According to a report, “Cloud Gaming Market Size, Share & Trends Analysis Report By Type (File Streaming, Video Streaming), By Device (Smartphones, Tablets, Gaming Consoles), By Gamer Type, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global cloud gaming market is anticipated to grow at a CAGR of 47.9% during the forecast period. Gaming is typically regarded as in-home activity, which includes a steady stream of headlines has is flourishing during the ongoing COVID-19 pandemic.
Cloud-based gaming is providing startup companies a huge opportunity to take on the might of the market giants. Electronic Arts (NASDAQ: EA) stock has suffered loss lately, but Activision Blizzard (NASDAQ: ATVI) is widely accepted by investors as its trade nears the highest in the past five years.
The market is also driven by the global spread 5G technology which is expected to change the face of cloud gaming infrastructure. Youth are hooked on internet-based gaming. Superior connectivity and lifelike graphics endearment has solved the previous challenges of lag and buffering. Console makers, YouTubers, gaming platforms, e-Sports companies, niche gamers, and several others are striving to grab on to this opportunity to strengthen their foothold in the market.
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Companies are adopting mergers & acquisitions, collaborations, and strategic partnerships to expand market proliferation. Amazon entered the business with its mergers & acquisition of Twitch in 2014. While the online gaming market has proposed limitless opportunities for a global players, Apple (Arcade) and Alphabet (Stadia) are now preparing themselves to fancy the television audiences worldwide with their cutting edge applications.
- COVID-19 lockdown is taking Esports to the next level and has boosted user engagement with their video gaming solutions. The global is thriving, despite the extensive prevalence of economic disruption due to the coronavirus. Social distancing practices have reduced business and consumer activities and cloud gaming applications offer an engaging distraction for the individuals at home considering social interaction. Primary data has demonstrated huge growth in sales and playing time since the initiation of lockdowns in March 2020.
- Social actions aside, the COVID-19 consequence on gaming has been a massive expansion of the audience available to commissioners. However, with the booming gaming industry, the ongoing crisis is making temporary delays in the manufacturing of gaming hardware by factories, thus generating supply chain interruptions. Additionally, industry players are preparing for an efficiency loss as more employees are working remotely. Developers like Nintendo, Esports, Amazon, Square Enix, and Sony are facing difficulties. Other players appear to have revised and adapted quickly with the new normal, with the makers of Fortnite called Epic Games is still deploying regular patches and updates games. Recent expansions is set to inch Esports towards the mainstream industry. The pandemic has accelerated existing trends in the gaming sector.
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Further findings from the report suggest:
- The video streaming segment accounted for a share of over 55% of revenue in 2019. This demand can be attributed to the rising need for better hardware devices. Moreover, video streaming allows gamers on any platform and remotely via the Internet.
- The gaming consoles dominated the overall market, accounting for a revenue share of 50% in 2019. Benefits such as high-end displays and sound systems, which offer an improved experience to users, are projected to drive consoles demand during the analysis timeline.
Gamer Type Insights
The casual gamers segment dominated the market with a revenue share of over 50% in 2019 and is further expected to maintain its dominance over the forecast period. This is attributable to the cost-effectiveness and convenience offered by cloud gaming. Furthermore, continuous enhancements in 5G network services and the introduction of 5G smartphones are expected to increase the demand for cloud gaming among casual gamers over the forecast period. Based on gamer type, the market has been segmented into casual gamers, avid gamers, and lifestyle gamers.
The growing popularity of eSports tournaments across the globe and rising number of eSports competitions that offer millions of prize money to the winners are driving the growth of the casual gamers segment over the forecast period. For instance, in July 2019, Epic Games organized the Fortnite World Cup, in which over 40 million players participated. The company announced USD 3 million prize money for solo and duo winners. The majority of the population is quarantined in the wake of the Covid-19 outbreak, which has increased the number of casual gamers globally, thus contributing to the segment growth.
- Amazon Web Services Inc.
- Apple, Inc.
- Electronic Arts, Inc.
- Google Inc.
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- NVIDIA Corporation
- Sony Interactive Entertainment LLC
- Ubitus Inc.
Cloud Gaming Market Segmentation
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)
Cloud Gaming Device Outlook (Revenue, USD Million; 2016 – 2027)
PCs & Laptops
Cloud Gaming Gamer Type Outlook (Revenue, USD Million; 2016 – 2027)
Cloud Gaming Regional Outlook (Revenue, USD Million; 2016 – 2027)
The Middle East & Africa
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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