Pune, India, Jun 03, 2021 (GLOBE NEWSWIRE via COMTEX) -- Pune, India, June 03, 2021 (GLOBE NEWSWIRE) -- The global cloud gaming market is set to gain traction from the increasing usage of smartphones. The GSMAi Report, for instance, declared that by 2025, around 80% of people will gain access to smartphones, while in 2019 there were approximately 5.2 billion smartphone connections worldwide. This information is given by Fortune Business Insights(TM) in a report, titled, " Cloud Gaming Market, 2021-2028 ." As per the report, the market size is projected to grow from USD 169.2 million in 2021 to USD 1,861.3 million in 2028 at a CAGR of 40.9% in the forecast period. It stood at USD 121.2 million in 2020.
COVID-19 Pandemic: Demand to Surge Backed by Lockdown & Work-from-home Measures
The COVID-19 pandemic has severely impacted supply chain units and manufacturing facilities of various industries across the globe. This has further affected the smooth supply of numerous hardware devices, such as consoles, laptops, smartphones, personal computers, and smart TVs. But, lockdown measures and work-from-home measures by government bodies have surged the demand for cloud-based gaming and digital entertainment services. These factors are set to propel growth of the market amid the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Avid Gamers Segment Held 35.0% Share in 2020: Fortune Business Insights(TM)
Based on the end-user, the market is segregated into hardcore gamers, avid gamers, and casual gamers. Out of these, the avid gamers segment earned 35.0% in terms of the cloud gaming market share in 2020. This growth is attributable to the availability of cost-effective cloud-based technology and 5G.
The report studies decisive segments of this industry containing regions, end-users, technologies, types, and applications. It elaborates the performance and significance of each segment by taking into consideration sales volume, growth prospects, revenue share, and demand. In addition to this, it will help our clients to get a complete picture of the market size to select the right segment for their businesses.
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Drivers & Restraints-
Increasing Need to Provide Superior Gaming Quality with 5G will Bolster Growth
Several companies present in the market are currently striving to provide innovative and immersive gaming experiences to users. They are looking forward to lower costs and technological barriers for attracting more gamers across the globe. To do so, they are trying to attain low latency in gaming services. Cloud gaming is nowadays offering an excellent gaming experience because of the emergence of 5G technology. In October 2020, for instance, Wipro reported that several gamers are planning to spend more and switch to the 5G network for gaining a high-quality gaming experience. However, in some countries, the bandwidth and Internet connection required for these types of games may not be available. It is expected to hinder the cloud gaming market growth in the near future.
Rising Investment in Telecom and 5G in China to Help Asia Pacific Dominate
Geographically, Asia Pacific procured USD 45.2 million in 2020 in terms of revenue. The region is anticipated to remain dominant throughout the forthcoming years because of the high demand for gaming content, especially in South Korea, India, Japan, and China. China is anticipated to be the major contributor because of the increasing investment in 5G infrastructure and telecom. In Europe, the spurring number of acquisitions, collaborations, and investments in this industry would bolster growth.
Key Players Focus on New Product Launches and Partnerships to Intensify Competition
The global market contains numerous players that are constantly striving to gain a competitive edge by engaging in collaborations and partnerships with local or renowned organizations. Some of the others are also investing huge sums in unique games. Below are the two industry developments:
September 2020 : Microsoft Corp's Xbox is planning to launch a new beta version of its cloud gaming service on Apple Inc.'s iPads & iPhones and Windows 10 PC's web browsers. It will help users to play more than 100 Xbox Game Pass titles.
April 2020 : Electronic Arts Inc. partnered up with Google to introduce five novel EA games on the latter's cloud gaming platform, Stadia. By the end of the year, the company will launch Star Wars Jedi: Fallen Order(TM) on this platform.
A list of renowned cloud gaming companies operating in the global market:
Microsoft Corporation (Washington, United States)
NVIDIA Corporation (California, United States)
Ubitus Inc. (Tokyo, Japan,)
Vortex (RemoteMyApp Sp. z o.o.) (Wisconsin, United States)
Google Inc. (California, United States.)
Amazon Inc. (Washington, United States)
Intel Corporation (California, United States)
Tencent (Shenzhen, China)
Sony Corporation (Tokyo, Japan)
Playkey (Massachusetts, United States)
Loudplay (Dublin, Ireland)
Apple, Inc. (California, United States)
Electronic Arts, Inc. (California, United States)
Hatch Entertainment (Finland)
Jump Gaming Inc. (California, United States)
Quick Buy - Cloud Gaming Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102495
Detailed Table of Content
Global Cloud Gaming Key Players Market Share Insights and Analysis, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled (Covered for key 10 players only)
TOC Continued ...
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