April 24, 2024

Cloud Gaming Market Growth Accelerated by Increased Adoption of Cloud Services

The technology has gained immense popularity as it provides seamless accessibility to high-end games on low-spec devices through cloud computing. cloud gaming solutions offer instant access to an extensive library of games through subscription services with cross-device accessibility.

The global Cloud Gaming Market is estimated to be valued at US$ 591.53 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increased adoption of cloud services and 5G connectivity has accelerated the growth of the cloud gaming market. 5G network provides low latency and high bandwidth required for seamless cloud gaming experience. Major telecom operators are heavily investing in deploying 5G infrastructure globally. For instance, in 2021 Verizon announced expanding its 5G nationwide network coverage to reach more than 230 million people across the United States. Furthermore, growing preference for renting or subscribing to cloud gaming services instead of purchasing hardware or software has boosted the demand. Cloud gaming service providers offer access to a vast library of games through a monthly subscription at affordable prices without requiring high-end PCs or consoles.

Segment Analysis
The global cloud gaming market can be segmented based on device type, gamer type, and gaming system. Among them, the smartphones segment dominates due to wider adoption of smartphones and availability of high speed internet access on mobile networks. Games played on smartphones over cloud systems allow users to have console-like experience on mobile devices.

Key Takeaways
The Global Cloud Gaming Market Size is expected to witness high growth.

The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to strong growth in mobile gaming industry in emerging economies like China, India and Southeast Asian countries and increasing penetration of high speed internet networks in rural areas.

Key players operating in the cloud gaming market are Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it