Market Overview
The global Cloud Gaming Market is expected to reach $22.53 billion by 2030, with a CAGR of 58.75%. Cloud gaming is a technology that is associated with the gaming industry's future. Cloud gaming is an important component of delivering a consistent gaming experience to all users who are currently using any device without the need for additional hardware setup. There is a growing demand for an innovative and impressive gaming environment, as well as network digitalization and high-speed internet, which is expected to drive market growth.
The demand for low latency, innovative, and impressive gaming environments is one of the major factors driving the growth of the global cloud gaming market. Gamers also expect a seamless experience that does not require any additional hardware setup. Other factors include the introduction of 5G technology, the reduction of technological barriers, and the associated high cost. Furthermore, many market players and telecom providers are attempting to form partnerships and collaborations in order to provide all gamers with a 5G cloud gaming experience.
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Some of the factors limiting the growth of the cloud video game market include the need for low latency networks and high bitrates, as well as the cost of obtaining an internet connection with the necessary bandwidth.
This installation may be expensive and not available in all countries. Other issues include network latency and poor responsiveness. All of these impediments are expected to be introduced in the future when telecom providers begin high-speed connectivity.
Growing affordable internet plans all over the world, as well as investments in 5G technology projects, are factors that boost the opportunities to grow the cloud gaming market. Major market players are attempting to obtain high-speed internet and connectivity, which increases the opportunity e for smartphones and smartphones TVs for gaming. Furthermore, the growing popularity of smartphones is expected to boost interest in cloud-based gaming solutions.
Market Segmentation
The global cloud gaming market is segmented based on device analysis, streaming type analysis, and end-users, and region.
The global cloud gaming market is classified based on the device analysis into laptops/ tablets, smartphones, smart TV, personal computers, and consoles.
Based on the streaming type of analysis the global cloud gaming market is bifurcated into file streaming and video streaming.
Based on the end-users analysis, the global market of cloud gaming is divided into avid gamers, casual gamers, and hard-core gamers.
The market of cloud gaming is divided into five regions, which are North America, Europe, and the Middle East and Africa, Asia Pacific, and Latin America.
As a result, the body unity factors are concluded to be smartphones and smart TV segments, which are potentially expected to grow during the forecasted period.
Because of the demand for gaming content from countries such as China, Japan, India, and South Korea, the Asia Pacific region dominates the market.
The cloud gaming market shares in North America and Europe are expected to grow significantly. Early cloud adoption, high penetration of efficient internet facilities, and rising opportunities from collaborations, acquisitions, and investments are driving growth in the North American and European markets.
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Industry News
With the rise in Cloud gaming users, several related companies perform high capital investments to increase the global market size. Listed below are some of the latest developments in the
Cloud Gaming Market.
• Ubitus Inc. collaborates with Intel Corporation in November 2020 and has announced a new cloud gaming solution for Android. The solution is based on Intel Server GPU, which aids in smoother and more advanced gaming performance.
• Tencent collaborated with Intel Corporation in November 2020. This collaboration intends to deploy the new cloud-based gaming platform named GAmeMAtrix. As part of the collaboration, the company offers more than 100 famous games facilitated by Tencent's high-density and low-powered gaming solution.
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