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Cloud Gaming Market 2024-2033 - Trends, Growth, and Forecast Insights
Cloud Gaming Market
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According to The Business Research Company's, The cloud gaming market size has grown exponentially in recent years. It will grow from $9.67 billion in 2023 to $13.89 billion in 2024 at a compound annual growth rate (CAGR) of 43.6%. The growth in the historic period can be attributed to growing gaming industry, rise of mobile gaming, ubiquity of smart devices, cost-effective gaming solutions, reduced latency, cross-platform compatibility.
The cloud gaming market size is expected to see exponential growth in the next few years. It will grow to $61.79 billion in 2028 at a compound annual growth rate (CAGR) of 45.2%. The growth in the forecast period can be attributed to emergence of game streaming platforms, global expansion of cloud services, increasing internet speeds, focus on social gaming, integration with smart tvs, expansion of gaming content libraries, . Major trends in the forecast period include expansion of 5g networks, subscription-based gaming models, integration with smart devices, ai and machine learning integration, game streaming technologies, partnerships with game developers.
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Market Drivers and Trends:
The surging demand for online gaming is expected to propel the cloud gaming market going forward. Online gaming refers to video games played over the internet, typically involving multiplayer interactions and often featuring competitive or cooperative gameplay among players from different locations. Cloud gaming allows players to stream and play video games in real-time over the internet without the need for powerful local hardware, enhancing accessibility and flexibility in online gaming. For instance, in May 2023, according to Uswitch Limited, a UK-based price comparison service and switching website, as of 2022, there were approximately 3.2 billion online gamers across the globe, over the next decade, this number of global gamers is predicted to grow even more, reaching a peak of 5.7 billion in 2032 (44% more than 2022). Therefore, the surging demand for online gaming is driving the cloud gaming market.
Technological advancements are a key trend gaining popularity in the cloud gaming market. Major companies operating in the market are developing advanced technologies such as GeForce NOW, which works on the cloud, and NVIDIA Adaptive Sync technologies to sustain their position in the market. For instance, in October 2021, Nvidia Corporation, a US-based technology company, launched GeForce NOW. It offers more than 39 petaflops of graphics processing power. The version has 35 teraflops of performance, which is nearly triple that of an Xbox Series X. It is simple to connect to several devices at the same time using the newest NVIDIA Adaptive Sync technologies.
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Major Key Players of the Market:
Amazon.com Inc., Google LLC, Intel Corporation, Microsoft Corporation, NVIDIA Corporation, Sony Interactive Entertainment LLC, Ubitus Inc., Tencent Holdings Limited, Electronic Arts Inc., International Business Machines Corporation, Vortex Inc., Playgiga Inc., Blacknut SAS, AMD Cloud Gaming Inc., Hatch Entertainment Ltd., Advanced Micro Devices Inc., Alibaba Group Holding Limited, Crytek GmbH, Playkey Inc., Gamefly Inc., LiquidSky Software Inc., Nintendo Co. Ltd., 2K Games Inc., Ubisoft Entertainment SA, Activision Blizzard Inc., Square Enix Holdings Co. Ltd., Capcom Co. Ltd., Konami Holdings Corporation, Bandai Namco Entertainment Inc., Sega Corporation, Nexon Co. Ltd., NetEase Inc., Perfect World Co. Ltd., Kingsoft Corporation Limited, G-Cluster Global Corporation, Shadow Technologies SAS, Rainway Inc.
Cloud Gaming Market 2024 Key Insights:
• The cloud gaming market size is expected to see exponential growth in the next few years. It will grow to $61.79 billion in 2028 at a compound annual growth rate (CAGR) of 45.2%.
• Internet Penetration Boosts Cloud Gaming Market
• Technological Advancements In The Cloud Gaming Market
• Asia-Pacific was the largest region in the cloud gaming market in 2023
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