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 or gaming on demand enables users to play video games on any device without hardware installations. It allows users to stream and play games hosted on remote servers. This reduces the need for expensive gaming consoles and high-end PC configurations.
Market key trends:
One of the key trends in the cloud gaming market size is the growing popularity of mobile gaming. The availability of cloud gaming on mobile platforms has increased accessibility and flexibility for users to play games on the go through their smartphones and tablets. As internet connectivity and cloud infrastructure continue to strengthen across major regions, more users can take advantage of cloud gaming services through their mobile devices without hardware limitations. This is expected to drive significant growth in the cloud gaming market over the forecast period.
SWOT Analysis
Strength: Cloud gaming eliminates the need for expensive hardware and low latency requirements. This allows low-cost and universal access to the latest AAA games anytime, anywhere.
Weakness: High-speed internet connections with low latency are still not universally available, especially in less developed areas. This can negatively impact the gaming experience.
Opportunity: Growing interest in game streaming services and 5G rollout expanding high-speed internet access present an opportunity for further market growth.
Threats: Dependence on internet connectivity and cloud infrastructure out of user control can impact the gaming experience. Subscription fatigue from multiple competing services is also a threat.
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 availability of high-speed internet worldwide. North America currently dominates the market due to widespread high-speed internet availability and strong tech infrastructure. Growing interest in e-sports and game streaming also contributes to market growth in the region.
Regional analysis: Asia Pacific is expected to be the fastest growing region in the cloud gaming market during the forecast period. This can be attributed to ongoing investments and deployments toward expanding high-speed internet access, especially 5G networks, in major APAC countries like China and India. An exponentially growing young tech-savvy population also drives market growth.
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. Major players are focusing on expanding their cloud gaming infrastructure and content libraries to better compete in this emerging market.
