Analytics firm Omdia reports that cloud gaming market value tripled in 2021 with Xbox Game Pass Ultimate and PlayStation Now comprising almost three-quarters of the total revenue.
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Omdia analysts issued the report on cloud gaming, its trends, and opportunities for console makers, game developers, and technology vendors. According to the analysts, the cloud gaming industry's market value grew to $3.7 billion in 2021 almost tripling the previous year's results.
In comparison, in 2020 the cloud gaming market earned around $1.38 billion. The analysts predict further market growth that will be just slightly less rapid. According to Omdia forecast, the revenue generated from cloud gaming is set to reach $5.2 billion by the end of 2022 growing by 39%.
The analysts also note that although now Xbox Game Pass Ultimate, which currently has 16.4 million subscribers, and PlayStation Now with 4.4 million subscribers comprise almost three-quarters of the total cloud gaming market revenue, their share will be reduced in the coming years due to the development of the rival services.
The analysts claim that by 2026, consumer spending on cloud gaming will hit $11.9 billion. Omdia also pointed out that the fact that users started to spend more on cloud gaming does not mean that it will harm the standard games for PC and console. According to analysts, cloud gaming services will mostly complement rather than "kill" the usual gaming.
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