The 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; growing at a CAGR of 59.0% during the forecast period. Major driving factors affecting the market are the commercialization of 5G technology, rise in the number of gamers, and upsurge in immersive and competitive gaming. An increase in the number of internet users is also expected to drive the cloud gaming market growth during the forecast period.
The cloud gaming market is moderately competitive, with a significant presence of multinational, domestic, and start-up companies. Product launches and partnerships were the key strategies adopted by players to increase their shares in the cloud gaming market from 2018 to 2019. Product launches accounted for a share of 40% of the overall growth strategies. The cloud gaming market is concentrated with giant players, allowing them to invest heavily in R&D.
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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).
NVIDIA (US) is a leader in the cloud gaming market. It develops GPUs to provide solutions to complex issues in computer science. The company specializes in markets, which employ GPU-based visual computing and accelerated computing platforms. These platforms integrate processors, systems software, programmable algorithms, and services in the marketplace. Fueled by the continual demand for better 3D graphics and the scale of the gaming market, the company is emphasizing on Virtual Reality (VR), High-performance Computing (HPC) and Artificial Intelligence (AI). Product launches and expansions were the key strategies adopted by NVIDIA to increase its share in the cloud gaming market.
Intel (US) is a leading designer and manufacturer of advanced integrated digital technology platforms and has a robust market presence, especially in PC and data center markets. The company provides designing and manufacturing of technologies that empower cloud and smart, connected and computing devices. It delivers computing, data storage, networking, and communication solutions spanning across multiple industries including original equipment manufacturers (OEMs); original design manufacturers (ODMs); cloud and communication service providers; and industrial, communications, and automotive equipment manufacturers.
Cloud Gaming Market by Offering (Infrastructure, Gaming Platform Services), Device Type (Smartphones, Tablets, Gaming Consoles, PCs & Laptops, Smart TVs, HMDs), Solution (Video Streaming, File Streaming), Gamer Type, Region - Global Forecast to 2024
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