According to Persistence Market Research, the demand for cloud gaming will balloon at a CAGR of 41.7% from 2022 to 2032. The report forecasts that the valuation of the cloud gaming market will reach US$ 42.35 Bn by the end of 2032.
Cloud gaming, or gaming-as-a-service, is a form of gaming service that allows users to access the hardware and software features of a device belonging to a data center or a server and play video games of their choice using the technology of cloud computing. This is the primary advantage offered by cloud gaming. It allows anyone without the right gaming hardware to play video games with the hardware devices they have with them presently.
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Speed Offered by 5G Can Help Development of Cloud Gaming Industry
As mentioned earlier, slow Internet speed is one of the challenges for the cloud gaming market, while the primary challenge is the availability of data centers. This difficulty can be diluted to a certain extent using 5G technology.
Countries across the world are taking steps to increase the availability of 5G Internet. This can greatly help cloud gaming companies since it will allow people to play cloud video games at a desirable speed, irrespective of the size of the game. This could attract several people to the cloud gaming segment over the coming years.
More Valuable Insights on Offer
Persistence Market Research’s report on the cloud gaming market is segmented into four major sections – device type (smartphones, tablets, gaming consoles, PCs & laptops, smart TVs, head-mounted displays), gamer type (professional gamers, casual gamers), and region (North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa).
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Key Takeaways from Market Study
- By device type, PCs and laptops will hold the largest market share of the cloud gaming market.
- The market share of cloud gaming via smartphones is estimated to increase at a CAGR of 37.2% through 2032.
- By gamer type, the professional gamers segment is estimated to witness staggering growth at a CAGR of 38.7%.
- By region, North America is estimated to be the market leader for cloud gaming with a share of 32.6%, followed by East Asia with 22.4% and Europe with 20.7%.
“The cloud gaming market is still in its nascent stage. This technology can become a great market and trend in the future, provided it overcomes its weaknesses, which are the unavailability of data centers and slow Internet speed. The initial investment needed for this market is huge, and only if these challenges can be dealt with, cloud gaming could become the future of gaming”, says a Persistence Market Research analyst.
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