Cloud Gaming Market Size, Share, Growth Analysis, By Type(File Streaming, Video Streaming), By Device(Smartphones, Tablets, Gaming Consoles, PCs & Laptops), By Gamer Type(Casual Gamers, Avid Gamers, Lifestyle Gamers), By Deployment(Public Cloud, Hybrid Cloud, Private Cloud), By Offering(Infrastructure, Compute, Memory, Storage), By Gaming System(PlayStation, Stream My Game, Steam in Home Streaming, Remote Play), By Region - Industry Forecast 2024-2031

Cloud Gaming Market size was valued at USD 696.6 million in 2022 and is poised to grow from USD 1020 million in 2023 to USD 20940 million by 2031, growing at a CAGR of 45.8% in the forecast period (2024-2031).

Cloud gaming refers to an online game world that does not require any specific hardware. This is a very popular concept that has been adopted by gamers worldwide as it eliminates the need for frequent hardware updates to keep games compatible. Along with an enhanced gaming experience, it also offers a seamless mobile gaming experience. The benefit of file streaming helps companies provide their players with a fluid gaming experience with lower internet rates. In addition, it gives players the option to personalize their gaming library, remember their progress and get instant access to their accounts. It has a wide range of applications in gaming consoles, smartphones, tablets, pcs & laptops, among others.

The growing popularity of cloud gaming, as well as the proliferation of improved cross-platform gameplay, which improves the gaming experience, is expected to drive market growth. Increasing usage of internet services and secure access to online games is increasing the demand for the product. Also, network infrastructure upgrades like 5G provide more bandwidth and lower latency, enabling players to stream XR (augmented reality and virtual reality) gameplay without interruption. The global spread of smartphones is predicted to fuel market expansion. Also, the growing popularity of social media games is expected to fuel market growth. The majority of people on the planet play games on social networking sites like Facebook, Instagram, and Reddit. Also, social networking companies are focusing on hiring cloud game developers to offer a variety of cloud games on social media platforms and increase user engagement. These factors are expected to favorably drive the growth of the global Cloud Gaming Market Share.

US Cloud Gaming Market is poised to grow at a sustainable CAGR for the next forecast year.