A report by Marker Research Future (MRFR) estimates the global cloud gaming market 2020 to rise at a generous CAGR of 24.6% during the forecast period from 2017 to 2023. At this pace, the opportunities in the worldwide automotive seat market are estimated to swell up with a high valuation of 3,806.52 million by the end of the year 2023.
Top Impacting Factors
The initiation of 5G technology has marked a new beginning in the connectivity landscape and brought an elementary move in the gaming industry. Several countries worldwide are investing in 5G technology to gain wider microeconomic benefits. This is recorded to be one of the essential factors leading the market of cloud gaming to earn more valuation in the forecast period.
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The study also focuses that the global cloud gaming market is mostly led by a rising number of gaming devices and gaming audience. By this, the cloud gaming market might gain a significant thrust in the upcoming years. As cloud gaming refers to accessing and communicating gaming applications that are present on the company’s cloud server, users can access the application with the help of credentials provided by gaming companies. A significant innovation in graphics has inclined gaming all over the world, thus ushering in new growth for the global cloud gaming market.
Furthermore, the cloud gaming market is further likely to ascend majorly owing to the growing proliferation of gaming devices such as televisions, laptops, mobile phones, and tablets. The mounting use of these devices is envisaged to set up a robust base for a radiant future of the cloud gaming market. With this, the increasing availability of superfast internet connectivity, the cloud gaming market might possess high potential in the foreseeable years.
Moreover, a noteworthy decline in the access time of games and reduced cost of game purchases have encouraged cloud servers to be preferred by game manufacturing companies across the world. In fact, the rapidly rising popularity of social media platforms, e-sports promotion, and free play modes are regarded as significant power boosters in the market of cloud gaming.
From the segmental viewpoint of the global cloud gaming market, it has incurred various segments such as type, gaming system, deployment, and end-user.
Among the type segment, the cloud gaming market included video streaming and file streaming. Out of which, the video streaming segment acquired the larger market share in the year 2018 with a value of 853.87, while the file is streaming segment might register a higher CAGR of 28.11% during the assessment period.
Among the deployment, the market has included private, hybrid, and public clouds. The private cloud acquired a market value of USD 544.76 million in the year 2018, whereas the hybrid segment will be exhibiting the highest CAGR.
Among the gaming system segment, the cloud gaming market has included G-Cluster, Remote Play, StreamMyGame, PlayStation, Steam in-home streaming, and more. The steam in-home streaming segment gathered the largest market share back in 2018, while the StreamMyGame segment generated revenue of USD 264.38 million in the same year and might register a 21.25 % CAGR in the future.
Among the end-user, the cloud gaming market included serious gamers, casual gamers, and social gamers. The social gamers segment gathered the largest market share back in 2018, and the serious gamers segment will register the highest CAGR of 28.17% during the forecast period.
Europe, North America, Asia-Pacific, the Middle East & Africa, and South America are the critical regions under which the study has been conducted for the cloud gaming market.
The Asia Pacific cloud gaming market is likely to expand at a CAGR of over 46% from the years 2019 to 2025, in support of the rising number of 5G infrastructure development initiatives. In the case of point, in April 2019, the major south Korea-based telecom providers such as LG Uplus, Korea Telecom, and SK Telecom launched 5G mobile networks nationwide. The mounting adoption of smartphones & gaming consoles, along with continually surging online population, has created a myriad of opportunities for market size to spur.
Europe’s regional market also gathered over 34% of the share in the market back in the year 2018 owing to the existence of many gaming enthusiasts and high penetration of gaming consoles such as PlayStation and Xbox. The companies functional in this market landscape are introducing their product offerings in countries such as France, the UK, Germany, and the Netherlands in support of the presence of robust and high-speed connectivity architecture in the region.
Top Market Contenders
Game Fly (US), Sony Corporation (Japan), Ubitus Inc. (US), Nvidia Corporation (US), PlayGiga (Spain), Playkey (US), Microsoft Corporation (US), Tsinghua Tongfang Co., Ltd (China), Cirrascale Corporation (US), Zynga, Inc. (US), Hatch Entertainment Ltd (Finland) and Google, LLC (US) are the top market investors listed by MRFR in its study.
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