Cloud gaming Market Expected to Reach $21.95 Billion by 2030

According to a recent report published by Allied Market Research, titled, Global Cloud Gaming Market “Offering, Device Type and Solution: Global Opportunity Analysis and Industry Forecast, 2021-2030,” The global cloud gaming market size was valued at $244 million in 2020, and is projected to reach $21,954 million by 2030, registering a CAGR of 57.2% from 2021 to 2030.

With the rapid rise in mobile gaming in the last five years, smartphones are going to gain a significant amount of cloud gaming market traction in the coming years. One of the perks of this technology is its cost-effectiveness. It is way too expensive to constantly upgrade the consoles and PCs to uphold the game performance. It requires extra spending for up-gradation of consoles and customization of PCs, but with cloud gaming, it requires either a laptop, a 5G device, or a smart TV. This has provided the feasibility to a new class of gamers, as it opens the possibility for more casual gaming for a fraction of the price.

In 2020, the global cloud gaming market share was dominated by the smartphone, and is expected to maintain its dominance in the upcoming years. With the rapid rise in mobile gaming in the last five years, smartphones are going to gain a significant amount of market traction in the coming years. One of the perks of this technology is its cost-effectiveness. It is way too expensive to constantly upgrade the consoles and PCs to uphold the game performance. 

Within the market, HMD segment is estimated to emerge as fastest growing segment, there has been a significant increase in the investments toward the development of HMDs, and in the use of such devices in various applications worldwide. The investments in the HMD market have been huge, and investors have been keen to invest in companies that have proved the worth of their technologies and products in the last few years.

The cloud gaming market has been benefitting positively from the COVID-19 induced restrictions and lockdowns. According to a report published by SAGE Journals, time spent on playing video games went up by more than 71% during the COVID-19 lockdowns. This helped the global cloud gaming market to prosper during the period. Reuters reports that cloud gaming platforms had more than 932 million users in 2020, this number is expected to grow further in coming years and promises strong growth opportunities for the cloud gaming industry in the near future.

Key Findings of the Study

• By offering, in 2020 the infrastructure is estimated to be the major shareholder. However, gaming platform services is expected to witness highest growth rate during the forecast period.
• On the basis of device type, the smartphone accounted for the highest revenue in 2020, however, the HMD segment is expected to witness highest growth rate during the forecast period.
• On the basis of solution, the video streaming segment accounted for the highest revenue in 2020, however, the file streaming segment is expected to witness highest growth rate during the forecast period.
• Region wise, the cloud gaming market analysis was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

Some of the key companies mentioned within the cloud gaming industry are Amazon Luna, Blacknut, Google LLC, Microsoft Corporation, NVIDIA Corporation, Shadow, Sony Group Corporation, Tencent, Ubitus K.K., Vortex (RemoteMyApp Sp. z o. o.