According to Market Research Future, the cloud gaming market is likely to attain a significant growth amid COVID 19 pandemic, recorded to be 24.6% CAGR during the forecast period of 2016-2023 owing to some of the influential factors effecting actively. At this growth rate, the market will gather a value of 3,806.52 million in the same timeframe.
Top Giant Players of Global Cloud Gaming Market are listed as:
Game Fly (U.S.), Sony Corporation (Japan), Google, LLC (U.S.), Ubitus Inc. (U.S.), Nvidia Corporation (U.S.), PlayGiga (Spain), Playkey (U.S.), Microsoft Corporation (U.S.), Tsinghua Tongfang Co., Ltd (China), Cirrascale Corporation (U.S.), Zynga, Inc. (U.S.), and Hatch Entertainment Ltd (Finland).
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Top Impacting Factors:
The worldwide cloud gaming market is on track to create higher sales of the services with the advent of 5G technology. This technology has marked a new beginning in the connectivity landscape and brought a considerable fundamental shift in the gaming industry. MRFR finds that countries around the world are investing heavily in 5G technology to gain broader microeconomic advantages. Countries such as the U.S., China, South Korea, and Japan have made significant strides toward bolstering the 5G infrastructure. The 5G technology is a next-generation wireless technology that can facilitate faster data transmission speeds. As the cloud gaming platform requires high transmission speeds of 10 Mbps, the employment of the 5G infrastructure serves as a critical enabling factor, thus, allowing companies to launch advanced platforms of gaming globally. These factors have strongly affected the growth mechanism of the cloud gaming market, resulting in high growth in recent years.
The 5G technology has also effectively dealt with various latency issues, offering users a seamless gaming experience as well as promoting the usage of cloud gaming platforms. Early reports show that some cloud gaming platforms have dropped since launch. This may be linked to the technical aspects of cloud gaming. In the case of point, Stadia struggled with a steady flow of technical scale since its launch, while GeForce Now had licensing issues with publishers. But, after a while, cloud gaming’s worldwide success was noticed with the availability and adoption of 5G networks. The deployment of 5G became the reason behind the cloud gaming market’s growth and reflected high revenue scenarios all over the world.
In the current time, new stakeholders are consistently entering the cloud gaming market as well as recognized players want to emerge as leaders in the post-COVID era, are taking the impact analysis seriously. This scenario is also motivating the market to witness new growth aspects during the forecast period, especially global lockdown.
Segmentation of Market:
The cloud gaming market has been segmented in terms of type, gaming system, deployment, and end-user.
In terms of type, the cloud gaming market has included video streaming and file streaming. The video streaming segment grabbed the larger market share back in 2018, with a value of 853.87. In the current time, the file streaming segment might register a higher CAGR of 28.11% during the forecast period.
In terms of deployment, the market has been categorized into private, hybrid, and public clouds. The private cloud grabbed a value of USD 544.76 million back in 2018. Whereas now, the hybrid might exhibit the highest CAGR.
Gaming system-based segmentation has comprised Remote Play, G-Cluster, StreamMyGame, PlayStation, Steam in-home streaming. The steam in-home streaming segment grabbed the largest market share back in 2018. Now StreamMyGame segment might register a 21.25 % CAGR.
The end-user segment has included serious gamers, casual gamers, and social gamers. The social gamers segment grabbed the largest market share in 2018, and the serious gamers segment might register the highest CAGR of 28.17% during the forecast period.
The Asia Pacific cloud gaming market is predicted to expand at a CAGR of 46% and more from 2019 to 2025 owing to the rising number of 5G infrastructure development initiatives in the region. In the case of point, the significant south Korea-based telecom providers, LG Uplus, Korea Telecom, and S.K. Telecom, launched 5G mobile networks nationwide in April 2019. The expanding adoption of Smartphones & gaming consoles and frequently swelling online population have created numerous opportunities to stimulate the size of the market. In fact, the cost-effective nature of cloud gaming platforms is encouraging its usage across various new customer classes.
Europe recorded over 34% share in 2018 owing to the existence of a large number of gaming enthusiasts and high penetration of gaming consoles such as PlayStation and Xbox. The companies functioning in the landscape are introducing their product offerings in countries of the UK, France, Germany, and the Netherlands concerning the incidence of robust and high-speed connectivity architecture in the region.
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