The global cloud gaming market revenue was US$ 383 million in 2021. The global cloud gaming market revenue is forecast to reach US$ 21,954 million by 2030, growing at a compound annual growth rate (CAGR) of 57.4% during the forecast period from 2022-2030.
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A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovery of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021. In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Cloud Gaming.
The cloud gaming industry also referred to as gaming on demand, is a form of web gaming that allows users to stream games directly onto their personal computers, mobile devices, or consoles. Through the use of a remote connection, a third-party organization with the game’s software stored on its server can provide access to the game. It allows users to play games online without downloading or purchasing the software. The user can also view another player’s game through live video streaming through cloud gaming experiences on smart devices. It aims to provide end-users with a smooth and direct gaming experience on a variety of different devices.
Factors Influencing Market Growth
The global cloud gaming market is experiencing growth due to the growing audience for mobile gaming and the digitalization of gaming technology.
The benefits of cloud gaming include constant updates and backups. It also eliminates the necessity of keeping physical copies of the software, thereby reducing the overall cost of gaming. In addition, cloud gaming reduces data storage and makes gaming more accessible to users. These factors have all influenced cloud gaming’s market growing popularity.
Enhanced network connectivity, instant play, and game installation-free gaming on almost any operating system and device, including Android, Linux, Mac, iOS, and Chrome OS, have catalyzed the global cloud gaming market growth.