Newzoo released a new report which says that the cloud gaming market is set to generate $2.4 billion this year.
The 2022 Global Cloud Gaming Report's forecasted figure represents an increase of 74% year-over-year.
In terms of cloud gaming consumer spending by region, Asia-Pacific was number one, making up 36.5% of revenue. Europe followed having generated 30% of the earnings and North America was third at 27%.
The report also said that during 2022, 31.7 million consumers will be paying to use cloud gaming services.
Additionally, Newzoo's report commented on what effects Stadia shutting down may have on the market.
"The positive developments in the cloud gaming market that we analyze in this report, which support a bright future for the technology, do not evaporate due to Stadia’s shutdown," Newzoo explained.
"Moreover, Google's decision to refund all the hardware and game purchases related to Stadia also prevents a broader negative ripple wave in terms of player perception of cloud gaming."
Looking ahead, Newzoo predicts that the cloud gaming market will generate $8.2 billion by the year 2025.