LONDON–(BUSINESS WIRE)–#CommunicationServices–The global cloud gaming market size is expected to grow by USD 2.7 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The high cost of gaming consoles and the need for specific equipment such as physical copies of gaming software are helping to drive the cloud gaming market. Cloud gaming does not require gamers to buy physical copies of games and eliminates the need for regular hardware updates to play the latest games. Moreover, cloud gaming services require lesser waiting time during loading or updating as compared to conventional gaming. In addition, gaming studios tend to offer subscriptions for cloud gaming which results in significant cost savings. Thus, all the cost savings in terms of equipment, and quick onboarding advantages will drive the growth of global cloud gaming market during the forecast period.
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As per Technavio, technological advances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
Global Cloud Gaming Market: Technological Advances
Vendors are incorporating technological advances to cater to the demand for products with features such as 5G network, superior game control, and reduced frame refresh latency. In addition, the availability of advanced controllers including the VR headsets, Bluetooth game controllers, and touchscreens is also expected to improve the gaming experience. The growing deployment of advanced technologies is also driving technology giants including Microsoft, Apple, and Google to enter the cloud gaming market by leveraging 5G game streams to any device. Therefore, technological advances are expected to further drive the global cloud gaming market during the forecast period.
“Rising popularity of service-oriented architecture (SOA), emerging 5G technology, and surging awareness about eSports tournaments will boost the cloud gaming market growth during the forecast period,” says a senior analyst at Technavio.
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Global Cloud Gaming Market: Segmentation Analysis
This market report segments the global cloud gaming market by platform (gaming consoles, computing devices, smart TVs, and mobile devices), type (video streaming and file streaming) and geography (APAC, Europe, MEA, North America, and South America)
North America led the cloud gaming market share in 2019 followed by APAC, Europe, South America, and MEA. The growth of the cloud gaming market in this region can be attributed to the strong presence and penetration of major vendors in the region. In addition, the organization of gaming tournaments and eSports events will also drive the growth of cloud gaming market in North America. Furthermore, the rising adoption of secure cloud services and advanced technologies such as 5G and artificial intelligence in gaming will also drive the cloud gaming market during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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