CHICAGO, Jan. 14, 2020 /PRNewswire/ -- According to latest market research report "Cloud Gaming Market by Offering (Infrastructure, Platform Service), Devices (Smartphone, Tablet, Gaming Console, PC & Laptop, Smart TV, HMD), Solution (Video Streaming, File Streaming), Gamer Type (Casual, Avid, Hardcore), Region - Global Forecast to 2024", published by MarketsandMarkets, the global Cloud Gaming Market is estimated to be valued at USD 306 million in 2019 and is projected to reach USD 3,107 million by 2024, at a CAGR of 59.0%. The major driving factors are the commercialization of 5G, the rise in a number of gamers, and the upsurge of immersive and competitive gaming on mobile. An increase in the number of internet users is also expected to drive cloud gaming growth during the forecast period.
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Game Platform Service to grow at higher CAGR in cloud gaming market during forecast period
Game platform service is expected to witness the highest growth in the coming years owing to the presence of key market players like Microsoft, Amazon Web Services, and Google. For instance, in March 2019, Google unveiled Stadia, which is a cloud gaming service that enables instant streaming of games on TV, desktop, laptop, tablet, or smartphone and allows users to seamlessly swap between the platforms with the help of wireless controller that connects directly to Google's cloud.
Gaming console to hold largest size of cloud gaming market in 2019
The gaming console segment will have a major share in the cloud gaming market owing to the extensive and robust distribution network of major players such as Sony and Microsoft. The launch of cloud gaming platforms has rendered console manufacturers with a favorable opportunity to monetize on their existing library of gaming content and augment their product capabilities. These players are primarily employing their cloud gaming platforms to generate recurring revenue streams through their existing gaming users.
Video Streaming to witness fastest growth in cloud gaming market in coming years
Video streaming solution relieves clients from computationally intensive graphics rendering and is ideal for clients with resource-constrained devices. Additionally, in this approach, computational load is paid along with network load since transmitting videos is more expensive than transmitting graphics commands. Owing to this, video streaming will hold the largest market share.
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Avid Gamer segment held largest share of cloud gaming market in 2019
The larger market share of avid gamer segment is attributed to their regular presence in the gaming market. However, these gamers are attributed to have a stake of 15-25% of total sales volume, and they tend to be more price-sensitive compared to serious gamers. An avid gamer may become a serious gamer, but time constraints limit this possibility. Such gamers treat gaming as an alternative source of recreation and may temporarily stop gaming for studies, jobs, outdoor games, dis-interest, or boredom.
APAC to have highest CAGR in cloud gaming market during forecast period
The APAC cloud gaming market is foreseen to augment at a significant rate owing to the increasing number of 5G infrastructure development initiatives in the region. Additionally, the cost-effective nature of the cloud gaming platforms is promoting its usage across various new customer classes that vary in investing in gaming systems due to their expensive nature.
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The major players in the cloud gaming market are NVIDIA (US), Intel (US), Google (US), Microsoft (US), Amazon (US), Advanced Micro Devices (US), Sony (Japan), IBM (US), Tencent (China), and Alibaba (China).
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