A new market research report was recently released by P&S Intelligence. Based on this study, the global cloud gaming market is expected to be worth $111.34 billion by 2030. Since the global cloud gaming sector was valued at $4.5 billion last year, the market will register a compound annual growth rate (CAGR) of 42.8% during this forecast period.
“Many factors drive the market growth, such as cross-platform gameplays, rising popularity of cloud gaming, and easy access to cloud-based games,” the report reads. “Cloud gaming allows players to access games via distant servers rather than installing them on a computer or gaming device. This removes the requirement for storage and the necessity to buy the latest gaming PC or console.”
The Asia-Pacific (APAC) region made up 49% of the cloud gaming market in 2021. Additionally, this part of the world is expected to continue to dominate the market through 2030.
With $1.64 billion in sales last year, smartphones generated the most revenue in this market. This facet of the industry will register a CAGR of almost 43% during the aforementioned forecast period.
(All information was provided by PR Newswire)