Cloud Gaming Market size was valued at USD 1.62 billion in 2023 and is likely to reach USD 197.52 billion by 2036, registering around 44.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of cloud gaming is estimated at USD 2.2 billion. The growth of the market can be attributed to the growing trend of e-gaming, along with increasing prevalence of gaming as a profession. Increasing use of electronic devices, such as, mobile phones, tablets, laptops and others, along with rising popularity of online and cloud gaming among the youth, are anticipated to primarily drive the market growth.
Moreover, growing global internet accessibility to support online gaming, coupled with constant advancements in the cloud computing technology are estimated to boost the market growth. According to the statistics by the World Bank, in 2019, 56.727% of the total population used internet globally. Escalating use of smartphones, along with technologies, such as, virtual reality (VR), augment reality (AR), and mixed reality, are projected to further strengthen the market growth.
Growth Drivers
Challenges
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
44.7% |
|
Base Year Market Size (2023) |
USD 1.62 billion |
|
Forecast Year Market Size (2036) |
USD 197.52 billion |
|
Regional Scope |
|
The market is segmented by device type into smartphones, tablets, gaming consoles, and others, out of which, the smartphones segment is anticipated to hold the largest share in the cloud gaming market over the forecast period on account of increasing production and sales of smartphones, leading to vast reach and availability of these phones. In 2019, over 1.5 billion smartphones were sold worldwide. Moreover, the increasing popularity for mobile devices has resulted in reduced costs for these phones, which has made cloud gaming available for a larger consumer base. Furthermore, various attractive features of smartphones, including, HD display, sound quality, live chat, and voice recognition, are estimated to boost the segment growth.
Our in-depth analysis of the global market includes the following segments:
|
By Device Type |
|
|
By Solution |
|
|
By End-User |
|
On the basis of geographical analysis, the cloud gaming market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific industry is anticipated to hold largest revenue share by 2036, on the back of growing adoption of online-gaming and digital gaming amongst youngsters, improvement in internet connectivity, and technological advancement in the region. Moreover, the large share of young population, which is the primary consumer target for e-sports, is estimated to further promote the growth of the market in the region. According to the data by the World Bank, 27.582% of the total population of South Asia aged below 15 years of age in 2020.
The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of efficient internet and cloud technology in the developed countries, along with rising adoption of new technology in the region. Additionally, development of new games, and presence of major cloud-based service providers, coupled with rising prevalence of cloud gaming, are estimated to boost the regional market growth.
August 18, 2021: Ubitus K.K. launched new Metaverse to its already popular cloud gaming platform power monoAI XR CLOUD for cross-platform and cross-device deployment.
April 21, 2021: Vodafone launched its cloud gaming platform, GameNow, for Android phones, iOS phones and PCs with Vodaphone cellular network.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?