The cloud gaming market has witnessed significant growth in recent years. Cloud gaming provides an effortless and intuitive gaming experience to users by streaming games over the internet without requiring high-end computers or gaming consoles. It allows gamers to play graphically intensive games on any device with an internet connection such as smartphones, tablets, PCs, and smart TVs.
The global cloud gaming market is estimated to be valued at US$ 591.53 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid increase in the adoption of cloud-based services across various industries has been a major factor driving the growth of the cloud gaming market. Cloud services provide easy access to applications and data from any device with an internet connection. Growing availability of high-speed internet connectivity and increasing popularity of online multiplayer games have boosted the demand for cloud gaming. According to statistics, the average time spent on cloud gaming has doubled from July 2019 to June 2020. Further, millennials are increasingly adopting cloud gaming services which is expected to propel the market growth over the forecast period.
SWOT Analysis
Strength: Cloud gaming provides accessibility of games across devices and platforms. Users can play high graphic games on low spec devices through cloud gaming.
Weakness:Dependence on high-speed internet connectivity for low latency experience. Data usage and charges can be high for long gaming sessions.
Opportunity: Emergence of 5G networks to provide improved connectivity required for cloud gaming. Growing popularity of mobile gaming and expanding application of AR/VR technologies.
Threats: Security and privacy concerns around data storage in the cloud. Traditional game developers and publishers reluctant to shift to cloud platforms.
Key Takeaways
The Global Cloud Gaming Market Size is expected to witness high growth between 2024 to 2031.
The Asia Pacific region is expected to be the fastest growing as well as the dominating region in the global market. Countires like China, Japan and South Korea have seen rising adoption of mobile gaming and proliferation of 5G networks which is driving the demand in the region.
Key players operating in the cloud gaming market are Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics. The increasing investments by these companies as well as new entrants in building cloud gaming infrastructure and partnering with internet service providers is expected to intensify the competition in the market.
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