LONDON--(BUSINESS WIRE)--The cloud gaming market is expected to grow by USD 2.75 billion, progressing at a CAGR of over 29% during 2020-2024. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the cloud gaming market in optimistic, probable, and pessimistic forecast scenarios. The market is expected to have a positive impact due to the spread of COVID-19. The imposition of lockdown by governments across the world led to a spike in online gaming, thereby resulting in a huge short-term growth of vendors. Besides, the rising adoption of smart TVs and the proliferation of mobile devices and the internet will present significant opportunities for vendors during the forecast period.
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The cloud gaming market will witness a positive impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2020 as compared to 2019.
The cloud gaming market is driven by cost savings and quick onboarding. In addition, other factors such as technological advances are expected to trigger the cloud gaming market toward witnessing a CAGR of over 29% during the forecast period.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
- Conceptualize scenario-based planning to mitigate future crisis situations.
Download the Post-Pandemic Business Planning Structure. Click here
Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Cloud Gaming Market Participants:
The report identifies Alphabet Inc., Apple Inc., International Business Machines Corp. as major players in the market during the forecast period. The report advises vendors to focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
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Cloud Gaming Market 2020-2024: Segmentation
Cloud gaming market is segmented as below:
- Gaming Consoles
- Computing Devices
- Smart TVs
- Mobile Devices
- Video Streaming
- File Streaming
- North America
- South America
Based on the platform, the gaming consoles segment offered maximum growth opportunities for vendors in 2019. The segment is driven by the growing popularity of modern games that require the use of gaming consoles.
Similarly, North America led the market with a 36% market share in 2019. Factors such as the rising adoption of secured cloud services and advanced technologies, the strong presence of major vendors, and the organization of gaming tournaments and eSports events are expected to foster the growth of the market in the region.
Get more insights about the global trends impacting the future of the cloud gaming market
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- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.