As per the latest report by IMARC Group, titled “Cloud Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global cloud gaming market size reached US$ 865.8 Million in 2021. Also known as game streaming or gaming-as-a-service, cloud gaming is a type of web gaming that enables users to rely on internet streaming for playing games instead of downloading them onto their devices. It does not utilize the space available on the internal hardware to power the games but requires a paid subscription for accessing the gaming content. The objective of cloud gaming is to make high-end gaming experience simpler and affordable for users. It helps developers in upgrading their games without taking into consideration the capabilities of users’ devices. At present, the demand for cloud gaming is escalating around the world as it does not require investments or upgrades of expensive hardware.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cloud Gaming Market Trends:
5G refers to a next-generation wireless technology that helps in faster data transmission speeds. Its advent has completely changed the connectivity landscape and introduced a fundamental change in the gaming industry. Currently, countries such as the United States, China, Japan and South Korea are undertaking numerous initiatives to improve the 5G infrastructure. As cloud gaming requires high transmission speeds, these factors collectively are strengthening the market growth. Apart from this, the high prices of gaming systems are preventing their adoption. Moreover, most of the users do not have access to computer systems that can handle the requirements of the AAA level games at acceptable quality. This is projected to escalate the demand for cloud gaming in the upcoming years. Owing to these factors, the market value is expected to reach US$ 9,439.9 Million by 2027, expanding at a CAGR of 48.3% during the forecast period (2022-2027).
- Based on the device type, the market has been segmented into smartphones, smart TVs, consoles, tablets and PCs.
- On the basis of the genre, the market has been segregated into adventure/role-playing games, puzzles, social games, strategy, simulation and others.
- The market has been analyzed on the basis of technology into video and file streaming.
- Based on the gamers, the market has been bifurcated into hardcore and casual gamers.
- Region-wise, Asia Pacific enjoys the leading position in the market. Other major regions include Europe, North America, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Utomik B.V., Nvidia Corporation, Numecent Holdings Ltd., RemoteMyApp Sp. Z O.O., Parsec Cloud, Inc., Paperspace, LiquidSky Software, Inc., Simplay Gaming Ltd., Ubitus Inc., Microsoft Corporation, Sony Corporation, Amazon Web Services (Amazon.com Inc.), Google LLC, International Business Machines (IBM) Corporation, Samsung Electronics Co. Ltd., GameFly Holdings, LLC and CiiNow, Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal