Cloud Gaming Market To Generate Revenue worth $111,344.1 Mn by 2030
- Published: May 2022
The global cloud gaming market is expected to generate around $111,344.1 million revenue in 2030, progressing at a CAGR of over 42.8% during 2021–2030. Media streaming services, hyperscale cloud capabilities, and global content delivery networks are the market's founding pillars. Moreover, with the widening internet connectivity, the cloud presents a lucrative opportunity for gaming companies to leverage these advancements.
Gaming Consoles Category Holds Significant Market Share
The gaming consoles category held a significant market share, of over 28%, in 2021, and it is expected to have a CAGR of 43% over the forecast period. The launch of high-end displays and sound systems, which offer an immersive gaming experience, is predicted boost the sale of gaming consoles. Furthermore, consumer electronics companies are launching new gaming consoles that meet the latest sound and graphics specifications and improve the gameplay experience.
The PCs and laptops category is also expected to grow significantly during the forecast period, as these platforms can be customized to meet specific gaming requirements. PC gaming is also less expensive because the resources required to run games on PCs are widely available.
Furthermore, market players are concentrating on gaming services that can run on any PC or laptop. For instance, in October 2021, NVIDIA Corporation announced its next-generation cloud gaming platform, which delivers GeForce RTX 3080-class gaming on GeForce NOW, which is available entirely in a new, high-performance membership tier. Moreover, the GeForce NOW RTX 3080 membership permits games to run at up to 1440 p on PC and Mac clients, up to 120 FPS in apps for PC, Android, and iOS devices apps, and 4K HDR on NVIDIA SHIELD.
Product Launches and Partnerships Are Most-Effective Strategic Measures
Players in the industry have been involved in product launches and partnerships to remain competitive. For instance:
- In June 2021, Now.gg launched a platform as a service game streaming capability for game developers, thus making it simple for players to run high-quality games on lower-power smartphones without sacrificing performance.
- In February 2021, RemoteMyApp collaborated with PM Connect to link a global network of MNOs, in order to capture the opportunities in the market globally.
- Moreover, in October 2020, POST Luxembourg and Blacknut collaborated to launch a cloud gaming service, in conjunction with POST's upcoming 5G launch. This service allows POST customers who subscribe to its new 5G service to stream games from Blacknut's library of over 400 premium titles on any 5G-connected smartphone, PC, or laptop.
Some of the major players operating in the cloud gaming market are Amazon Luna, Blacknut, Google LLC, NVIDIA Corporation, Tencent, Ubitus K.K., and Sony Group Corporation.