The increasing demand for a new range of video games and that too at an affordable price is the result of a rise in data centers, cloud computing, and cloud games, thus fostering the growth of Cloud Gaming BaaS in the market.
COVID-19 Impact and Market Status
The market has expanded significantly despite the global COVID-19 pandemic. The cloud gaming platforms are turning the heads of thousands of new visitors. As during the pandemic everybody was staying at home, some report suggests that there has been an increase of 115% in gaming usage in the US.
Smartphone Segment to Emerge as the Most Remunerative Segment
The smartphone segment will be the most lucrative segment and is going to grow at a higher rate in the coming years as there are a lot of benefits, the most important being convenience and cost efficiency. In order to buy or set up a computer, users must put in a lot of effort. Aside from that, casual gamers, who use mobile devices and play for fun rather than competing in professional gaming tournaments, will hold a market share of 50%.
File Streaming Market Segment is Predicted to Increase at the Fastest CAGR in the Coming Future
The market segment for file streaming is going to steal the show. It will experience the biggest growth because it is the most economical choice for game makers. The cost of manufacturing and player fixes can be reduced using file streaming.
APAC Market is expected to grow at a Higher Rate in the upcoming future
Cloud Gaming market regional analysis indicates that the Asia Pacific region is going to hold the maximum revenue and that horizon is going to broaden steadily in the upcoming years. The Major factor that influences this demographic growth is the huge population of proactive gamers in India and China. With numerous top gaming firms like Sony, Konami, and others, Japan is one of the major players in the gaming industry.
As the user's craving for unique experiences is sky-high, the demand for affordable video gaming solutions and video games is increasing day by day.
Rapid applications of Cloud Gaming BaaS in order to create a cloud-based gaming system to enhance the users’ gaming experience which is very different from traditional gaming are fostering remarkable progress in the Cloud Gaming market.
Advantages such as security, compatibility with different devices, cost reduction, easily accessible, piracy-free, and Dynamic backend support encourage further adoption of cloud gaming baas. These factors work together to drive the cloud gaming market's explosive growth, resulting in an overall increase of USD 21 billion by 2029 and a CAGR of 57% over the forecast period.
Online gaming BaaS enables the integration of global delivery networks, streaming media platforms, and cloud capabilities to build platforms that are dynamic, immersive, and entertaining for social interaction.
The factors such as easy operation and cost efficiency have attracted many of the market players of video games to enter this market. A few are now in the research and development stage before entering the market.
However, factors such as the Requirement for High-speed internet connection, more network latency, and quality communication are some key challenges surfacing the cloud gaming development likely to hamper the Cloud gaming market. Furthermore, advancements in cloud gaming providing a unique experience to the users and advanced security systems are anticipated to be growth opportunities for the Cloud Gaming Market.
Simplay, LiquidSky Software, Inc., NVIDIA Corporation, Ubitus Inc., RemoteMyApp, IBM, Cloudzen, Sony Corporation, Hatch Entertainment Ltd., Parsec Cloud Inc., Amazon Web Services Inc, Samsung Electronics, Microsoft, Crytek GmbH, Inc., and Google Inc. are the major players in the cloud gaming market. In addition, the market research study on cloud gaming provides details on forthcoming trends, chances, threats, and market size. This study is being prepared to assist businesses in utilising and planning for any upcoming growth opportunities.
Latest Innovations of the Global Cloud Gaming BaaS Market: a snapshot
• In October 2021, NVIDIA unveiled GeForce NOW, a cutting-edge cloud gaming platform that would solely be available in a new, high-performance subscription tier and support GeForce RTXTM 3080-class graphics cards.
• In December 2019, Google purchased Typhoon Firm, a triple-A game development studio in Montreal, for its Stadia cloud gaming platform. The Stadia platform, which was made available to early adopters in November, was designed with a focus on locally produced talent.
The market research report seeks to deliver reliable data on the worldwide cloud gaming market. The analysis decodes complex data, presents the history and current state of the sector, and forecasts market trends and size. All facets of the industry are investigated in the study, including market leaders, investors, clients, and new entrants.
Cloud Gaming BaaS Market Scope
|Revenue forecast in 2029
|USD 21 billion
|CAGR of 57% during 2022-2029
|Type, Platform, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Simplay, LiquidSky Software, Inc., NVIDIA Corporation, Ubitus Inc., RemoteMyApp, IBM, Cloudzen, Sony Corporation, Hatch Entertainment Ltd., Parsec Cloud Inc., Amazon Web Services Inc, Samsung Electronics, Microsoft, Crytek GmbH, Inc., and Google Inc. & among others.
Key Segments of the Cloud Gaming BaaS Market
Type Overview, 2019-2029 (USD Billion)
Platform Overview, 2019-2029 (USD Billion)
Application Overview, 2019-2029 (USD Billion)
- Large Enterprises
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa