The advent of cloud gaming has also removed the constant need for hardware upgrades, and players across the globe will be able to play cloud games on their existing devices or possibly on future devices that may have low specs but can accommodate games that can be played on the cloud.However, the companies owning most parts of the value chain, right from the IP to infrastructure, will benefit the most and other gaming sectors. The developers, publishers, and platforms will witness more profits with greater reach and more ways to monetize their solutions. The cloud gaming platforms are expected to present multiple benefits to the gamers, who will have access to various high-quality titles without the need for expensive hardware. It is also predicted to dwell well with 5G. Cloud gaming, which has been considered a revolution in the gaming sector, is expected to remove existing cost and platform barriers.Additionally, leveraging cloud technology in the gaming industry is likely to fuel the demand and engagement of multi-players for different games, boosting the market growth during the forecast period.
Such factors are expected to have a positive impact on the market’s growth. Cloud gaming is an emerging technology across the gaming industry, allowing the user to stream high-end games across hand-held devices, such as laptops, tablets, and mobiles, with fast network connectivity, thereby eliminating the requirement for a regular hardware upgrade gaming console/PC/laptop.An increase in gaming traffic was witnessed during peak hours by 75% over the last year. The live streaming services and online gaming platforms also continued to break their records for concurrent users throughout March and April 2020. According to Verizon's study, there has been a 115% increase in gaming usage in the United States alone, compared to a general day before COVID-19.
These platforms are increasingly attracting more than hundreds and thousands of new visitors in online traffic. The global cloud gaming market (henceforth referred to as the market studied) was valued at USD 612.31 million in 2020 and is expected to reach USD 5370.37 million by 2026, registering a CAGR of 45.2% during the period of 2021-2026.
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