Cloud Gaming Industry
Independent operation mode of the system and cost-effective when compared with other conventional gaming consoles are major factors driving the market growth.
PORTLAND, OR, UNITED STATES, September 17, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Registering CAGR of 57.2% | The Global Cloud Gaming Market Size Projected to Reach USD 21.95 Billion by 2030.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global cloud gaming market size was valued at USD 244 million in 2020, and is projected to reach USD 21,954 million by 2030, registering a CAGR of 57.2% from 2021 to 2030.
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Advantages such as more affordability as compared to conventional gaming consoles and independent operation mode of technologies drive the growth of the global cloud gaming market. However, high latency issues and the offering of lesser details as compared to traditional gaming platforms hinder the market growth. On the other hand, new-age network evolutions and enhanced security and privacy present new opportunities in the coming years.
The cloud gaming market is segmented on the basis of offering, device type, solution and region. By offering, the market is bifurcated into infrastructure and gaming platform services. By device type, the market is classified into smartphones, tablets, gaming consoles, PC & laptops, smart TV, and HMD. By solution, the market is divided into video streaming and file streaming. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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Based on solution, the video streaming segment accounted for the highest share in 2020, contributing to nearly two-thirds of the total share of the global cloud gaming market, and is projected to maintain its lead position during the forecast period. However, the file streaming segment is estimated to witness the largest CAGR of 59.7% from 2021 to 2030. Based on offering, the infrastructure segment contributed to the highest share in 2020, accounting for nearly four-fifths of the total share, and is estimated to maintain its leadership status during the forecast period. However, the gaming platform services segment is expected to witness the largest CAGR of 58.3% from 2021 to 2030.
Based on region, Asia-Pacific held the highest share in 2020, contributing to more than two-fifths of the total market share, and is estimated to maintain its dominant share by 2030. Moreover, this region is expected to portray the highest CAGR of 58.5% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA. Leading players of the global cloud gaming industry analyzed in the research include Blacknut, Amazon Luna, Microsoft Corporation, Google LLC, Shadow, NVIDIA Corporation, Ubitus K.K., Tencent, Sony Group Corporation, and Vortex (RemoteMyApp) Sp. z o. o.
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Covid-19 Scenario:
● Owing to lockdown restrictions implemented by governments of many countries, the time spent on playing video games increased by nearly 71%. This led to the growth of the cloud gaming market during the pandemic.
● According to the report by Reuters, the number of users for cloud gaming platforms raised to more than 932 million in 2020. This showed a significant rise in market growth.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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