• John Watson

Global Cloud Gaming Market Size to grow by US$ 41.11 Bn in 2030.

Global Cloud Gaming Market Size is expected to be worth USD 1.30 billion in 2021 and is estimated to reach up to USD 41.11 billion by 2030, at a compound annual growth rate (CAGR) of 41.10% from 2022 to 2030.


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The industry is growing as a result of rising mobile gaming popularity and rising smartphone and tablet usage in developing nations. Because of expanding 5G infrastructure and the compatibility of without installation gameplays with virtually any operating system, including iOS, Android, and Chrome, cloud gaming is becoming more and more popular. Due to the growth of the 4G cellular network and the deployment of new 5G networks in developed nations, the industry will have the opportunity to grow during the forecast period.


Manufacturing and supply chain industries have been severely disrupted by the COVID-19 outbreak. Due to the pandemic, manufacturing facilities experienced temporary shutdowns or 50% operating capacity, supply chain disruptions, material shortages, and closures of international borders, among other things. The supply of hardware items including smartphones, smart TVs, laptops, personal PCs, and gaming consoles is negatively impacted by this. However, because of lockdown regulations in different places, the need for cloud-based gaming equipment, services, and solutions increased throughout the pandemic. Since cloud-based games can be played on any device and don't call for additional hardware, demand for them rose during the lockdown. To pass the time during the lockdown, people all across the world used cloud-based games and digital entertainment sites.


The many technical developments in cloud gaming, such as VR, AR, and 5G, have significantly increased the demand for mobile games. Given that the mobile gaming industry mostly depends on cutting-edge technology, this tendency is not surprising. Due to smartphones becoming more and more popular, game developers are aiming to offer players mobile gaming environments. Network providers are investing in mobile gaming as a way to enhance the gaming experience through high-performance connectivity.


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Market participants are attempting to reduce technical barriers and related high costs to cater to the many different types of gamers that are available worldwide. Low latency must be attained in gaming services to deliver a realistic and unique gaming experience. The 5G technology's low latency capabilities give providers even more assistance. Cloud-based gaming is being revamped to provide a better gaming experience with the arrival of 5G. For instance, a Wipro whitepaper claims that to have a better gaming experience, many gamers plan to upgrade to 5G technology and spend more money in October 2020. Therefore, it is projected that 5G technology will spur even more industry expansion because of its low latency characteristics.


The North America region is expected to dominate the market share owing to the early adoption of cloud technologies, increased demand for online gaming, and extensive accessibility to effective internet infrastructure. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period of the cloud gaming market due to the rising demand for gaming content from countries like China, India, South Korea, and Japan. Additionally, the global gaming sector is projected to be driven by the rising smartphone usage in these countries. China is anticipated to dominate the market throughout the projection period, due to the rising investments in 5G infrastructures and the telecommunications sector.


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KEY INDUSTRY DEVELOPMENTS:


October 2021- NVIDIA Corporation released the GeForce RTX 3080, an enhanced gaming platform for GeForce NOW. Gamers may enjoy the highest resolutions, lowest latency, and quickest frame rates with the GeForce RTX 3080 subscription.


September 2021- Amazon Web Services, Inc. launched a subscription plan geared toward families, expanding its service offerings. With these new additions, customers can upgrade their Luna+ subscription for USD 2.99 per month and receive 36 kid-friendly games, including Wandersong, Overcooked, Adventure Pals, and Spongebob Squarepants.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/cloud-gaming-market/26000

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