Newzoo today released a new study regarding cloud gaming reporting that the market should generate $1.4 billion by the end of 2021.
That's more than twice the research firm's latest estimate for 2020, which put the market at $633 million last year.
Last September, Newzoo had forecast a 2020 total of $585 million in cloud gaming revenues.
This increase in revenue is partly due to the growth of cloud gaming users. By the end of 2021, it's projected that there will be 23.7 million paying service users.
That growth is expected to continue, as Newzoo projected the market to generate to $5.14 billion by the end of 2023.
Newzoo attributed cloud gaming's growth to the increase in users, the increase in cloud services from companies like Microsoft, Amazon, and Facebook, and increased interest from consumers to use cloud gaming services as a result of the pandemic.