The global cloud gaming market size is expected to grow by US$2.7 billion during the period 2020-2024, according to the latest market research report by Technavio (www.technavio.com).
The high cost of gaming consoles and the need for specific equipment such as physical copies of gaming software are helping to drive the cloud gaming market, notes the research group. Cloud gaming doesn’t require gamers to buy physical copies of games and eliminates the need for regular hardware updates to play the latest games.
What’s more, cloud gaming services require lesser waiting time during loading or updating as compared to conventional gaming. In addition, gaming studios tend to offer subscriptions for cloud gaming which results in significant cost savings. Technavio says that this means that all the cost savings in terms of equipment, and quick onboarding advantages will drive the growth of global cloud gaming market during the forecast period.
Vendors are incorporating technological advances to cater to the demand for products with features such as 5G network, superior game control, and reduced frame refresh latency. In addition, the availability of advanced controllers including the VR headsets, Bluetooth game controllers, and touchscreens is also expected to improve the gaming experience.
Technavio says the growing deployment of advanced technologies is also driving technology giants including Apple, Microsoft, and Google to enter the cloud gaming market by leveraging 5G game streams to any device. Therefore, technological advances are expected to further drive the global cloud gaming market during the forecast period.
“Rising popularity of service-oriented architecture (SOA), emerging 5G technology, and surging awareness about eSports tournaments will boost the cloud gaming market growth during the forecast period,” says a senior analyst at Technavio.