Newzoo is a company which closely monitors the global online gaming market. The entity is also a reputed name when it comes to releasing valuable insights about the future trends in the online gaming industry.
Over the past sixteen to eighteen months, cloud gaming has been garnering a lot of attention globally. This trend was further accelerated by the Covid-19 pandemic, which took the world by surprise during early 2020.
According to the latest estimates released by Newzoo, it is expected that the global cloud gaming revenues will double by the end of year 2021. In money terms, the company expects cloud gaming revenues to hit the US $1.4 BN milestone.
This figure is comfortably more than double of the US $633 MN, which was achieved in the year 2020. Even this figure during the year 2020, surpassed the initial revenue estimates of US $585 MN by about US $58 MN.
This massive increase in cloud gaming revenues is being attributed to a sharp rise in the number of cloud gaming users. By end of 2021, it is estimated that the global cloud gaming users will be close to 23.7 million.
Newzoo has anticipated that this positive growth momentum is likely to continue at least till the year 2023. The online gaming research company has estimated that by the end of year 2023, cloud gaming revenues may touch the US $5.14 BN mark.
One more factor which massively contributed to this growth is the ramping up of cloud gaming platforms by gaming as well as cloud giants like Microsoft, Sony, Amazon and Facebook.
Cloud gaming services are now being preferred by millions of users worldwide and this trend is likely to continue at least till the year 2023, according to the estimates released by research company Newzoo.