iCrowdNewswire Mar 4, 2021 3:19 PM ET
As per the latest report by IMARC Group, titled “Global Cloud Gaming Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2020-2025,” the global cloud gaming market size reached US$ 980 Million in 2019. 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.
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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$ 3,076 Million by 2025, expanding at a CAGR of 21% during the forecast period (2020-2025).
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Key Market Segmentation:
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.
Market Breakup by Devices Type:
2. Smart TVs
Based on the device type, the market has been segmented into smartphones, smart TVs, consoles, tablets and PCs.
Market Breakup by Genre:
1. Adventure/Role Playing Games
3. Social Games
On the basis of the genre, the market has been segregated into adventure/role-playing games, puzzles, social games, strategy, simulation and others.
Market Breakup by Technology:
1. Video Streaming
2. File Streaming
The market has been analyzed on the basis of technology into video and file streaming.
Market Breakup by Gamers:
1. Hardcore Gamers
2. Casual Gamers
Based on the gamers, the market has been bifurcated into hardcore and casual gamers.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
Region-wise, North America enjoys the leading position in the market. Other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
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