a market value of 3,806.52 million in 2023.
Market Boosters and Key Restraints
Emergence of 5G technology has brought a massive revolution in the connectivity landscape, leading to a fundamental shift within the gaming industry. Countries across the globe are making substantial investments in 5G technology with the aim to garner more microeconomic benefits. Countries like U.S., China, Japan and South Korea are making intense efforts with the objective to bolster the 5G infrastructure, knowing that it is a next-generation wireless technology that facilitates quicker data transmission speeds.
Since the cloud gaming technology needs high transmission speeds of more than 10 Mbps, deployment of 5G infrastructure happens to be a prime enabling factor, prompting vendors to launch their platforms across various regions. 5G technology also successfully tackles several latency issues, offering users with a smooth gaming experience and boosting the use of cloud gaming platforms.
Increasing sales of consumer electronics such as laptops, smartphones and personal computers (PCs), along with the rising need for high-speed internet all over the world benefits the mobile gaming industry. This has led to an accelerated demand for cloud gaming to a great extent, stimulating the market growth. On top of this, such gaming platforms allow multiplayer gaming in the same game space, enabling gamers to interact with a huge online gaming audience. As a result, it has gained immense favor among the masses, particularly the online gaming enthusiasts.
The worldwide market for cloud gaming has been dissected with regard to the type, gaming system, deployment and end user.
The types of cloud gaming covered in the report include file streaming and video streaming. The video streaming segment formed the largest market in 2018 and was worth USD 853.87MN, whereas the file streaming segment has the potential to achieve a better growth rate of 28.11% in the following years.
Depending on the deployment segment, the market includes private, public and hybrid cloud. The private cloud was valued at USD 544.76 million in the year 2018 and the hybrid segment was believed exhibit the potential of achieving the highest CAGR during the review period.
Gaming system-wise market segmentation for cloud gaming includes G-Cluster, Remote Play, StreamMyGame, steam in-home streaming, PlayStation, and others. The steam in-home streaming segment led the market in the year 2018, while the StreamMyGame segment was estimated at USD 264.38 million the same year. It is also touted to gain a growth rate of 21.25 % in the years to come.
The end users part of Cloud Gaming Market are serious gamers, social gamers and casual gamers. The social gamers segment dominated the market in the year 2018, while the serious gamers segment is projected to attain a growth rate of 28.17%, which is higher than its counterpart.
The global market for cloud gaming can be regionally divided into Asia Pacific (APAC), the Middle East & Africa (MEA), North America, Europe, as well as South America.
North America shows the highest capacity to attain the top spot in the worldwide market for cloud gaming and can retain its position throughout the forecast period. The rapid surge in cloud computing combined with the expanding population of professional gamers has led the market to great heights in recent years. Moreover, high government investments in this field as well as related technologies, elevated adoption of smartphones coupled with the rising penetration of high-speed Internet can also boost the market demand in the region during the conjectured timeframe.
The APAC market for cloud gaming is also expected to make similar strides and attain a strong growth rate in the ensuing years. Some factors promoting market growth in the region include the increasing number of 5G development initiatives as well as the affordability of the cloud gaming platform, especially among the cost-sensitive gamers.
The top players in the worldwide market for cloud gaming include Game Fly (US), Sony Corporation (Japan), Ubitus Inc. (US), Hatch Entertainment Ltd (Finland), PlayGiga (Spain), Microsoft Corporation (US), Zynga, Inc. (US), Playkey (US), Cirrascale Corporation (US), Google, LLC (US), Tsinghua Tongfang Co., Ltd (China), Nvidia Corporation (US), to name a few.
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