The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Cloud Gaming Market.
It was estimated prior to this unanticipated outbreak Cloud Gaming Market will reach CAGR of 28.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Cloud gaming market is likely to witness an impressive CAGR of 28.8% during the forecast period. The prime factor contributing to the demand for cloud gaming market is mainly the increase in mobile gaming audience and digitalization in the gaming technology. Further, the reduction in costs of owning games is fueling the growth of the market. The growing popularity of multiplayer gaming is playing a huge role to support the growth of the market.
Cloud Gaming Market Share: By Device Type
Based on the device type, the market is segmented as smartphones, tablets, gaming consoles, pcs & laptops, and others. The gaming console segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The compatibility of gaming consoles allows users to play modern games with ease. Further, increasing popularity of virtual reality games is driving the growth of the market in this segment.
Cloud Gaming Market Share: By Streaming Type
Based on the streaming type, the cloud gaming market is segmented as video streaming and file streaming. The video streaming segment dominates the market, as the use of video streaming helps the gamers to stream games directly from the powerful servers that do not require the need to download or update any game. The video streaming technology is widely used as it eliminates the need for expensive external gaming consoles or any computer-based devices to stream the content.
Cloud Gaming Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market for cloud gaming during the forecast period, with China, Japan and India being the major countries with lucrative growth opportunities. The growth of the market is driven by the increasing development of 5G infrastructure in the region. Increasing adoption of smartphones and gaming consoles and cost-effectiveness of the cloud gaming platforms is driving the growth of the market in the region.