During its fiscal year’s third quarter, NVIDIA posted a commendable performance driven in part by its gaming segment. According to the research data analyzed and published by Stock Apps, its overall revenue totaled $4.73 billion, its highest quarterly revenue ever. Its gaming segment accounted for nearly half the amount, at $2.27 billion. The segment grew by 37% YoY.

Moreover, In September 2020, NVIDIA announced its intention to acquire chip maker ARM for $40 billion. The acquisition would bring its Total Addressable Market (TAM) to $250 billion by 2023. Its mobile and PC segments, which include gaming, would contribute $95 billion to this total.

NVIDIA GeForce Now User Base Grows from 1 Million to 5 Million in 9 Months

NVIDIA launched GeForce Now, its cloud gaming platform, on February 4, 2020. According to a company blog post, the service attracted over 1 million users by February 20. As of August 2020, the number had risen to 4 million and it was streaming over 15 million hours of content monthly.

By November 2020, it had more than 5 million registered users. During that month, NVIDIA launched an iOS version of GeForce Now in beta form. With the service running on Safari browsers, users will now have access to Fortnite, which was banned on the App store.

On the other hand, Microsoft is planning to launch its cloud platform, xCloud, on iOS in 2021. Google is also planning to test an iOS version of Stadia in the near future. According to Newzoo, the cloud gaming market is expected to generate $585 million in 2020. The figure is more than three times the $170 million it generated in 2019. By 2023, it is expected to be worth $4.8 billion.

Based on a study by Grand View Research, the cloud gaming industry is expected to grow at a stunning 47.9% CAGR between 2020 and 2027. By the end of the period, it is projected to be worth $7.24 billion.