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Cloud Gaming Market Expected to Observe Significant Growth by 2028, owing to the Growing Popularity of Mobile Gaming Culture Globally
Cloud Gaming Market
According to a report published by Research Dive, the global cloud gaming market is anticipated to garner a revenue of $55,805.9 million and rise at a CAGR of 45.0% during the estimated timeframe from 2021 to 2028.
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Dynamics of the Market
As per our analysts, with the rising number of internet users due to the changing socialization and communication patterns of the crowd all around the world, the global cloud gaming market is predicted to experience progressive growth throughout the analysis period. Besides, the increasing availability of high-speed internet and the rising popularity of mobile gaming is further expected to foster the growth of the market during the estimated period. Moreover, the growing demand for reducing the need for consoles and the increasing number of gamers worldwide is expected to create huge growth opportunities for the market throughout the forecast timeframe. However, the issues with latency and responsiveness may impede the growth of the market during the analysis timeframe.
COVID-19 Impact on the Cloud Gaming Market
Though the outbreak of the COVID-19 pandemic devastated several other industries it had a positive impact on the cloud gaming market. The pandemic affected every aspect of an individual's life, such as their work life, social world, study environment, and many more. These broad changes made people switch to spending time on their smartphones, such as watching movies, playing video games, and many more to cope with uncertain circumstances and balance their mental health. The rising interest of people across the globe in cloud gaming as home-based entertainment inclined the growth of the market throughout the crisis.
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Segments of the Market
The report has divided the global cloud gaming market into segments based on game type, product type, end-use, and region.
By game type, the video streaming sub-segment is predicted to of $33,630.0 million throughout the forecast period. Video streaming uses high-powered GPUs than local devices and enables users to access the subset of the most recent video frames which is expected to bolster the growth of the market sub-segment over the analysis timeframe.
By product type, the mobile sub-segment is projected to generate a revenue of $29,721.1 million over the estimated timeframe. This is mainly because most next-generation smartphones can run cloud gaming, allowing users to access games easily. Moreover, the growing popularity of cloud gaming as users seek instant and on-demand gameplay is expected to propel the growth of the cloud gaming market sub-segment during the forecast period.
The dedicated gamers sub-segment is projected to generate $27,179.0 million in revenue during the analysis period. This growth is largely driven by the fact that these gamers treat gaming as a serious hobby, investing significant time and money. Furthermore, the increasing adoption of cloud gaming for intensive games, coupled with ongoing advancements in 5G smartphones, is expected to further boost the sub-segment's growth throughout the forecast period.
By region, the North America region of the cloud gaming market is expected to garner $22,891.6 million in revenue throughout the forecast timeframe. This is mainly due to the increasing cutting-edge technologies, strong economic backbone, and affordability of people in this region. In addition, the increasing popularity of free-to-play and mobile games in this region is predicted to drive the regional growth of the market over the analysis period.
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Key Players of the Market
The major players of the global cloud gaming market include Intel Corporation, Sony Corporation, Tencent, Amazon Inc., VORTEX, Ubitus Inc., AMD Cloud Gaming, Microsoft Corporation, Nvidia, Google, and many more. These players are widely working on the development of new business strategies, such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in January 2023, JioGames, a cloud gaming platform that offers an extensive and ever-evolving games catalog for gamers announced its acquisition of Ubitus, a technology leader in deploying cloud-enabled rich media services. With this partnership, Ubitus aimed to provide high-quality gameplay to gamers by eradicating the capacity and computing power limitations of the end-users with the incorporation of the Jio True 5G network.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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Mr. Abhishek Paliwal
Research Dive
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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