On August 22nd, Vantage Market Research recently released a report providing an analysis of the global cloud gaming market. Based on this study, the global cloud gaming market will be worth more than $12.6 billion by 2028, registering a CAGR (compound annual growth rate) of 42.7% during this forecast period.
“The growing investment by top market players and the increasing adoption of highly developed technologies is expected to extensively drive the Cloud Gaming Market during the forecast period,” the report reads. “Moreover, the leading companies are focusing more on creating new online gaming solutions to advance the gaming experience. Besides, the low-latency capacity of 5G technology offers enhanced services to the gaming platforms. Furthermore, the developments in hyper-scale cloud capabilities, worldwide content delivery networks, and media streaming services are pillars of the Cloud Gaming Market. Therefore, these factors will likely boost the Cloud Gaming Market expansion in the coming years.”
The application segment held the largest share of revenue in the cloud gaming industry in 2021 and is expected to lead the market until 2028. Meanwhile, the product segment held the second-largest market share last year.
Meanwhile, North America proved to be the most lucrative market in the global cloud gaming industry last year. Additionally, this region is expected to hold the lion’s share of the industry’s revenue from 2022 to 2028.
(All information was provided by GlobeNewswire)