SAN FRANCISCO, Feb. 3, 2021 /PRNewswire/ -- The global cloud gaming market size is expected to reach USD 7.24 billion by 2027, according to a new study by Grand View Research, Inc. It is anticipated to register a compound annual growth rate of 48.2% from 2021 to 2027. Developments in the cloud technology have enabled the rapid distribution of cloud gaming models. Cloud gaming gives users remote access to interactive games as well as enables streaming videos over the internet. It also allows devices to smoothly run various high-quality next-generation games with lower computational power. These factors are anticipated to drive the cloud gaming market growth over the forecast period.
Key suggestions from the report:
- The file streaming segment is expected to register the highest CAGR over the forecast period, as file streaming enables vendors to offer an enhanced and seamless gaming experience to users despite the lower internet speeds
- The introduction of 5G and the convenience of smartphones, which facilitate seamless cloud gaming, are anticipated to drive the growth of the smartphone segment
- The avid gamers segment is anticipated to record a considerable CAGR over the forecast period. The rise in competitive and immersive gaming on mobile devices is anticipated to drive the segment growth
- North America is anticipated to record remarkable growth from 2021 to 2027. This is attributable to the rising penetration of high-speed internet and the increasing number of gamers in the region.
Read 120 page research report with ToC on "Cloud Gaming Market Size, Share & Trends Analysis Report By Type (File Streaming, Video Streaming), By Device, By Gamer Type, By Region, And Segment Forecasts, 2021 - 2027" at:https://www.grandviewresearch.com/industry-analysis/cloud-gaming-market
Factors such as, the rising investments in 5G technology and access to numerous games on cloud at affordable prices are also expected to contribute to the market growth. Furthermore, market players are observed partnering with telecom companies to deliver cloud gaming services globally. For instance, in January 2020, Microsoft Corporation partnered with SK Telecom Co., Ltd. to expand the reach of its Project xCloud Preview, a game streaming solution in South Korea.
Increased demand has been witnessed for cloud gaming as an educational tool in the educational sector as it increases student motivation, intellectual and social skills, and concentration. Cloud gaming offers a library of the latest and graphically advanced games and minimizes license requirements. Moreover, the wide potential for cloud gaming possibilities in an educational environment is now being realized, thus driving the demand for gaming content in the educational sector over the forecast period.
Key market players are focused on offering new products & solutions and adopting mergers & acquisitions, partnerships, and collaboration strategies to remain competitive in the market. For instance, in March 2020, Tencent signed a partnership with Huawei Technologies Co., Ltd. to set up a laboratory for developing a cloud gaming platform called GameMatrix in China. Through the partnership, the company aims to leverage Huawei's computing power to build its gaming platform.
Grand View Research has segmented the global cloud gaming market based on type, device, gamer type, and region:
- Cloud Gaming Type Outlook (Revenue, USD Million, 2016 - 2027)
- File Streaming
- Video Streaming
- Cloud Gaming Device Outlook (Revenue, USD Million, 2016 - 2027)
- Smartphones
- Tablets
- Gaming Consoles
- PCs & Laptops
- Smart TVs
- Head-Mounted Displays
- Cloud Gaming Gamer Type Outlook (Revenue, USD Million, 2016 - 2027)
- Casual Gamers
- Avid Gamers
- Lifestyle Gamers
- Cloud Gaming Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
List of Key Players of Cloud Gaming Market
- Amazon Web Services Inc.
- Microsoft Corporation
- Intel Corporation
- Apple, Inc.
- Google Inc.
- International Business Machines Corporation
- Ubitus Inc.
- NVIDIA Corporation
- Sony Interactive Entertainment LLC
- Electronic Arts, Inc.
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- 5G Services Market - The global 5G services market size is estimated to reach USD 41.48 billion by 2020 and expand at a compound annual growth rate (CAGR) of 43.9% from 2021 to 2027.
- Video Game Market - The global video game market size was valued at USD 151.06 billion in 2019 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.9% from 2020 to 2027.
- Video Streaming Market - The global video streaming market size was valued at USD 42.60 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 20.4% from 2020 to 2027.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
