At 5.3% CAGR, Gaming Console Market Valued at 51.15 Billion

Pune, India, July 7, 2022 (GLOBE NEWSWIRE) — The global game console market: share expected to reach USD 51.15 billion by 2027with a CAGR of 5.3% during the forecast period. The increasing adoption of Augmented Reality (AR)/Virtual Reality (VR) in educational and entertainment applications will drive the healthy growth of the market. For example, digital education has become more stable in most secondary schools. VR and AR can provide the user with an immersive and enhanced experience.

Moreover, the penetration of smart games and applications can be one of the crucial factors in driving the market revenue for game consoles during the forecast period. In addition, the increasing emphasis of large companies on the production of high-tech game consoles will enable rapid growth of the market. For example, Sony Corporation announced the next-generation PlayStation 5. The company also unveiled the major technological changes that have been made to the new game console, such as the “adaptive triggers.” Jim Ryan, CEO of Sony Interactive Entertainment and PS5 system architect Mark Cerny said in an interview with Wired, “There is ray tracing acceleration in the GPU hardware.”

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The market size was: USD 34.27 billion in 2019† The Game Consoles market report includes various factors that have influenced the market growth and market share in recent years. In addition to providing insight into the growth drivers, it reveals some factors that have been limiting the market growth. The report highlights some of the industry’s leading products, key companies and key developments in recent times. The competitive landscape has been extensively discussed in the Foodservice Equipment market report. The report provides forecast values ​​for the market for the period from 2019 to 2026. In addition, the report recognizes areas where the last few years have seen the highest demand and applications for the product.

Development of the main industry:

January 2019 – Sony Interactive Entertainment (SIE) has acquired Audiokinetic, Inc. acquired, a provider of audio solutions to the gaming and media industries. This acquisition helped SIE to acquire Audiokinetic’s audio engineering technical business unit. This acquisition has added substantial value to the PlayStation audio ecosystem.

Reporting scope and segmentation

Reporting coverage Details
Forecast Period 2022 to 2027
Forecast Period 2022 to 2027 CAGR 5.3%
2027 Value projection USD 51.15 billion
Base year 2019
Game console market size in 2021 USD 34.27 billion
Historical data for 2015 to 2018
Number of pages 120
Segments covered Type, end user, application and geography
Gaming Console Market Growth Drivers Rising demand for wireless and 3D gaming console with 4K resolution capabilities and increasing investment to support the growth of the market
Lack of skilled professionals and increasing piracy

Increasing digitization amid pandemic to fuel growth

The COVID-19 pandemic has positively impacted the Everything as a Service (XaaS) market growth as a result of increasing digitalization across various industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. In addition, the companies have implemented recent technologies to adopt the home/remote work culture. These factors boosted market growth and expansion during the pandemic.

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Drivers and restrictions:

Video game piracy spike to occlude market

The integration of augmented reality and virtual reality in 3D game consoles has fueled the demand for game consoles and accessories, which in turn will increase the market share of game consoles. For example, some of the 3D game consoles are Xbox one X, PlayStation 4, and NES Classic Edition. The growing degree of privacy of online and offline video games will subsequently hinder the sale of game consoles. Likewise, privacy issues and gaming-related issues will dampen the market’s growth over the forecast period.

Competitive landscape:

Introducing Microsoft’s Project Scorpio to Facilitate Market Growth

Microsoft, an American multinational technology company headquartered in Redmond, Washington launched the “Project Scorpio” game console, equipped with six teraflops of GPU to support full 4K, cloud and VR capabilities. The announcement of the new console, Project Scorpio, will boost demand among gamers thanks to its new features and improved technology, which in turn bodes well for the game console market in the coming years. The console is equipped with an 8-core AMD CPU clocked at 2.3GHz based on the AI ​​platform, and features enhanced AI and smoother interactions for the extraordinary gaming experience. In addition, the growing attractiveness of 3D gaming will positively contribute to the growth of the game console market. Because 3D gaming provides features such as accurate 3D localization, which helps to improve the user experience and bring realism to the gameplay.

Game Console Market Segments by type

  • home console
  • Handheld console
By end use
On request

Regional analysis:

Presence of leading players to drive growth in Asia-Pacific

Asia Pacific generated revenue of USD 17.43 billion in 2019 and is likely to increase gradually over the forecast period. The growth in the region is attributed to the presence of key players such as Sony Corporation and Nintendo Co. Ltd. The market in North America may grow in the coming years due to the increasing demand for game consoles in the region.

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The report provides an overview of the most important companies in the world Game console market:

  • nintendo co. Ltd., (Japan)
  • Sony Corporation (Sony Computers Entertainment Inc.) (Japan)
  • Microsoft Corporation (United States)

Main table of contents:

Introduction

  • Definition, by segment
  • Research approach
  • sources
  • Management summary
  • Market dynamics
  • Drivers, limitations and opportunities
  • Emerging trends
  • Macro and Microeconomic Indicators
  • Consolidated SWOT Analysis of Key Players

Global Gaming Console Market Analysis, Insights & Forecast, 2015-2027

  • Key Findings / Summary
  • Market analysis, insights and forecasting – by type
    • home console
    • Handheld game console
    • portable
    • Not portable
  • Market Analysis, Insights & Forecasting – By Application
  • Market analysis, insights and forecasts – by end use
  • Market analysis, insights and forecast – by region
    • North America
    • Europe
    • Asia-Pacific
    • Middle East and Africa
    • Latin America

Market Analysis, Insights and Forecast for Gaming Consoles in North America, 2015-2027

  • Key Findings / Summary
  • Market analysis, insights and forecasting – by type
    • home console
    • Handheld game console
    • portable
    • Not portable
  • Market Analysis, Insights & Forecasting – By Application
  • Market analysis, insights and forecasts – by end use
  • Market analysis, insights and forecasting – by country

Market analysis, insights and forecast for gaming consoles in Europe, 2015-2027

  • Key Findings / Summary
  • Market analysis, insights and forecasting – by type
    • home console
    • Handheld game console
  • Market Analysis, Insights & Forecasting – By Application
  • Market analysis, insights and forecasts – by end use
  • Market analysis, insights and forecasting – by country
    • UK
    • Germany
    • Italy
    • France
    • Spain
    • Rest of Europe

TOC Continued…!

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