The global cloud gaming market is set to gain traction from the increasing usage of smartphones. The GSMAi Report, for instance, declared that by 2025, around 80% of people will gain access to smartphones, while in 2019 there were approximately 5.2 billion smartphone connections worldwide. This information is given by Fortune Business Insights™ in a report, titled, “Cloud Gaming Market, 2021-2028.” As per the report, the cloud gaming market size is projected to grow from USD 169.2 million in 2021 to USD 1,861.3 million in 2028 at a CAGR of 40.9% in the forecast period. It stood at USD 121.2 million in 2020.
A List of Renowned Cloud Gaming Providers Operating in This Market:
- Microsoft Corporation (Washington, United States)
- NVIDIA Corporation (California, United States)
- Ubitus Inc. (Tokyo, Japan,)
- Vortex (RemoteMyApp Sp. z o.o.) (Wisconsin, United States)
- Google Inc. (California, United States.)
- Amazon Inc. (Washington, United States)
- Intel Corporation (California, United States)
- Tencent (Shenzhen, China)
- Sony Corporation (Tokyo, Japan)
- Blacknut (Paris)
- Playkey (Massachusetts, United States)
- Loudplay (Dublin, Ireland)
- Apple, Inc. (California, United States)
- Electronic Arts, Inc. (California, United States)
- Hatch Entertainment (Finland)
- Jump Gaming Inc. (California, United States)
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The report studies decisive segments of the cloud gaming industry
containing regions, end-users, technologies, types, and applications. It
elaborates the performance and significance of each segment by taking into
consideration sales volume, growth prospects, revenue share, and demand. In
addition to this, it will help our clients to get a complete picture of the
market size to select the right segment for their businesses.
Drivers
& Restraints-
Increasing Need
to Provide Superior Gaming Quality with 5G will Bolster Growth
Several companies present in the market are currently striving to provide
innovative and immersive gaming experiences to users. They are looking forward
to lower costs and technological barriers for attracting more gamers across the
globe. To do so, they are trying to attain low latency in gaming services. Cloud
gaming is nowadays offering an excellent gaming experience because of the
emergence of 5G technology. In October 2020, for instance, Wipro reported that
several gamers are planning to spend more and switch to the 5G network for
gaining a high-quality gaming experience. However, in some countries, the bandwidth
and Internet connection required for these types of games may not be available.
It is expected to hinder the cloud gaming market growth in the near future.
Read a
Detailed Summary of This Report:
COVID-19
IMPACT-
COVID-19
Pandemic: Demand to Surge Backed by Lockdown & Work-from-home Measures
The COVID-19 pandemic has severely impacted supply chain units and
manufacturing facilities of various industries across the globe. This has
further affected the smooth supply of numerous hardware devices, such as
consoles, laptops, smartphones, personal computers, and smart TVs. But,
lockdown measures and work-from-home measures by government bodies have surged
the demand for cloud-based gaming and digital entertainment services. These
factors are set to propel growth of the market amid the pandemic.
Regional
Insights-
Rising Investment
in Telecom and 5G in China to Help Asia Pacific Dominate
Geographically, Asia Pacific procured USD 45.2 million in 2020 in
terms of revenue. The region is anticipated to remain dominant throughout the
forthcoming years because of the high demand for gaming content, especially in South
Korea, India, Japan, and China. China is anticipated to be the major
contributor because of the increasing investment in 5G infrastructure and
telecom. In Europe, the spurring number of acquisitions, collaborations, and
investments in the cloud gaming industry would bolster growth.
Competitive
Landscape-
Key Players Focus
on New Product Launches and Partnerships to Intensify Competition
The global market for cloud gaming contains numerous players that are constantly
striving to gain a competitive edge by engaging in collaborations and partnerships
with local or renowned organizations. Some of the others are also investing
huge sums in unique games. Below are the two industry developments:
- September
2020: Microsoft
Corp's Xbox is planning to launch a new beta version of its cloud gaming
service on Apple Inc.’s iPads & iPhones and Windows 10 PC’s web browsers. It
will help users to play more than 100 Xbox Game Pass titles.
- April 2020: Electronic Arts
Inc. partnered up with Google to introduce five novel EA games on the latter’s
cloud gaming platform, Stadia. By the end of the year, the company will launch Star
Wars Jedi: Fallen Order™ on this platform.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/cloud-gaming-market-9668
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