Cloud Gaming is fastest growing segment fueling the growth of the Global Cloud Gaming Market

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Cloud Gaming Market
Cloud Gaming Market

The global Cloud Gaming Market is estimated to be valued at US$ 513.48 Mn in 2023 and is expected to exhibit a CAGR of 42% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Cloud gaming enables gamers to play AAA games on any device without the need for expensive console or gaming PC hardware. It allows users to enjoy high-end graphics intensive games instantly on a wider range of devices through cloud-based servers.

Market key trends:
One of the major trend in the cloud gaming market is the increasing adoption of 5G technology. As 5G delivers faster connectivity speed and lower latency compared to 4G, it is perfect for cloud gaming. 5G networks will help improve graphics and boost the responsiveness of gameplay. This will significantly boost the adoption of cloud gaming as latency issues will be eliminated with 5G network connectivity.

Segment Analysis
The global cloud gaming market size is segmented into gaming type, device type, solution type, and region. Based on gaming type, the market is segmented into casual gaming and serious gaming. The casual gaming segment dominated the market in 2020 owing to the easy accessibility and free-to-play games offered in this segment. Based on device type, the market is segmented into smartphones, tablets, gaming consoles, personal computers & laptops, and smart TVs. Smartphones capture the largest share due to their widespread adoption and affordable prices. In terms of solution type, the market is divided into video streaming and file streaming. Video streaming dominated as it provides better graphics and interaction quality.

Key Takeaways
The global cloud gaming market is expected to witness high growth, exhibiting a CAGR of 42% over the forecast period, due to increasing adoption of smartphones and penetration of high-speed internet.

Regional analysis: North America dominated the market in 2020 with a share of 42% owing to well-developed infrastructure to support the cloud gaming technology. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising digitalization and increasing broadband penetration in countries such as China and India.

Market size: The global cloud gaming market size was valued at US$ 513.48 Mn in 2023 and is expected to reach US$ 3867.96 Mn by 2030 as more people opt for cloud gaming services on the go due to advantages like accessibility, centralization, and pay-per-play options.

Key players: Key players operating in the cloud gaming market are Amazon Web Services Inc., Apple, Inc., Electronic Arts, Inc., Google Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Sony Interactive Entertainment LLC, Ubitus Inc., and others. Microsoft dominates the market owing to its Game Pass which allows users to stream and download games on devices.

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