According to a recent report by esports analytics company Newzoo, a new study showed that cloud gaming could generate $1.4 billion by the end of 2021. This represents massive growth in the industry, which was scheduled to make $633 million by the same analytics company last year.
A portion of this growth is due to the recent success of cloud gaming. According to Gamesindustry.Biz, it is being projected that there will be 23.7 million active paying service users by the end of this year.
“Continuous developments and innovation across the sector mean the cloud gaming market’s revenues and potential will continue to skyrocket,” said Guilherme Fernandes, a marketing consultant for Newzoo. “Part of 2021’s massive jump in revenues is due to increased cloud gaming activity from companies big and small, as we expected in last year’s report … simply put, cloud gaming is here to stay, and its importance and prominence will only grow.”
The ongoing growth is expected to continue over the next couple of years. Newzoo is projecting that the cloud gaming market will generate over $5.1 billion by the end of 2023.