With the evolution of computer and mobile gaming due to technological advancements, global cloud gaming market is poised to experience an unprecedented level of growth over the forecast time period. Estimates show that on an average, individuals play video games for nearly six hours on a weekly basis. Moreover, they seemingly spend approximately two hours each week watching others play video games on online streaming platforms such as YouTube and Twitch.
Europe Cloud Gaming Market Revenue, By Device, 2018 & 2025 (USD Million)
The concept of cloud gaming is anticipated to pick up significant momentum over the coming years as its entire model could revolutionize the PC gaming sector. Under this model, an individual could lease out a game and a virtual machine that is hosted on a dedicated server for a few hours. Video games are rapidly becoming an integral part of human lives with some of them potentially becoming a cultural phenomenon.
As of 2018, there were approximately 2.2 billion gamers across the world, which amounts to almost a third of the world’s population. Today the only factors limiting the gaming industry in drawing more consumers are the escalating PC and console game prices, massive storage and memory demands and the high-specification computers or consoles they require to run smoothly. Addressing these issues, cloud gaming market will amass tremendous revenues in the imminent future from millions of gaming enthusiasts.
The slowly emerging subscription based model for accessing games on the cloud could prove to be affordable enough to attract more gamers who can rent games and machines more frequently. The cloud gaming industry size is anticipated to expand with the rise of Virtual Reality (VR) and Augmented Reality (AR) technology based gaming. AR and VR games are a high performance demanding niche, as they are extremely latency sensitive.
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Getting a smooth AR/VR gaming experience entails expensive hardware components and a high-bandwidth connectivity network. This not only hinders revenue growth by creating an entry barrier but also severely restricts portability and device form factors. Cloud gaming market would help eliminate these restrictions as gamers can rent machines with a high-power GPU and also leverage the high-bandwidth network it facilitates to reduce latency and run graphically taxing games at significantly higher frame rates.
From a regional perspective, North America is expected to hold a significant chunk of the cloud gaming industry over the forecast timeframe. In 2017, it was reported that the amount of time an average American spends gaming has increased by 50% since the year 2003. The presence of prominent technology firms such as Google, Microsoft, Electronic Arts and gaming companies such as Rockstar Games as well as Epic Games across the country provides a strong foundation that would bring in substantial remunerations for cloud gaming market.
Recently, Google had announced the launch of its own cloud-based video game service platform called Google Stadia. The Stadia Founders Edition package would be available for $129.99 and will include a controller, a three-month subscription and a Chromecast Ultra streaming device. Google’s announcement was immediately followed by Microsoft making unveiling its own Project xCloud, the company’s venture in the domain of cloud gaming.
Prominent steps taken by leading game developers and cloud computing players towards offering efficient gaming solutions to players will greatly outline how games are accessed and played in the future. As more gamers show interest in subscribing to products released by tech giants like Microsoft and Google, other companies can be expected to unleash a host of cloud-based products, escalating the competitive landscape of cloud gaming industry.
Prompted by tremendous potential of cloud gaming platforms to overcome hindrances that prevent new players from accessing high-performance games, there will be consolidated efforts from several technology companies to tap into a promising revenue stream. Undoubtedly, cloud gaming will soon become a common product across the gaming and entertainment industry. Global Market Insights, Inc., reports that cloud gaming market will generate annual revenues of over $8 billion by 2025.
Author Name : Akshay Kedari