Cloud Gaming Market Booms: 5G Technology Spurs Growth to 20940 Million by 2031 | SkyQuest Technology
WESTFORD, Mass., July 22, 2024 /PRNewswire/ -- According to SkyQuest, the global Cloud Gaming Market size was valued at USD 696.6 million in 2019 and is poised to grow from USD 1020 million in 2023 to USD 20940 million by 2031, growing at a CAGR of 45.8% in the forecast period (2024-2031).
Cloud gaming is an online game that do not need any particular hardware. Many gamers have adopted this interesting concept as it reduces the requirement for regular hardware updates so that the game is compatible. This type of gaming solutions provides a smooth gaming experiences along with an improved gaming experience. Today companies can also offer players with a better gaming experience with the help of file streaming with a low-bandwidth internet. With this, player have the choice of personalizing their gaming library, mark their progress, and also get instant access to the accounts. Cloud gaming has a vast range of applications like gaming consoles, Pc & laptops, smartphones, and tablets. The increasing popularity of cloud gaming along with the explosion of cross-platform gameplay that enhances gaming experiences will boost the market growth. Rising use of internet services and safe access to online games is rising the demand for the solution. Even upgradation of network structures like 5G offer better bandwidth and lower latency allowing players to stream XR gameplay without any issues.
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Cloud Gaming Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
$ 1020 Million |
Estimated Value by 2031 |
$ 20940 Million |
Growth Rate |
Poised to grow at a CAGR of 45.8% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Million) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Type, Device, Gamer Type, Deployment, Offering, Gaming System, and Region |
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights |
Social media games are increasing as people spend more time on these platforms |
Key Market Opportunities |
Extremely competitive market as key players are focused on launching new innovative games |
Key Market Drivers |
Network providers are investing more on mobile gaming due to easy access of smartphones |
Segments covered in Cloud Gaming Market are as follows:
- Type
- File Streaming, Video Streaming
- Device
- Smartphones, Tablets, Gaming Consoles, PCs & Laptops, Smart TVs, Head-mounted Displays
- Gamer Type
- Casual Gamers, Avid Gamers, Lifestyle Gamers
- Deployment
- Public Cloud, Hybrid Cloud, Private Cloud
- Offering
- Infrastructure, Compute, Memory, Storage, Gaming Platform Services, Content Service, Others
- Gaming System
- PlayStation, Stream My Game, Steam in Home Streaming, Remote Play, Others
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Low-Latency Ability of 5G Technology Driving the Market Growth
In the cloud gaming industry, the market players are striving to decrease the technological blockades and related high expenses for attracting wide range of gamers. The gaming services needs low latency if they want to offer a realistic and unique gaming experience to the players. 5G has better low latency abilities that provide gamers more support while they are playing the game. Today, cloud-driven gaming is evolving with the help of 5G and providing gaming satisfaction to the players. Therefore, it is predicted that the low latency of 5G technology will immensely boost the market growth.
Popularity of Smartphone Driving the Demand for Mobile Gaming Environment
Today the world has become more digitalized because the extreme usage of smartphones has become more common. Game developers are trying to provide players with a more mobile gaming setting with the increasing popularity of smartphones. Moreover, network providers are also investing more on mobile gaming so that they can improve the gaming experience with high-performance connectivity. Gamers can also enhance their gaming experience with high quality smartphones, cloud computing, and 5G infrastructure throughout platforms and locations. It is anticipated that the cloud gaming market will grow with the cloud-driven mobile gaming.
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Increasing Popularity of Social Media Games to Drive the Cloud the Gaming Market
The rising popularity of social media games will boost the growth of the market in the coming years. Nowadays, people spend a lot of their time in social networking websites like Facebook, Instagram, and Reddit. This is encouraging the major social media companies to collaborate with cloud games so that users can easily enjoy the game directly from the platforms. With an increase in the popularity of cloud infrastructure it has become easier to get access to a vast range of computing, storage, and communication resources in a dependable, cost-efficient, and low-maintenance process. In recent times, gaming has been considered as one of the fastest expanding cloud computing sectors in many regions like China.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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SkyQuest Technology
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USA (+1) 351-333-4748
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